Insurance Companies Act

Marginal note:Sunset provision

• 707 (1) Subject to subsections (2) and (3), insurance holding companies shall not carry on business after the day that is the fifth anniversary of the day on which this section comes into force.

• 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.

• Marginal note:Exception

  (3) If Parliament dissolves on the fifth anniversary of the day on which this section comes into force, on any day within the three-month period before that anniversary or on any day within an extension under subsection (2), insurance holding companies may continue to carry on business for 180 days after the first day of the first session of the next Parliament.