Exemption from Approval for Certain Investments in Intragroup Service Entities (Life Companies and Insurance Holding Companies) Regulations

The Exemption from Approval for Certain Investments in Intragroup Service Entities (Life Companies and Insurance Holding Companies) Regulations were made by Her Excellency the Governor General in Council, pursuant to paragraphs 501(b), 977(b), and section 1021 of the Insurance Companies Act. The regulations exempt life companies and insurance holding companies from certain approval requirements when acquiring control of or increasing a substantial investment in entities that provide financial intermediary services exclusively to them or their group members.

The exemptions apply under specific circumstances, where the financial intermediary activities of the entity do not expose it to material market or credit risk. This means that if a life company or an insurance holding company acquires control of or increases its investment in such an entity, and the entity's financial services are limited to providing services exclusively to the life company or members of its group, then the exemptions from approval apply.

These regulations come into force on the day they are registered.