Insurance Companies Act

Marginal note:Sunset provision

• 707 (1) Subject to subsection (2), insurance holding companies shall not carry on business after April 24, 2007, except that if Parliament dissolves on that day or at any time within the three-month period before that day, insurance holding companies may continue to carry on business until the day that is one hundred and eighty days after the first day of the first session of the next Parliament.

• Marginal note:Extension

  (2) The Governor in Council may, by order, extend by up to six months the time during which insurance holding companies may continue to carry on business. No more than one order may be made under this subsection.