Bill C-438

If you have any questions or comments regarding the accessibility of this publication, please contact us at accessible@parl.gc.ca.

First Reading

PDF

	2nd Session, 35th Parliament, 45-46 Elizabeth II, 1996-97
	The House of Commons of Canada
	BILL C-438
	An Act to amend the Insurance Companies Act
1991, cc. 47, 48; 1992, c. 51; 1993, cc. 28, 34, 44; 1994, cc. 24, 26, 47; 1996, c. 6	Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
	*1. The portion of subsection 254(2) of the Insurance Companies Act* before paragraph (c) is replaced by the following:**
Approval of the Minister	(2) A company or society may, with the approval of the Minister,
	(a) transfer all or any portion of its policies to, or cause itself to be reinsured against all or any portion of the risks undertaken by it by, any company, society or foreign company that is authorized to transact the classes of insurance to be so transferred or reinsured;
	(a.1) transfer all or any portion of its policies to, or cause itself to be reinsured, on an indemnity basis, against all or any portion of the risks undertaken by it by any body corporate incorporated under the laws of a province that is authorized to transact the classes of insurance to be so transferred or reinsured;
	(b) transfer all or any portion of its policies, other than its policies in Canada, to any other body corporate or cause itself to be reinsured by any other body corporate against all or any portion of the risks undertaken by it, other than risks in respect of its policies in Canada;
	COMING INTO FORCE
Coming into force	2. This Act shall not come into force unless Bill C-82, introduced during the second session of the thirty-fifth Parliament and entitled an Act to amend certain laws relating to financial institutions, is assented to before this Act is assented to.