On June 19, 2014, amendments to Section 211 of the Insurance
Companies Act (Canada) (the "Act") received Royal
Assent. The Department of Finance (Canada) stated that the
intention of these amendments is "to expand the
Governor-in-Council's ability to make regulations for a
demutualization framework that provides for an orderly and
transparent process and ensures that policyholders are treated
fairly and equitably." This provision relates to the
conversion of a mutual company into an insurance company with
The Governor in Council may make regulations respecting the
process that precedes the calling of a special meeting of eligible
policyholders to approve the conversion proposal of a mutual
company. In addition, the Governor in Council may make regulations
limiting the circumstances in which the Minister of Finance
(Canada) provides an approval under Section 407(1) of the Act.
Regulations made by the Governor in Council in respect of the
conversion proposal process may provide for court intervention,
including the circumstances in which the court is to be seized of
any matter in relation to that process.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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