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Insurance Business (Cooperative Credit Associations) Regulations (SOR/2003-300)

Regulations are current to 2024-03-06 and last amended on 2012-03-01. Previous Versions

Prohibited Activities

  •  (1) No association shall

    • (a) directly or indirectly provide to an insurance company, agent or broker any information respecting

      • (i) a customer in Canada of a body corporate that is a member of the association,

      • (ii) a customer of the association in Canada, if it is a retail association,

      • (iii) an employee of a customer referred to in subparagraphs (i) or (ii),

      • (iv) if a customer referred to in subparagraphs (i) or (ii) is an entity with members in Canada, any such member, or

      • (v) if a customer referred to in subparagraph (i) or (ii) is a partnership with partners in Canada, any such partner;

    • (b) permit any of its subsidiaries to directly or indirectly provide to an insurance company, agent or broker any information that the subsidiary receives from the association respecting a person referred to in any of subparagraphs (a)(i) to (v); or

    • (c) permit a subsidiary of the association that is a trust or loan corporation incorporated by or under an Act of the legislature of a province to directly or indirectly provide to an insurance company, agent or broker any information respecting

      • (i) a customer in Canada of the subsidiary,

      • (ii) an employee of a customer referred to in subparagraph (i),

      • (iii) if a customer referred to in subparagraph (i) is an entity with members in Canada, any such member, or

      • (iv) if a customer referred to in subparagraph (i) is a partnership with partners in Canada, any such partner.

  • (2) Subsection (1) does not apply in respect of an association, or a subsidiary of an association that is a trust or loan corporation incorporated by or under an Act of the legislature of a province, if

    • (a) the association or subsidiary has established procedures to ensure that the information referred to in that subsection will not be used by an insurance company, agent or broker to promote, in Canada, the company, agent or broker, an insurance policy or a service in respect of an insurance policy; and

    • (b) the insurance company, agent or broker, as the case may be, has given an undertaking to the association or subsidiary, in a form acceptable to the Superintendent, that the information will not be used to promote in Canada the insurance company, agent or broker, an insurance policy or a service in respect of an insurance policy.

 No association shall provide a telecommunications device that is primarily for the use of customers or members in Canada of a local cooperative credit society or a retail association and that links a customer or member with an insurance company, agent or broker.

 A retail association shall not carry on business in Canada on premises that are adjacent to the premises of an insurance company, agent or broker unless the retail association clearly indicates to its customers that its business and the premises on which its business is carried on are separate and distinct from those of the insurance company, agent or broker.

  • SOR/2011-185, s. 6

Coming into Force

 These Regulations come into force on the day on which they are registered.

 

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