Regulations re use of information	489. The Governor in Council may make regulations governing the use by a company or society of any information supplied to the company or society by its customers.
	81. Subsections 515(2) and (3) of the Act are replaced by the following:
Regulations and guidelines	(2) The Governor in Council may make regulations and the Superintendent may make guidelines respecting the maintenance by life companies and societies of adequate capital and adequate and appropriate forms of liquidity.
Directives	(3) Notwithstanding that a life company or society is complying with regulations or guidelines made under subsection (2), the Superintendent may, by order, direct the company or society
	(a) to increase its capital; or
	(b) to provide additional liquidity in such forms and amounts as the Superintendent may require.
	82. (1) Subsection 516(2) of the Act is replaced by the following:
Regulations and guidelines	(2) The Governor in Council may make regulations and the Superintendent may make guidelines respecting the maintenance by property and casualty companies of assets of a particular value.
	(2) Subsection 516(4) of the Act is replaced by the following:
Directives	(4) Notwithstanding that a property and casualty company is complying with regulations or guidelines made under subsection (2), the Superintendent may, by order, direct the company to increase its assets.
	83. Section 532 of the Act is replaced by the following:
Exemption by order	532. (1) A company may enter into a transaction with a related party of the company if the Superintendent, by order, has exempted the transaction from the provisions of section 521.
Conditions for order	(2) The Superintendent shall not make an order referred to in subsection (1) unless the Superintendent is satisfied that the decision of the company to enter into the transaction has not been and is not likely to be influenced in any significant way by a related party of the company and does not involve in any significant way the interests of a related party of the company.
	83.1 (1) The definition ``association'' in section 571 of the Act is replaced by the following:
``association'' « association »	``association'' means an association of persons formed in a foreign country on the plan known as Lloyd's, whereby each member of the association participating in a policy becomes liable for a stated, limited or proportionate part of the whole amount payable under the policy;
	(2) Subsection (1) is deemed to have come into force on January 1, 1994.
	84. Sections 575 to 577 of the Act are replaced by the following:
Prohibited names	575. (1) No order shall be made approving the insuring in Canada of risks by a body corporate where the name under which the body corporate is to insure risks
	(a) is prohibited by an Act of Parliament;
	(b) is, in the opinion of the Superintendent, deceptively misdescriptive;
	(c) is the same as or, in the opinion of the Superintendent, confusingly similar to any existing trade-mark, trade name or corporate name of a body corporate, except where
	(i) the trade-mark or trade name is being changed or the body corporate is being dissolved or is changing its corporate name, and
	(ii) consent to the use of the trade-mark, trade name or corporate name is signified to the Superintendent in such manner as the Superintendent may require;
	(d) is the same as or, in the opinion of the Superintendent, confusingly similar to the known name under or by which any entity carries on business or is identified; or
	(e) is reserved under section 45 for a company or society or proposed company or society.
Affiliated company	(2) Notwithstanding subsection (1), an order may be made by the Superintendent approving the insuring in Canada of risks by a body corporate under a name that is the same or substantially the same as that of an entity with which the body corporate is affiliated, within the meaning of subsection 6(2), if that other entity consents to the use of the name.
Representatio ns to Superintenden t	(3) Before deciding not to make an order referred to in subsection (1) for one of the reasons specified in that subsection, the Superintendent shall, by a notice in writing to that effect, give the body corporate and any other interested party an opportunity to make representations.
Change of name	576. (1) On the application of a foreign company, the Superintendent may, subject to subsection 575(1), by further order, change the name under which a foreign company insures risks.
Notice of intention	(2) Before an application is made to the Superintendent pursuant to subsection (1) to change the name under which a foreign company insures risks, a notice of intention to make the application must be published by the applicant at least once a week for a period of four consecutive weeks in the Canada Gazette and in a newspaper of general circulation at or near the place where the chief agency of the foreign company is situated.
Directing change of name	577. (1) If through inadvertence or otherwise a foreign company is permitted to insure risks under a name specified in the order of the Superintendent approving the insuring in Canada of risks by the foreign company that is prohibited by section 575, the Superintendent may, by order, direct the foreign company to change the name under which it insures risks and the foreign company shall comply with that direction.
Revoking name	(2) Where a foreign company has been directed under subsection (1) to change the name under which it insures risks and has not, within sixty days after the service of the direction, changed that name to a name that is not prohibited by this Part, the Superintendent may revoke the name under which the foreign company insures risks and assign to it a name and, until changed in accordance with subsection 576(1), the name under which the foreign company is to insure risks is thereafter the name so assigned.
	85. Subsections 586(2) to (6) of the Act are repealed.
	86. Section 591 of the Act is amended by adding the following after subsection (1):
Designation limitation	(1.1) A compensation association shall not be designated under subsection (1) unless, in the opinion of the Minister, it has the authority to levy an assessment on each of its members of not less than eighty-five one hundredths of one per cent of the member's average annual premium income from policies that are eligible for compensation from the association.
	87. (1) Subsection 608(1) of the French version of the Act is replaced by the following:
Capital et liquidités suffisants : sociétés d'assurance-vi e étrangères	608. (1) La société d'assurance-vie étrangère est tenue de maintenir, à l'égard de ses opérations d'assurance dans les branches assurance-vie, assurance accidents et maladie, assurance-accidents, assurance accidents corporels et assurance-maladie, un excédent suffisant de son actif au Canada sur son passif au Canada, ainsi que des formes de liquidité suffisantes et appropriées, et de se conformer à tous les règlements relatifs à cette exigence.
	(2) Section 608 of the Act is amended by adding the following after subsection (2):
Guidelines	(2.1) The Superintendent may make guidelines in respect of any matter referred to in paragraph 610(1)(a).
	(3) The portion of subsection 608(3) of the Act before paragraph (a) is replaced by the following:
Directives	(3) Notwithstanding that a foreign life company is complying with regulations made under paragraph 610(1)(a) or guidelines made under subsection (2.1), the Superintendent may, by order, direct the foreign life company
	(4) Subsection 608(4) of the French version of the Act is replaced by the following:
Délai de conformité	(4) La société d'assurance-vie étrangère est tenue d'exécuter l'ordre visé au paragraphe (3) dans le délai que lui fixe le surintendant.
	88. Subsection 609(2) of the Act is replaced by the following:
Guidelines	(1.1) The Superintendent may make guidelines in respect of any matter referred to in paragraph 610(1)(b).
Directives	(2) Notwithstanding that a foreign company is complying with regulations made under paragraph 610(1)(b) or guidelines made under subsection (1.1), the Superintendent may, by order, direct the foreign company to increase its assets in Canada.
	88.1 The Act is amended by adding the following after section 624:
Chief agent	624.1 (1) The chief agent of a foreign company may not be appointed as or hold the position of actuary of the foreign company unless authorized in writing by the Superintendent.
Duration of authorization	(2) An authorization under subsection (1) ceases to be in effect on the day specified therein but not later than the day that is six months after it is issued, and a person appointed or holding the position of actuary pursuant to the authorization shall not hold that position after that day.
	89. The Act is amended by adding the following after section 629:
Special valuation	629.1 (1) Where the Superintendent is of the opinion that an actuary, other than the actuary of the foreign company, should value the matters referred to in paragraph 629(1)(a) or (b), the Superintendent may appoint a person qualified under section 624 to carry out the valuation.
Expenses payable by foreign company	(2) The expenses incurred in carrying out a valuation under subsection (1) are payable by the foreign company on being approved in writing by the Superintendent.
	90. Paragraph 651(b) of the Act is replaced by the following:
	(b) provides the Superintendent with proof of the publication, for four consecutive weeks, in at least one newspaper of general circulation at or near the place where the chief agency of the foreign company is situated and the Canada Gazette of a notice that it will apply to the Superintendent for the release of its assets in Canada on a day specified in the notice, which must be at least six weeks after the date of the notice, and calling on its policyholders in Canada opposing that release to file their opposition with the Superintendent on or before the day.
	91. Subsections 657(5) and (6) of the Act are repealed.
	92. Subsection 672(2) of the Act is amended by striking out the word ``and'' at the end of paragraph (a) and by adding the following after paragraph (a):
	(a.1) to any compensation association designated by order of the Minister pursuant to subsection 449(1) or 591(1), for purposes related to its operation, and
1994, c. 26, s. 45	93. Section 673 of the Act is replaced by the following:
Disclosure by Superintenden t	673. (1) The Superintendent shall disclose, at such times and in such manner as the Minister may determine, such information obtained by the Superintendent under this Act as the Minister considers ought to be disclosed for the purposes of the analysis of the financial condition of a company, society, foreign company or provincial company and that
	(a) is contained in returns filed pursuant to the Superintendent's financial regulatory reporting requirements in respect of companies, societies, foreign companies or provincial companies; or
	(b) has been obtained as a result of an industry-wide or sectoral survey conducted by the Superintendent in relation to an issue or circumstances that could have an impact on the financial condition of companies, societies, foreign companies or provincial companies.
Prior consultation required	(2) The Minister shall consult with the Superintendent before making any determination under subsection (1).
Disclosure by a company, etc.	673.1 (1) A company, society, foreign company or provincial company shall make available to the public such information concerning
	(a) the compensation of its executives, as that expression is defined by the regulations, and
	(b) its business and affairs for the purposes of the analysis of its financial condition,
	in such form and manner and at such times as may be required by or pursuant to such regulations as the Governor in Council may make for the purpose.
Exemption by regulation	(2) Paragraph (1)(a) does not apply to a company, society, foreign company or provincial company that is within such class or classes of companies, societies, foreign companies or provincial companies as may be prescribed.
Exceptions to disclosure	673.2 Subject to any regulations made under section 489 or 607, no information obtained by a company, society, foreign company or provincial company regarding any of its customers shall be disclosed or made available under subsection 673(1) or section 673.1.
Report respecting disclosure	673.3 The Superintendent shall prepare a report, to be included in the report referred to in section 25 of the Office of the Superintendent of Financial Institutions Act, respecting the disclosure of information by companies, societies, foreign companies or provincial companies and describing the state of progress made in enhancing the disclosure of information in the financial services industry.
	94. Section 677 of the Act is repealed.
	95. The Act is amended by adding the following after section 678:
	Disqualification from Election or Appointment
Application	678.1 (1) This section applies only in respect of a company, society or provincial company
	(a) that has been notified by the Superintendent that this section so applies where the company, society or provincial company is subject to measures requiring it to maintain or improve its safety and soundness, which measures have been specified by the Superintendent by way of
	(i) conditions or limitations in respect of the order approving the commencement and carrying on of its business, or
	(ii) a written agreement or undertaking between it and the Superintendent; or
	(b) that is the subject of
	(i) a direction made pursuant to section 676, or
	(ii) an order made pursuant to subsection 515(3) requiring it to increase its capital or an order made pursuant to subsection 516(4) requiring it to increase its assets.
Information to be provided	(2) A company, society or provincial company shall provide the Superintendent with the name of
	(a) each person who has been nominated for election or appointment as a member of its board of directors,
	(b) each person who has been selected by its directors for appointment as chief executive officer, secretary, treasurer, controller, actuary or any other officer reporting directly to its board of directors or chief executive officer, and
	(c) each person who is newly elected as a director of the company, society or provincial company at a meeting of shareholders and policyholders and who was not proposed for election by anyone involved in the management of the company, society or provincial company,
	together with such other information about the background, business record and experience of the person as the Superintendent may require.
When information to be provided	(3) The information required by subsection (2) shall be provided to the Superintendent
	(a) at least thirty days prior to the date or proposed date of the election or appointment or within such shorter period as the Superintendent may allow; or
	(b) in the case of a person referred to in paragraph (2)(c), within fifteen days after the date of the election of the person.