Vol. 145, No. 21 — October 12, 2011

Registration

SOR/2011-185 September 22, 2011

COOPERATIVE CREDIT ASSOCIATIONS ACT

Regulations Amending the Insurance Business (Cooperative Credit Associations) Regulations

P.C. 2011-933 September 22, 2011

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 381 of the Cooperative Credit Associations Act (see footnote a), hereby makes the annexed Regulations Amending the Insurance Business (Cooperative Credit Associations) Regulations.

REGULATIONS AMENDING THE INSURANCE BUSINESS
(COOPERATIVE CREDIT ASSOCIATIONS) REGULATIONS

AMENDMENTS

1. (1) Subsection 1(1) of the Insurance Business (Cooperative Credit Associations) Regulations (see footnote 1) is amended by adding the following in alphabetical order:

“association web page”
« page Web d’association »

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

(2) Section 1 of the Regulations is amended by adding the following after subsection (2):

(3) For the purposes of these Regulations, a web page is not an association web page by reason only that the web page provides access to an association web page or promotes the business of an association in Canada.

2. Section 2 of the Regulations is replaced by the following:

2. A retail association may carry on any aspect of the business of insurance, other than the underwriting of insurance, outside Canada.

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

5. An association shall not, in relation to its business in Canada, promote an insurance company, agent or broker unless

(2) Subparagraph 5(b)(ii) of the Regulations is replaced by the following:

  1. (ii) all customers of the association and all members of local cooperative credit societies that are members of the association, who are natural persons and who regularly receive statements of account or notices of those statements, or

4. The portion of subsection 6(1) of the Regulations before paragraph (a) is replaced by the following:

6. (1) An association 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

5. The Regulations are amended by adding the following after section 6:

WEB PROMOTION

6.1 (1) The promotion referred to in paragraph 5(b) may take place on an association 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 6(1)(d) or (f) may take place on an association web page if it relates to only an authorized type of insurance.

(2) However, an association shall not, on an association 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 9 of the Regulations is replaced by the following:

9. A retail association shall not carry on business in Canada on premises that are adjacent to the premises of an insurance company, agent or broker unless the retail association 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. 1991, c. 48

Footnote 1
SOR/2003-300