Vol. 147, No. 13 — June 19, 2013
SOR/2013-124 June 7, 2013
INSURANCE COMPANIES ACT
Regulations Repealing the Vested Assets (Foreign Companies) Regulations (Miscellaneous Program)
P.C. 2013-650 June 6, 2013
His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 1021(1) (see footnote a) of the Insurance Companies Act (see footnote b), makes the annexed Regulations Repealing the Vested Assets (Foreign Companies) Regulations (Miscellaneous Program).
REGULATIONS REPEALING THE VESTED ASSETS (FOREIGN COMPANIES) REGULATIONS (MISCELLANEOUS PROGRAM)
1. The Vested Assets (Foreign Companies) Regulations (see footnote 1) are repealed.
COMING INTO FORCE
2. These Regulations come into force on the day on which they are registered.
REGULATORY IMPACT ANALYSIS STATEMENT
(This statement is not part of the Regulations.)
In May 2012, the Financial System Review Act (the Act) received Royal Assent. The Act contained various measures to update the four primary statutes under which federally regulated financial institutions are governed: the Bank Act; the Cooperative Credit Associations Act; the Insurance Companies Act; and the Trust and Loan Companies Act. One of these measures was an amendment to section 581 of the Insurance Companies Act to require foreign insurance companies to vest in trust assets of $5 million or any greater amount that the Superintendent of Financial Institutions specifies. Previous to this legislative change, section 581 required the vesting in trust of assets of a value prescribed in the Vested Assets (Foreign Companies) Regulations (“the Regulations”). The Regulations are spent and of no legal force.
To remove unnecessary regulations.
The Regulations Repealing the Vested Assets (Foreign Companies) Regulations (Miscellaneous Program) will repeal the Regulations.
The “One-for-One” Rule applies to the Regulations because regulations are being repealed. There are no administrative costs or savings associated with this repeal because these regulations are spent.
Small business lens
The small business lens does not apply as there are no costs on small business.
Repealing the Regulations will remove unnecessary regulations.
Financial Institutions Division
Department of Finance
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