Vol. 136, No. 16 — July 31, 2002

Registration
SOR/2002-268 17 July, 2002

BANK ACT

Regulations Amending the Insurance Business (Authorized Foreign Banks) Regulations

P.C. 2002-1249 17 July, 2002

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 549 of the Bank Act (see footnote a) , 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:

"Act" means the Bank Act. (Loi)

2. Subsection 2(2) of the Regulations is replaced by the following:

(2) An authorized foreign bank may administer a group insurance policy for

(a) its employees or the employees of an entity that it holds control of, or a substantial investment in, under section 522.07 or 522.08 or subsection 522.32(1) or (3) of the Act;

(b) the employees of an entity that an affiliate of the authorized foreign bank holds control of, or a substantial investment in, under section 522.07 or 522.08 or subsection 522.32(1) or (3) of the Act; and

(c) the employees in Canada of an affiliate of the authorized foreign bank that is an entity referred to in section 522.17 or 522.18 of the Act and that carries on a business described in one of those sections.

3. Subsection 6(1) of the Regulations is amended by deleting the word "or" at the end of paragraph (b) and by adding the following after paragraph (b):

(b.1) provide an affiliate of the authorized foreign bank that is not a subsidiary of the authorized foreign bank with information unless the authorized foreign bank ensures that the affiliate does not directly or indirectly provide the information to an insurance company, agent or broker if the information is in respect of

(i) a customer of the authorized foreign bank in Canada,
(ii) an employee of a customer of the authorized foreign bank in Canada,
(iii) where a customer of the authorized foreign bank is an entity with members in Canada, any such member,
(iv) where a customer of the authorized foreign bank is a partnership with partners in Canada, any such partner; or

COMING INTO FORCE

4. These Regulations come into force on the day on which they are registered.

N.B. The Regulatory Impact Analysis Statement for these Regulations appears following SOR/2002-267, Regulations Amending the Credit Information (Insurance Companies) Regulations.

Footnote a 

S.C. 1991, c. 46

Footnote 1 

SOR/99-270

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