Vol. 145, No. 21 — October 12, 2011
Registration
SOR/2011-186 September 22, 2011
TRUST AND LOAN COMPANIES ACT
Regulations Amending the Insurance Business (Trust and Loan Companies) Regulations
P.C. 2011-934 September 22, 2011
His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 416 of the Trust and Loan Companies Act (see footnote a), hereby makes the annexed Regulations Amending the Insurance Business (Trust and Loan Companies) Regulations.
REGULATIONS AMENDING THE INSURANCE BUSINESS
(TRUST AND LOAN COMPANIES) REGULATIONS
AMENDMENTS
1. Section 2 of the Insurance Business (Trust and Loan Companies) Regulations (see footnote 1) is amended by adding the following in alphabetical order:
“company web page” means a web page that a company uses in relation to its business in Canada, including any information provided by the company that is accessible on a telecommunications device. It does not include a web page that is only accessible by employees or agents of the company; (page Web de société)
2. The Regulations are amended by adding the following after section 2:
2.1 For the purposes of these Regulations, a web page is not a company web page by reason only that the web page provides access to a company web page or promotes the business of a company in Canada.
3. Section 3 of the Regulations is replaced by the following:
3. A company may carry on any aspect of the business of insurance, other than the underwriting of insurance, outside Canada.
4. (1) The portion of section 6 of the Regulations before paragraph (a) is replaced by the following:
6. A company shall not, in relation to its business in Canada, promote an insurance company, agent or broker unless
(2) Subparagraphs 6(b)(i) and (ii) of the Regulations are replaced by the following:
- (i) all the holders of credit or charge cards issued by the company who regularly receive statements of account or notices of those statements,
- (ii) all the company’s customers who are natural persons and who regularly receive statements of account or notices of those statements, or
5. (1) The portion of subsection 7(1) of the Regulations before paragraph (a) is replaced by the following:
7. (1) A company 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 7(1)(e)(i) and (ii) of the Regulations are replaced by the following:
- (i) all the holders of credit or charge cards issued by the company who regularly receive statements of account or notices of those statements,
- (ii) all the company’s customers who are natural persons and who regularly receive statements of account or notices of those statements, or
6. The Regulations are amended by adding the following after section 7:
WEB PROMOTION
7.1 (1) The promotion referred to in paragraph 6(b) may take place on a company 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 7(1)(c) or (e) may take place on a company web page if it relates to only an authorized type of insurance.
(2) However, a company shall not, on a company 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.
7. Section 10 of the Regulations is replaced by the following:
10. A company shall not carry on business in Canada on premises that are adjacent to the premises of an insurance company, agent or broker unless the company 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
8. 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. 45
Footnote 1
SOR/92-331; SOR/2002-270