Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraphs 501(a) a and (b) a and 554(9)(a) b and (b) b of the Insurance Companies Act c, hereby makes the annexed Exemption from Restrictions on Investments (Insurance Companies, Insurance Holding Companies and Societies) Regulations. S.C. 2001, c. 9, s. 426 S.C. 2001, c. 9, s. 437 S.C. 1991, c. 47
Exemption from Restrictions on Investments
For the purposes of subparagraph 495(3)(d)(ii) and 971(3)(d)(ii) of the Insurance Companies Act, subsections 495(6) to (8) of the Act do not apply in determining whether a company would be permitted to acquire a substantial investment in an entity under subsection 493(2), paragraph 493(3)(b) or (c) or subsection 493(4) or 495(1) or (2) of the Act.
For the purpose of subparagraph 495(5)(d)(ii) of the Insurance Companies Act, subsections 495(6) to (8) of the Act do not apply in determining whether a company would be permitted to acquire a substantial investment in an entity under subsection 493(2), paragraph 493(3)(b) or (c) or subsection 495(1) or (4) of the Act.
For the purpose of subparagraph 554(3)(d)(ii) of the Insurance Companies Act, subsections 554(4) and (5) of the Act do not apply in determining whether a society would be permitted to acquire a substantial investment in an entity under subsection 552(2), paragraph 552(3)(b) or (c) or subsection 554(1) or (2) of the Act.
Coming into Force
These Regulations come into force on the day on which paragraphs 501(a) and (b) and 554(9)(a) and (b) of the Insurance Companies Act, as enacted by sections 426 and 437 of the Financial Consumer Agency of Canada Act, chapter 9 of the Statutes of Canada, 2001, come into force.[Note: Regulations in force October 24, 2001, see SI/2001-102.]