Insurance Act
Loi sur les assurances
ONTARIO REGULATION 777/94
INVESTMENTS UNDER SUBSECTION 433 (9) OF THE ACT
Historical version for the period February 1, 1995 to May 1, 2008.
No amendments.
This Regulation is made in English only.
1. (1) The following classes of bodies corporate are prescribed for the purpose of subsection 433 (9) of the Act:
1. Bodies corporate the activities of which are limited to activities that are ancillary to the business of insurance.
2. Insurers licensed in Ontario that are incorporated by or under the laws of Canada, Ontario or another province of Canada.
3. Loan or trust corporations registered under the Loan and Trust Corporations Act that are incorporated by or under the laws of Canada, Ontario or another province of Canada.
4. Banks to which the Bank Act (Canada) applies.
5. Bodies corporate that,
i. are incorporated or formed by or under the laws of Canada, Ontario or another province of Canada, and
ii. are primarily engaged in dealing in securities, including portfolio management and investment counselling.
6. Bodies corporate that are primarily engaged in,
i. providing the collection, manipulation and transmission of information that is primarily financial or economic in nature or that relates to the business of a body corporate referred to in this section,
ii. providing advisory or other services in the design, development and implementation of information management systems, or
iii. designing, developing and marketing computer software.
7. Bodies corporate the principal activity of which consists of,
i. the offering of advice or advising on investments, or
ii. the investment or control, in any way that involves an element of discretionary judgment by the bodies corporate, of money, property, deposits or securities that,
A. are not owned by the bodies corporate, or
B. are not money deposited with the bodies corporate in the ordinary course of business.
8. Bodies corporate the activities of which are limited to the investing of their own funds, including bodies corporate that are issuers of securities that entitle the holder to receive, on demand or within a specified period after demand, an amount computed by reference to the value of a proportionate interest in the whole or in a part of the net assets, including a separate fund or trust account, of the issuers of those securities.
9. Bodies corporate the principal activity of which is acting as selling agents of units, shares or other interests in one or more mutual funds and acting as a collecting agent in the collection of payments for any such interests if,
i. the proceeds of the sales of any such interests, less any sales commissions and service fees, are paid to the funds, and
ii. the existence of a sales commission and service fee in respect of the sale of any such interests is disclosed to the purchaser of the interests prior to the purchase thereof.
10. Bodies corporate that are primarily engaged in,
i. acting as agents for vendors, purchasers, mortgagors, mortgagees, lessors or lessees of real estate, and
ii. the provision of consulting or appraisal services in respect of real estate.
11. Bodies corporate that are engaged exclusively in providing services to,
i. one or more mutual insurance corporations that participate in the Fire Mutuals Guarantee Fund, or
ii. a corporation that, as a result of an investment under subsection 433 (9) of the Act, is or will be controlled by one or more mutual insurance corporations that participate in the Fire Mutuals Guarantee Fund. O. Reg. 777/94, s. 1 (1).
(2) The activities of a body corporate referred to in paragraph 6 of subsection (1) may include, as an ancillary activity, the design, development, manufacture or sale of computer hardware. O. Reg. 777/94, s. 1 (2).
2. For the purpose of subsection 433 (9) of the Act and paragraph 11 of subsection 1 (1), one or more mutual insurance corporations control a body corporate if they own, other than by way of security, shares of the body corporate carrying more than 50 per cent of the votes for the election of directors and the votes carried by the shares are sufficient, if exercised, to elect a majority of the body corporate’s board of directors. O. Reg. 777/94, s. 2.
3. Omitted (provides for coming into force of provisions of this Regulation). O. Reg. 777/94, s. 3.
