Bill C-82

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	(a) the transaction was entered into on terms and conditions that are at least as favourable to the foreign company as market terms and conditions, as defined in subsection 534(2); and
	317. Subsection 623(1) of the Act is replaced by the following:
Appointment of actuary	623. (1) A foreign company that is required by this Act to provide the Superintendent with the report of an actuary shall without delay appoint a person to be the actuary of the foreign company for its insurance business in Canada.
	318. Section 624 of the Act and the heading before it are repealed.
	319. Subsection 626(1) of the Act is replaced by the following:
Ceasing to hold office	626. (1) A person ceases to hold office as the actuary of a foreign company when
	(a) the person resigns as actuary of the foreign company;
	(b) the person ceases to be an actuary;
	(c) the person dies; or
	(d) the appointment of the person as actuary of the foreign company is revoked by the foreign company.
1996, c. 6, s. 89	320. Subsection 629.1(1) of the Act is replaced by the following:
Superin- tendent may appoint actuary	629.1 (1) The Superintendent may appoint an actuary to value the matters referred to in paragraph 629(1)(a) or (b) in relation to a foreign company if the Superintendent is of the opinion that the appointment is necessary. That actuary may not be an actuary of the foreign company.
	321. Section 630 of the Act is replaced by the following:
Report to chief agent	630. The actuary of a foreign company shall meet with the chief agent of the foreign company at least once during each financial year in order to report, in accordance with generally accepted actuarial practice, on the financial position of the insurance business in Canada of the foreign company, and, where a direction that may be made by the Superintendent so specifies, the expected future financial condition of the foreign company as it affects its insurance business in Canada.
	322. Section 665 of the Act is amended by adding the following after subsection (3):
Accounting principles	(4) The annual return shall be prepared in accordance with the accounting principles referred to in subsection 331(4).
	323. Section 666 of the Act is repealed.
	324. Section 670 of the Act is replaced by the following:
Registers	670. (1) The Superintendent shall cause a register to be maintained in respect of each company or society for which an order has been made approving the commencement and carrying on of business.
Register for company	(2) The register in respect of a company shall contain a copy of
	(a) the incorporating instrument of the company;
	(b) the information referred to in paragraphs 668(1)(a), (c) and (e) to (h) contained in the latest return provided to the Superintendent by the company as required by section 668; and
	(c) the by-laws of the company sent to the Superintendent as required by section 669.
Register for society	(3) The register in respect of a society shall contain a copy of
	(a) the incorporating instrument of the society;
	(b) the information referred to in paragraphs 549(1)(a) and (c) to (f) contained in the latest return provided to the Superintendent by the society as required by subsection 549(1); and
	(c) the by-laws of the society sent to the Superintendent as required by subsection 548(3).
Public access to register	(4) Any person is entitled to examine the register in respect of a company or society during regular business hours and to make copies of or take extracts from the documents contained in it.
	325. Paragraph 672(2)(a) of the Act is replaced by the following:
	(a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision,
	(a.01) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision,
1996, c. 6, s. 96	326. (1) Paragraph 679(1)(a) of the Act is replaced by the following
	(a) take control, for a period not exceeding sixteen days, of the assets of the company, society or provincial company and the assets under its administration or, in the case of a foreign company, of its assets in Canada together with its other assets held in Canada under control of its chief agent, including all amounts received or receivable in respect of its insurance business in Canada; or
1996, c. 6, s. 96	(2) Subparagraph 679(1)(b)(i) of the Act is replaced by the following:
	(i) take control, for a period exceeding sixteen days, of the assets of the company, society or provincial company and the assets under its administration or, in the case of a foreign company, of its assets in Canada together with its other assets held in Canada under the control of its chief agent, including all amounts received or receivable in respect of its insurance business in Canada,
1996, c. 6, s. 96	(3) Paragraph 679(1.1)(b) of the Act is replaced by the following:
	(b) in the opinion of the Superintendent, a practice or state of affairs exists in respect of the company, society or provincial company that may be materially prejudicial to the interests of its policyholders or creditors or the owners of any assets under the administration of the company, society or provincial company;
1996, c. 6, s. 96	(4) Paragraph 679(1.1)(d) of the Act is replaced by the following:
	(d) any asset appearing on the books or records of the company, society or provincial company or held under its administration is not, in the opinion of the Superintendent, satisfactorily accounted for;
	327. Subsection 688(1) of the Act is replaced by the following:
Application of certain provisions of the Office of the Superin- tendent of Financial Institutions Act	688. (1) Subsection 23(4) and section 23.2 of the Office of the Superintendent of Financial Institutions Act apply, with such modifications as the circumstances require, in respect of an assessment under section 687.
1996, c. 6, par. 167(1)(h)	328. Section 692 of the Act is replaced by the following:
Reduction of assessments	692. Any amount paid to or recovered by Her Majesty under section 691 of this Act or paragraph 161(1)(d) or (6)(c) or subparagraph 161(8)(b)(iv) of the Winding-up and Restructuring Act in respect of a company, society, foreign company or provincial company shall be applied to the extent and the manner that may be prescribed.
	329. The Act is amended by adding the following after section 699:
Alternative means of publication	699.1 (1) Anything that is required by a provision of this Act to be published in the Canada Gazette or to be published in any other way may, instead of being published in that way, be published in any manner that may be prescribed for the purpose of that provision.
Alternative means of publishing summaries	(2) Anything that is required by a provision of this Act to be summarized in a publication may instead be summarized and published in any manner that may be prescribed for the purpose of that provision.
Publication conditions	(3) Any condition under a provision of this Act that something be published in the Canada Gazette or in any other way is satisfied if that thing is published instead in any manner that may be prescribed for the purpose of that provision.
Other consequences	(4) Where a provision of this Act provides for consequences to follow the publication of something in the Canada Gazette or in any other manner, the same consequences follow the publication of that thing in any other manner that may be prescribed for the purpose of that provision.
	330. Section 703 of the Act is amended by adding the following after paragraph (a):
	(a.1) prescribing the way in which anything that is required or authorized by this Act to be prescribed shall be determined;
	331. Subsection 706(1) of the Act is replaced by the following:
Punishment	706. (1) Every person who is guilty of an offence under any of subsections 705(1) to (4) is
	(a) in the case of a natural person, liable
	(i) on summary conviction, to a fine not exceeding $100,000 or to imprisonment for a term not exceeding twelve months, or to both, or
	(ii) on conviction on indictment, to a fine not exceeding $500,000 or to imprisonment for a term not exceeding five years, or to both; and
	(b) in the case of an entity, liable
	(i) on summary conviction, to a fine not exceeding $500,000, or
	(ii) on conviction on indictment, to a fine not exceeding $5,000,000.
	332. Section 707 of the Act is replaced by the following:
Liability of officers, directors, etc.	707. Where an entity commits an offence under this Act, any officer, director or agent of the entity who directed, authorized, assented to, acquiesced in or participated in the commission of the offence is a party to and guilty of the offence and liable on summary conviction or on conviction on indictment to the punishment provided under paragraph 706(1)(a) for the offence, whether or not the entity has been prosecuted or convicted.
	333. The schedule to the Act is amended by adding the following in alphabetical order:
``loss of employment insurance'' « perte d'emploi »	``loss of employment insurance'' means insurance against the involuntary loss of employment by a person where the loss of employment benefit is limited to all or part of the debt of the person;
R.S., c. 18 (3rd Supp.), Part I	OFFICE OF THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS ACT
	*334. Subsection 6(1) of the Office of the Superintendent of Financial Institutions Act* and the heading before that subsection are replaced by the following:**
	Powers, Duties and Functions of the Superintendent
Duties, powers and functions of the Superin- tendent	6. (1) The Superintendent has the powers, duties and functions assigned to the Superintendent by the Acts or provisions referred to in the schedule to this Part and shall examine into and report to the Minister from time to time on all matters connected with the administration of those Acts or provisions.
	335. Subsection 7(1) of the Act is replaced by the following:
Duties and functions generally	7. (1) The Superintendent shall engage exclusively in the duties and functions of the Superintendent under section 6 and the duties and functions of the Superintendent as the deputy head of the Office.
	336. Section 10 of the Act is replaced by the following:
Delegation by Superin- tendent	10. The Superintendent may delegate any of the Superintendent's powers, duties and functions under this Act to a Deputy Superintendent.
	337. Subsection 17(2) of the Act is replaced by the following:
Authority to spend assessments and revenues	(2) The Minister may spend, for the purpose mentioned in subsection (1), any assessment and interim assessment received under section 23 or 23.1 and any other revenue arising out of the operations of the Office.
1994, c. 26, s. 49(F)	338. Paragraph 22(2)(a) of the Act is replaced by the following:
	(a) to any government agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision,
	(a.01) to any other agency or body that regulates or supervises financial institutions, for purposes related to that regulation or supervision,
1991, c. 46, s. 602, c. 47, s. 743(4); 1992, c. 56, s. 18(3); 1996, c. 6, s. 110, c. 21, s. 72(1)	339. Section 23 of the Act is replaced by the following:
Superin- tendent to ascertain expenses	23. (1) The Superintendent shall, before December 31 in each year, ascertain the total amount of expenses incurred during the immediately preceding fiscal year for or in connection with the administration of the Bank Act, the Cooperative Credit Associations Act, the Green Shield Canada Act, the Insurance Companies Act and the Trust and Loan Companies Act.
Amount conclusive	(2) The amount ascertained by the Superintendent under subsection (1) is final and conclusive for the purposes of this section.
Assessment	(3) As soon as possible after ascertaining the amount referred to in subsection (1), the Superintendent shall assess the amount against each financial institution to any extent and in any manner that the Governor in Council may, by regulation, prescribe.
Interim assessment	(4) The Superintendent may, during each fiscal year, prepare an interim assessment against any financial institution.
Meaning of ``person''	23.1 (1) For the purpose of this section, ``person'' means a natural person, a personal representative, a body corporate, a trust, a partnership, a fund, an unincorporated association or organization, Her Majesty in right of Canada or of a province, an agency of Her Majesty in either of those rights, the government of a foreign country or of a political subdivision of a foreign country, an agency of the government of a foreign country or an agency of the government of a political subdivision of a foreign country.
Assessment of particular expenses	(2) The Superintendent may assess against a person a prescribed charge and applicable disbursements for any service provided by or on behalf of the Superintendent for the person's benefit or for the benefit of a group of persons of which the person is a member.
Interim assessment	(3) The Superintendent may, during each fiscal year, prepare an interim assessment against any person towards the amount to be assessed against the person under subsection (2).
Assessment is binding	23.2 (1) Every assessment and interim assessment made under section 23 or 23.1 is final and conclusive and binding on the person against whom it is made.
Recovery	(2) Every assessment and interim assessment made under section 23 or 23.1 constitutes a debt due to Her Majesty and is immediately payable and may be recovered as a debt in any court of competent jurisdiction.
Interest	(3) Interest may be charged on the unpaid amount of an assessment or interim assessment under section 23 or 23.1 at a rate equal to the rate prescribed under the Income Tax Act for amounts payable by the Minister of National Revenue as refunds of overpayments of tax under that Act in effect from time to time plus two per cent.

Bill C-82

OFFICE OF THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS ACT

Powers, Duties and Functions of the Superintendent