AI-assisted research summary: These Regulations define “company” and restrict how a company may disclose certain supervisory information, with limited confidential disclosures allowed.
Supervisory Information (Insurance Companies) Regulations Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 672.1a and paragraph 703(a) of the Insurance Companies Actb, hereby makes the annexed Supervisory Information (Insurance Companies) Regulations. S.C. 1999, c. 28, s. 126 S.C. 1991, c. 47 In these Regulations, company means a company, society, foreign company or provincial company. For the purposes of section 672.1 of the Insurance Companies Act, the following information or any component of that information is prescribed supervisory information in relation to a company: any rating assigned by the Superintendent to the company to assess its financial condition and any other such rating that is substantially based on information obtained from the Superintendent; any stage of intervention assigned to the company in the case of a life company, under the Supervisory Guide Applicable to Federally Regulated Life Insurance Companies, and in the case of a property and casualty company or a marine company, under the Supervisory Guide Applicable to Federally Regulated Insurance Companies; any order made in respect of the company under subsection 515(3), 516(4), 608(4) or 609(2) of the Insurance Companies Act, any prudential agreement entered into by the company under section 675.1 of that Act or any direction issued to it under section 676 of that Act; and any report prepared by or at the request of the Superintendent or any recommendation made by the Superintendent as a result of an annual or special examination or other supervisory review of the company, including any related correspondence to or from the directors or officers of the company. [Repealed, SOR/2011-196, s. 20] For the purposes of section 672.1 of the Insurance Companies Act, the information prescribed by the following regulations is prescribed supervisory information in relation to an affiliate of a company: the Supervisory Information (Banks) Regulations, if the affiliate is a bank to which the Bank Act applies; the Supervisory Information (Authorized Foreign Banks) Regulations, if the affiliate is an authorized foreign bank to which the Bank Act applies; the Supervisory Information (Cooperative Credit Associations) Regulations, if the affiliate is an association to which the Cooperative Credit Associations Act applies; the Supervisory Information (Trust and Loan Companies) Regulations, if the affiliate is a company to which the Trust and Loan Companies Act applies; the Supervisory Information (Bank Holding Companies) Regulations, if the affiliate is a bank holding company to which the Bank Act applies; and the Supervisory Information (Insurance Holding Companies) Regulations, if the affiliate is an insurance holding company to which the Insurance Companies Act applies. Subject to sections 4 and 5, a company shall not, directly or indirectly, disclose information referred to in section 2. A company may disclose information referred to in section 2 to its affiliates or to its directors, officers, employees, auditors, securities underwriters or legal advisors, or to those of its affiliates, if the company ensures that the information remains confidential. A company or any of its affiliates may disclose information referred to in paragraph 2(1)(c) if the company or affiliate considers the information to contain a material fact or material change that is required by the securities laws of the relevant jurisdiction to be disclosed. These Regulations come into force on the day on which they are registered.