Conducting insurance and reinsurance business in Canada

The Insurance Companies Act imposes restrictions on the acquisition or increase of a significant interest in, or acquisition of de factocontrol of, a federally incorporated insurer. A person has a significant interest in a class of shares of a company if the aggregate of any shares of that class beneficially owned by the person and any shares of that class beneficially owned by entities controlled by the person exceeds 10% of all of the outstanding shares of that class of shares of the company. Restrictions are also imposed on the ability of the federal and provincial governments (or any agent or agency thereof), as well as a foreign government (or any agent or agency thereof), to hold shares in a federally incorporated (re)insurer.

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