Insurance Companies Act updates the definition of 'regulated foreign entity' by cross-referencing the Bank Act
Insurance Companies Act
Plain-language summary · AI-assisted · not legal advice
The definition of 'regulated foreign entity' in the Insurance Companies Act no longer contains its own standalone criteria (incorporation/formation outside Canada in a trade-agreement country plus local financial services regulation). Instead, the Act now simply adopts whatever definition appears in section 2 of the Bank Act. Insurance companies, insurance holding companies, and fraternal benefit societies subject to this federal legislation should confirm their compliance frameworks and legal interpretations of 'regulated foreign entity' align with the Bank Act definition rather than the previously self-contained text. Counsel and compliance teams reviewing cross-border entity classifications or investment activities should update their reference materials accordingly.
Who this affects: federally regulated insurance companies · insurance holding companies · fraternal benefit societies · legal and compliance teams in the insurance sector
Source of truth: I-11.8 on the official source
Legislative text © King's Printer for Ontario. This page is not an official version of the law and is not legal advice. Verify against the official source before acting.
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