Supervisory Information (Insurance Companies) Regulations

The Supervisory Information (Insurance Companies) Regulations were made by Her Excellency the Governor General in Council, pursuant to section 672.1 of the Insurance Companies Act, on January 30, 2001. The Regulations are intended to provide a framework for the supervision of insurance companies in Canada.

The Regulations define "company" as including any company, society, foreign company or provincial company, and prescribe supervisory information that must be disclosed by these entities. This information includes ratings assigned by the Superintendent, stages of intervention, orders made under the Insurance Companies Act, prudential agreements, and reports prepared by the Superintendent.

The Regulations also provide for prohibited disclosure of this information, with certain exceptions allowing companies to disclose it to their affiliates or directors, officers, employees, auditors, securities underwriters or legal advisors. Additionally, companies may disclose information if they consider it to contain a material fact or change required by the securities laws of the relevant jurisdiction.

These Regulations came into force on January 30, 2001, and are intended to enhance the supervision and regulation of insurance companies in Canada, ensuring that they operate in a fair and transparent manner.