Bill C-457

2nd Session, 40th Parliament,

57-58 Elizabeth II, 2009

house of commons of canada

BILL C-457

An Act respecting the Insurance Business (Banks and Bank Holding Companies) Regulations

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

1. Within 30 days after this Act comes into force, the Governor in Council shall make the following amendments to the Insurance Business (Banks and Bank Holding Companies) Regulations:

(a) sections 6 and 7 are replaced by the following:

6. No bank shall, in Canada, promote an insurance company, agent or broker.

7. No bank shall, in Canada, promote an insurance policy of an insurance company, agent or broker, or promote any service related to such a policy.

(b) sections 9 and 10 are replaced by the following:

9. No bank shall provide a telecommunications device that is primarily for the use of customers in Canada and that links a customer with an insurance company, agent or broker by any means, including the Internet.

10. No bank shall carry on business in Canada in premises that are adjacent to an office of an insurance company, agent or broker.