Exemption from Approval for Certain Investments in Intragroup Service Entities (Life Companies and Insurance Holding Companies) Regulations

SOR/2003-244INSURANCE COMPANIES ACT
Registration 2003-06-18
Exemption from Approval for Certain Investments in Intragroup Service Entities (Life Companies and Insurance Holding Companies) Regulations
P.C. 2003-995  2003-06-18Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraphs 501(b)Footnote a and 977(b)Footnote b and section 1021Footnote b of the Insurance Companies ActFootnote c, hereby makes the annexed Exemption from Approval for Certain Investments in Intragroup Service Entities (Life Companies and Insurance Holding Companies) Regulations.

Return to footnote aS.C. 2001, c. 9, s. 426
Return to footnote bS.C. 2001, c. 9, s. 465
Return to footnote cS.C. 1991, c. 47

Marginal note:Exemption — life companies

1 Subsections 495(7) and (8) of the Insurance Companies Act do not apply to a life company’s acquisition of control of, or a life company’s acquisition or increase of a substantial investment in, an entity referred to in paragraph 495(6)(b) of that Act if the financial intermediary activities of the entity that expose the entity to material market or credit risk are limited to providing services exclusively to the life company or members of the life company’s group.

Marginal note:Exemption — insurance holding companies

2 Subsections 971(5) and (6) of the Insurance Companies Act do not apply to an insurance holding company’s acquisition of control of, or an insurance holding company’s acquisition or increase of a substantial investment in, an entity referred to in paragraph 971(4)(b) of that Act if the financial intermediary activities of the entity that expose the entity to material market or credit risk are limited to providing services exclusively to the insurance holding company or members of the insurance holding company’s group.

Marginal note:Coming into force

3 These Regulations come into force on the day on which they are registered.