Definitions

Insurance Act

ONTARIO REGULATION 127/08

Definitions

Consolidation Period: From March 1, 2022 to the e-Laws currency date.

Last amendment: 119/22.

Legislative History: 119/22.

This is the English version of a bilingual regulation.

Financial institution

1. (1) This section applies for the purposes of clause (f) of the definition of “financial institution” in section 1 of the Act.  O. Reg. 127/08, s. 1 (1).

(2) Each of the following entities is prescribed as a financial institution:

1.  A central incorporated under the Credit Unions and Caisses Populaires Act, 2020 or comparable legislation of another jurisdiction of Canada.

2.  A co-operative credit society for which an order has been made under subsection 473 (1) of the Co-operative Credit Associations Act (Canada).

3.  An entity that is,

i.  incorporated or organized under the laws of a jurisdiction outside Canada,

ii.  regulated by a jurisdiction outside Canada or by both a jurisdiction outside Canada and a jurisdiction in Canada, and

iii.  primarily engaged outside Canada in a business that, if it were carried on in Canada, would be the business of banking, the business of a cooperative credit society, the trust or insurance business or the business of dealing in securities.  O. Reg. 127/08, s. 1 (2); O. Reg. 119/22, s. 1.

(3) An entity that is a “foreign institution” for the purposes of the Insurance Companies Act (Canada) is a financial institution for the purposes of the Act other than Part XVII.  O. Reg. 127/08, s. 1 (3).

2. Omitted (provides for coming into force of provisions of this Regulation).  O. Reg. 127/08, s. 2.