Insurance Act
Definitions
Consolidation Period: From March 1, 2022 to the e-Laws currency date.
Last amendment: 119/22.
Legislative History: 119/22.
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 central incorporated under the Credit Unions and Caisses Populaires Act, 2020 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); O. Reg. 119/22, s. 1.
(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.