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Bill S-1001

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First Session, Forty-second Parliament,
64-65 Elizabeth II, 2015-2016
SENATE OF CANADA
BILL S-1001
An Act to authorize La Capitale Financial Security Insurance Company to apply to be continued as a body corporate under the laws of the Province of Quebec
FIRST READING, MAY 12, 2016
THE HONOURABLE SENATOR Dawson
4211611


SUMMARY
This enactment authorizes La Capitale Financial Security Insurance Company to apply to be continued as a body corporate under the laws of the Province of Quebec.
Available on the Parliament of Canada Web Site at the following address:
http://www.parl.gc.ca


1st Session, 42nd Parliament,
64-65 Elizabeth II, 2015-2016
SENATE OF CANADA
BILL S-1001
An Act to authorize La Capitale Financial Security Insurance Company to apply to be continued as a body corporate under the laws of the Province of Quebec
Preamble
Whereas La Capitale Financial Security Insurance Company (the “Company”), having its principal place of business in the City of Mississauga, in the Province of Ontario, has set out in its petition:
(a) that the Company was incorporated on January 1, 1993, under section 22 of the Insurance Companies Act under the name “Penncorp Life Insurance Company”;
(b) that the Company changed its name to “La Capitale Financial Security Insurance Company” on January 1, 2014;
(c) that the Company is governed by the Insurance Companies Act;
(d) that the Company wishes to apply to be continued as a body corporate under the laws of the Province of Quebec;
(e) that the shareholder of the Company, by resolution, authorized the Company to apply to be continued as a body corporate under the laws of the Province of Quebec and to petition Parliament for authorization to do so; and
(f) that there is no legislative provision authorizing an insurance company incorporated under the Insurance Companies Act to apply to be continued as a body corporate under the laws of a province;
And whereas the Company has by its petition prayed that it be permitted to apply to be continued as a body corporate under the laws of the Province of Quebec and it is expedient to grant the prayer of the petition;
Now, therefore, Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
Authorization
1Despite subsection 39(5) of the Insurance Companies Act, the Company may apply to be continued as a body corporate under the laws of the Province of Quebec as if it had been incorporated under those laws.
Effect of continuation
2On the day on which it is continued as a body corporate under the laws of the Province of Quebec, the Company ceases to be governed by the Insurance Companies Act.
Published under authority of the Senate of Canada

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