Vol. 145, No. 21 — October 12, 2011

Registration

SOR/2011-184 September 22, 2011

BANK ACT

Regulations Amending the Insurance Business (Authorized Foreign Banks) Regulations

P.C. 2011-932 September 22, 2011

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 549 (see footnote a) of the Bank Act (see footnote b), hereby makes the annexed Regulations Amending the Insurance Business (Authorized Foreign Banks) Regulations.

REGULATIONS AMENDING THE INSURANCE BUSINESS
(AUTHORIZED FOREIGN BANKS) REGULATIONS

AMENDMENTS

1. Section 1 of the Insurance Business (Authorized Foreign Banks) Regulations (see footnote 1) is amended by adding the following in alphabetical order:

“bank web page” means a web page that an authorized foreign bank uses in relation to its business in Canada, including any information provided by the authorized foreign bank that is accessible on a telecommunications device. It does not include a web page that is only accessible by employees or agents of the authorized foreign bank. (page Web de banque)

2. The Regulations are amended by adding the following after section 1:

1.1 For the purposes of these Regulations, a web page is not a bank web page by reason only that the web page provides access to a bank web page or promotes the business of an authorized foreign bank in Canada.

3. (1) The portion of section 4 of the Regulations before paragraph (a) is replaced by the following:

4. An authorized foreign bank shall not, in relation to its business in Canada, promote an insurance company, agent or broker unless

(2) Subparagraphs 4(b)(i) and (ii) of the Regulations are replaced by the following:

  1. (i) all the holders of credit or charge cards issued by the authorized foreign bank who regularly receive statements of account or notices of those statements,
  2. (ii) all the authorized foreign bank’s customers who are natural persons and who regularly receive statements of account or notices of those statements, or

4. (1) The portion of subsection 5(1) of the Regulations before paragraph (a) is replaced by the following:

5. (1) An authorized foreign bank shall not, in relation to its business in Canada, promote an insurance policy of an insurance company, agent or broker, or a service in respect of such a policy, unless

(2) Subparagraphs 5(1)(e)(i) and (ii) of the Regulations are replaced by the following:

  1. (i) all the holders of credit or charge cards issued by the authorized foreign bank who regularly receive statements of account or notices of those statements,
  2. (ii) all the authorized foreign bank’s customers who are natural persons and who regularly receive statements of account or notices of those statements, or

5. The Regulations are amended by adding the following after section 5:

WEB PROMOTION

5.1 (1) The promotion referred to in paragraph 4(b) may take place on a bank web page if it relates to an insurance company, agent or broker that deals only in authorized types of insurance and the promotion referred to in paragraph 5(1)(c) or (e) may take place on a bank web page if it relates to only an authorized type of insurance.

(2) However, an authorized foreign bank shall not, on a bank web page, provide access to a web page — directly or through another web page — through which there is promotion of

  • (a) an insurance company, agent or broker that does not deal only in authorized types of insurance; or
  • (b) an insurance policy of an insurance company, agent or broker, or a service in respect of such a policy, that is not of only an authorized type of insurance.

6. Section 8 of the Regulations is replaced by the following:

8. An authorized foreign bank shall not carry on business in Canada on premises that are adjacent to the premises of an insurance company, agent or broker unless the authorized foreign bank clearly indicates to its customers that its business and the premises on which its business is carried on are separate and distinct from those of the insurance company, agent or broker.

COMING INTO FORCE

7. These Regulations come into force on March 1, 2012.

N.B. The Regulatory Impact Analysis Statement for these Regulations appears, following SOR/2011-183, Regulations Amending the Insurance Business (Banks and Bank Holding Companies) Regulations.

Footnote a
S.C. 1999, c. 28, s. 35(1)

Footnote b
S.C. 1991, c. 46

Footnote 1
SOR/99-270