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Protection of Residential Mortgage or Hypothecary Insurance Act (S.C. 2011, c. 15, s. 20)

Act current to 2024-03-20 and last amended on 2016-06-22. Previous Versions

Regulations (continued)

Marginal note:Ministerial regulations

  •  (1) The Minister may, after consulting with the Governor of the Bank of Canada and the Superintendent, make regulations establishing criteria that a mortgage or hypothecary loan must meet in order for it to be an eligible mortgage loan.

  • Marginal note:Criterion  — guarantee

    (1.1) Any criterion established by a regulation made under subsection (1) that relates to a guarantee of payment referred to in subsection 14(1) of the National Housing Act may apply to an existing insured mortgage or hypothecary loan.

  • Marginal note:Ministerial regulations — agreements and undertakings

    (2) The Minister may make regulations specifying, for the purposes of paragraph 43(k), agreements entered into by Her Majesty and a company in respect of mortgage or hypothecary insurance, and undertakings given by a company under an agreement as defined in section 43.

  • Marginal note:Coming into force

    (3) A regulation made under this section comes into force on the day on which it is published in the Canada Gazette or on any later day that is specified in the regulation unless the regulation provides otherwise and it gives effect to a budgetary or other public announcement, in which case the regulation must not come into force before the day on which the announcement was made.

  • 2011, c. 15, s. 20 “42”
  • 2014, c. 20, s. 315

Termination of Agreements

Definition of agreement

 In sections 44 to 48, agreement means

  • (a) the agreement entered into by Her Majesty and The Mortgage Insurance Company of Canada that was made on January 1, 1991 and subsequently assigned to GE Capital Mortgage Insurance Company (Canada);

  • (b) the Management Agreement entered into by Her Majesty, The Mortgage Insurance Company of Canada, Royal Bank Investment Management Inc., and Royal Trust Corporation of Canada that was made on November 1, 1991;

  • (c) the agreement entered into by Her Majesty and AIG United Guaranty Mortgage Insurance Company Canada that was made on November 21, 2006;

  • (d) the Custody and Security Agreement entered into by Her Majesty, AIG United Guaranty Mortgage Insurance Company Canada and RBC Dexia Investor Services Trust that was made on November 21, 2006;

  • (e) the Management Agreement entered into by Her Majesty, AIG United Guaranty Mortgage Insurance Company Canada and RBC Dominion Securities Inc. that was made on November 21, 2006;

  • (f) the agreement entered into by Her Majesty and PMI Mortgage Insurance Company Canada that was made on July 12, 2007;

  • (g) the Custody and Security Agreement entered into by Her Majesty, PMI Mortgage Insurance Company Canada and Citibank Canada that was made on July 12, 2007;

  • (h) the Management Agreement entered into by Her Majesty, PMI Mortgage Insurance Company Canada and TD Asset Management Inc. that was made on July 12, 2007;

  • (i) the Management Agreement entered into by Her Majesty, Canada Guaranty Mortgage Insurance Company and Phillips, Hager & North Investment Management Ltd. that was made on May 5, 2010;

  • (j) any reinsurance agreement to which Her Majesty and a company or a predecessor to a company are parties;

  • (k) any agreement or undertaking specified in regulations made under subsection 42(2); or

  • (l) any amendment to an agreement referred to in any of paragraphs (a) to (k).

Marginal note:Agreements are terminated

 The agreements are terminated and all obligations and liabilities arising out of the agreements and all rights acquired under them are extinguished.

Marginal note:No liability

 No action or other proceeding, including any action or proceeding in restitution, or for damages of any kind, that is based on or is in relation to any agreement, lies or may be instituted by anyone against Her Majesty or any minister or any employee or agent of Her Majesty, or any person engaged to provide advice or services to Her Majesty in relation to any agreement, for anything done or omitted to be done or for anything purported to have been done or omitted to be done, in the exercise or performance of their powers, duties and functions.

Marginal note:No compensation

 No one is entitled to any compensation from Her Majesty in connection with the coming into force of section 44.

Marginal note:Obligation to send statement

  •  (1) Within 30 days after the day on which this Act comes into force or any longer period that the Minister allows, each company must send to the Minister a written statement indicating, as of the time immediately before this Act comes into force, the following amounts:

    • (a) the amount of cash on deposit in any custodial account, trust account, guarantee fund or similar account or fund established under an agreement in respect of the company; and

    • (b) the current market value of all securities held in those accounts or funds.

  • Marginal note:Audit of statement

    (2) The Minister may cause the statement to be audited.

Marginal note:Ownership

 For greater certainty, the cash on deposit in, and the securities held in, any custodial account, trust account, guarantee fund or similar account or fund established under an agreement in respect of a company belong to the company on the coming into force of this Act.

 

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