Vol. 145, No. 7 — February 12, 2011
ARCHIVED — Regulations Amending the Insurance Business (Cooperative Credit Associations) Regulations
Statutory authority
Cooperative Credit Associations Act
Sponsoring department
Department of Finance
REGULATORY IMPACT ANALYSIS STATEMENT
For the Regulatory Impact Analysis Statement, see Regulations Amending the Insurance Business (Banks and Bank Holding Companies) Regulations.
Notice is hereby given that the Governor in Council, pursuant to section 381 of the Cooperative Credit Associations Act (see footnote a), proposes to make the annexed Regulations Amending the Insurance Business (Cooperative Credit Associations) Regulations.
Interested persons may make representations concerning the proposed Regulations within 30 days after the date of publication of this notice. All such representations must cite the Canada Gazette, Part I, and the date of publication of this notice, and be addressed to Jane Pearse, Director, Financial Institutions Division, Department of Finance, L’Esplanade Laurier, 15th Floor, East Tower, 140 O’Connor Street, Ottawa, Ontario K1A 0G5 (tel.: 613-992-1631; fax: 613-943-1334; email: finlegis@fin.gc.ca).
Ottawa, February 3, 2011
JURICA ČAPKUN
Assistant Clerk of the Privy Council
REGULATIONS AMENDING THE INSURANCE BUSINESS
(COOPERATIVE CREDIT ASSOCIATIONS) REGULATIONS
AMENDMENTS
1. (1) Subsection 1(1) of the Insurance Business (Cooperative Credit Associations) Regulations (see footnote 1) is amended by adding the following in alphabetical order:
“association web page”
« page Web d’association »
“association web page” means a web page that an association uses to carry on business in Canada, including any information provided by the association that is accessible on a telecommunications device. It does not include a web page that is only accessible by employees or agents of the association.
(2) Section 1 of the Regulations is amended by adding the following after subsection (2):
(3) For the purposes of these Regulations, a web page is not an association web page by reason only that the web page provides access to an association web page or promotes the business of an association in Canada.
2. Section 2 of the Regulations is replaced by the following:
2. A retail association may carry on any aspect of the business of insurance, other than the underwriting of insurance, outside Canada.
3. Subparagraph 5(b)(ii) of the Regulations is replaced by the following:
- (ii) all customers of the association and all members of local cooperative credit societies that are members of the association, who are natural persons and who regularly receive statements of account or notices of those statements, or
4. The Regulations are amended by adding the following after section 6:
WEB PROMOTION
6.1 (1) The promotion referred to in paragraph 5(b) may take place on an association web page if it relates to an insurance company, agent or broker that deals only in authorized types of insurance and the promotion referred to in paragraph 6(1)(d) or (f) may take place on an association web page if it relates to an authorized type of insurance.
(2) However, an association shall not, on an association web page, provide access to a web page — directly or through another web page — through which there is promotion of
- (a) an insurance company, agent or broker that does not deal only in authorized types of insurance; or
- (b) an insurance policy of an insurance company, agent or broker, or a service in respect of such a policy, that is not of only an authorized type of insurance.
5. Section 9 of the Regulations is replaced by the following:
9. 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.
COMING INTO FORCE
6. These Regulations come into force on the day on which they are registered.
[7-1-o]
Footnote a
S.C. 1991, c. 48
Footnote 1
SOR/2003-300