CONSOLIDATION

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

SOR/2003-244

Current to June 20, 2022



OFFICIAL STATUS OF CONSOLIDATIONS Subsections 31(1) and (3) of the Legislation Revision and Consolidation Act, in force on June 1, 2009, provide as follows: Published consolidation is evidence

31 (1) Every copy of a consolidated statute or consolidated regulation published by the Minister under this Act in either print or electronic form is evidence of that statute or regulation and of its contents and every copy purporting to be published by the Minister is deemed to be so published, unless the contrary is shown. ... Inconsistencies in regulations

(3) In the event of an inconsistency between a consolidated regulation published by the Minister under this Act and the original regulation or a subsequent amendment as registered by the Clerk of the Privy Council under the Statutory Instruments Act, the original regulation or amendment prevails to the extent of the inconsistency.

LAYOUT The notes that appeared in the left or right margins are now in boldface text directly above the provisions to which they relate. They form no part of the enactment, but are inserted for convenience of reference only.

NOTE This consolidation is current to June 20, 2022. Any amendments that were not in force as of June 20, 2022 are set out at the end of this document under the heading “Amendments Not in Force”.

Current to June 20, 2022

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

Exemption — life companies

Exemption — insurance holding companies

Coming into force

Current to June 20, 2022

ii

Registration SOR/2003-244

June 18, 2003

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

P.C. 2003-995

June 18, 2003

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraphs 501(b)a and 977(b)b and section 1021b of the Insurance Companies Actc, hereby makes the annexed Exemption from Approval for Certain Investments in Intragroup Service Entities (Life Companies and Insurance Holding Companies) Regulations.

a

S.C. 2001, c. 9, s. 426

b

S.C. 2001, c. 9, s. 465

c

S.C. 1991, c. 47

Current to June 20, 2022

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

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.

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.

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

Current to June 20, 2022

