Going-Private Transaction (Insurance Companies and Insurance Holding Companies) Regulations

SOR/2006-308INSURANCE COMPANIES ACT
Registration 2006-11-28
Going-Private Transaction (Insurance Companies and Insurance Holding Companies) Regulations
P.C. 2006-1433 2006-11-28Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to the definition going-private transactionFootnote a in subsection 2(1) and subsection 1021(1)Footnote b of the Insurance Companies ActFootnote c, hereby makes the annexed Going-Private Transaction (Insurance Companies and Insurance Holding Companies) Regulations.

Return to footnote aS.C. 2005, c. 54, s. 214(2)
Return to footnote bS.C. 2005, c. 54, s. 364
Return to footnote cS.C. 1991, c. 47
Interpretation

1 In these Regulations, Act means the Insurance Companies Act.

“going-private Transaction”

2 (1) For the purpose of the definition going-private transaction in subsection 2(1) of the Act, going-private transaction means an amalgamation or other transaction involving a distributing company or a distributing insurance holding company, other than an acquisition of shares under section 308 of the Act, that results in the interest of a holder of participating securities of the company or insurance holding company being terminated without the consent of the holder and without the substitution of an interest of equivalent value in participating securities of the company or the insurance holding company or of another company or another insurance holding company that succeeds to the business of the company or the insurance holding company, which participating securities have rights and privileges that are equal to or greater than the affected participating securities.
(2) For the purpose of subsection (1), participating securities means securities of a company or an insurance holding company that give the holder of the securities a right to share in the earnings of the company or insurance holding company and, after the liquidation, dissolution or winding up of the company or insurance holding company, a right to share in its assets.

Coming into Force

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