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O. Reg. 127/08: DEFINITIONS

filed May 2, 2008 under Insurance Act, R.S.O. 1990, c. I.8

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made under the


Made: April 30, 2008
Filed: May 2, 2008
Published on e-Laws: May 5, 2008
Printed in The Ontario Gazette: May 17, 2008


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.

(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.

(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.


2. This Regulation comes into force on the later of the day subsection 6 (1) of Schedule O to the Budget Measures Act, 2006 (No. 2) comes into force and the day this Regulation is filed.