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Insurance Act



Consolidation Period: From May 5, 2008 to the e-Laws currency date.

No amendments.

This is the English version of a bilingual regulation.

Financial institution

1. (1) This section applies for the purposes of clause (f) of the definition of “financial institution” in section 1 of the Act. O. Reg. 127/08, s. 1 (1).

(2) Each of the following entities is prescribed as a financial institution:

1. A league incorporated under the Credit Unions and Caisses Populaires Act, 1994 or comparable legislation of another jurisdiction of Canada.

2. A co-operative credit society for which an order has been made under subsection 473 (1) of the Co-operative Credit Associations Act (Canada).

3. An entity that is,

i. incorporated or organized under the laws of a jurisdiction outside Canada,

ii. regulated by a jurisdiction outside Canada or by both a jurisdiction outside Canada and a jurisdiction in Canada, and

iii. primarily engaged outside Canada in a business that, if it were carried on in Canada, would be the business of banking, the business of a cooperative credit society, the trust or insurance business or the business of dealing in securities. O. Reg. 127/08, s. 1 (2).

(3) An entity that is a “foreign institution” for the purposes of the Insurance Companies Act (Canada) is a financial institution for the purposes of the Act other than Part XVII. O. Reg. 127/08, s. 1 (3).

2. Omitted (provides for coming into force of provisions of this Regulation). O. Reg. 127/08, s. 2.