SOR/2001-484200111

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20196

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INSURANCE COMPANIES ACTSupervisory Information (Insurance Holding Companies) RegulationsP.C.2001-2028  200111

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Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 999a and 1021a of the Insurance Companies Actb, hereby makes the annexed Supervisory Information (Insurance Holding Companies) Regulations.aS.C. 2001, c. 9, s. 465bS.C. 1991, c. 47Supervisory Information

1(1)For the purposes of section 999 of the Insurance Companies Act, the following information or any component of that information, is prescribed supervisory information in relation to an insurance holding company:(a)any rating assigned by the Superintendent to the insurance holding company to assess its financial condition and any other such rating that is substantially based on information obtained from the Superintendent;(b)any stage of intervention assigned to the insurance holding company on the basis of the principles set out in the Guide to Intervention for Federal Financial Institutions;(c)any order made in respect of the insurance holding company under subsection 992(3) of the Insurance Companies Act, any prudential agreement entered into by the insurance holding company under section 1002 of that Act or any direction issued to it under section 1003 of that Act; and(d)any report prepared by or at the request of the Superintendent or any recommendation made by the Superintendent as a result of an annual or special examination or other supervisory review of the insurance holding company, including any related correspondence to or from the directors or officers of the insurance holding company.(2)For the purposes of section 999 of the Insurance Companies Act, the information prescribed by the following regulations is prescribed supervisory information in relation to an affiliate of an insurance holding company:(a)the Supervisory Information (Banks) Regulations, if the affiliate is a bank to which the Bank Act applies;(b)the Supervisory Information (Authorized Foreign Banks) Regulations, if the affiliate is an authorized foreign bank to which the Bank Act applies;(c)the Supervisory Information (Bank Holding Companies) Regulations, if the affiliate is a bank holding company to which the Bank Act applies;(d)the Supervisory Information (Cooperative Credit Associations) Regulations, if the affiliate is an association to which the Cooperative Credit Associations Act applies;(e)the Supervisory Information (Insurance Companies) Regulations, if the affiliate is a company, society, foreign company or provincial company to which the Insurance Companies Act applies; and(f)the Supervisory Information (Trust and Loan Companies) Regulations, if the affiliate is a company to which the Trust and Loan Companies Act applies.SOR/2011-196, s. 28

Prohibited Disclosure

2Subject to sections 3 and 4, an insurance holding company shall not, directly or indirectly, disclose information referred to in section 1.SOR/2011-196, s. 29

Limited Disclosure

3An insurance holding company may disclose information referred to in section 1 to its affiliates or to its directors, officers, employees, auditors, securities underwriters or legal advisors, or to those of its affiliates, if the insurance holding company ensures that the information remains confidential.SOR/2011-196, s. 29

4An insurance holding company or any of its affiliates may disclose information referred to in paragraph 1(1)(c) if the insurance holding company or affiliate considers the information to contain a material fact or material change that is required by the securities laws of the relevant jurisdiction to be disclosed.SOR/2011-196, s. 30(E)

Coming into Force

5These Regulations come into force on the day on which they are registered.