Affiliated Persons Regulation

For the purposes of section 170 of the Insurance Companies Act, section 162 of the Bank Act, and section 166 of the Trust and Loan Companies Act, a natural person is affiliated with a company where the person

  1. is an officer or employee of the company or of an affiliate of the company;
  2. has a significant interest in a class of shares of the company;
  3. has a substantial investment in an affiliate of the company;
  4. is a significant borrower in respect of the company;
  5. is an officer or employee of an entity that is a significant borrower in respect of the company;
  6. controls one or more entities of which the total indebtedness to the company or to an affiliate of the company would cause those entities, if treated as a single entity, to be a significant borrower of the company;
  7. provides goods or services to the company, or is a partner or an employee in a partnership that provides goods or services to the company or an officer or employee of, or a person who has a substantial investment in, a body corporate that provides goods or services to the company, if the total annual billings to the company in respect of the goods and services provided exceeds ten per cent of the total annual billings of the person, partnership or body corporate, as the case may be;
  8. has a loan that is not in good standing from the company or from an affiliate of the company or is a director, an officer or an employee of, or a person who controls, an entity that has a loan that is not in good standing from the company or from an affiliate of the company; or
  9. is the spouse or common-law partner of a person described in any of paragraphs (a) to (h).