![]() ![]() (2) The notice must set out the effective date and the length of the suspension. (2) The designation or its renewal are in effect for any period that the Minister specifies.ĥ (1) After consulting with the Superintendent, the Minister may, by notice sent to an approved mortgage insurer, suspend the approved mortgage insurer’s designation if the Minister is of the opinion that the approved mortgage insurer has failed to comply with any provision of this Act or the regulations. ![]() (b) to mitigate the risks arising from the provision of that protection.Ĥ (1) At the written request of a mortgage insurer, the Minister may, after consulting with the Superintendent, designate the mortgage insurer as an approved mortgage insurer for the purposes of this Act. (a) to authorize the Minister to provide protection in respect of certain mortgage or hypothecary insurance contracts in order to support the efficient functioning of the housing finance market and the stability of the financial system in Canada and Winding-up order means a winding-up order made under the Winding-up and Restructuring Act or a similar order made under any other Act of Parliament relating to insolvency or bankruptcy. ( ordonnance de mise en liquidation) Purposes Superintendent means the Superintendent of Financial Institutions appointed under the Office of the Superintendent of Financial Institutions Act. ( surintendant) winding-up order Qualified mortgage lender means a mortgage or hypothecary lender that has been designated under section 10. ( prêteur hypothécaire qualifié) Superintendent Prescribed means prescribed by regulations made under section 41. ( Version anglaise seulement) qualified mortgage lender Policy means any written contract of insurance in respect of an eligible mortgage loan, whether contained in one or more documents, entered into by an approved mortgage insurer and a qualified mortgage lender that has been designated as such by the approved mortgage insurer. ( police) prescribed Mortgage insurer means a corporation referred to in subsection 13(1) of the Insurance Companies Act and that is approved by the Superintendent to sell mortgage or hypothecary insurance in Canada. Minister means the Minister of Finance. ( ministre) mortgage insurer Liquidator means a liquidator appointed under the Winding-up and Restructuring Act or a similar official appointed under any other Act of Parliament relating to insolvency or bankruptcy. ( liquidateur) Minister Her Majesty means Her Majesty in right of Canada. ( Sa Majesté) liquidator (f) in Yukon and the Northwest Territories, the Supreme Court of the territory, and in Nunavut, the Nunavut Court of Justice. ( tribunal)Įligible mortgage loan means a mortgage or hypothecary loan that meets the criteria established by regulations made under subsection 42(1). ( prêt hypothécaire admissible) Her Majesty (e) in Prince Edward Island and Newfoundland and Labrador, the trial division of the Supreme Court of the province and (d) in New Brunswick, Manitoba, Saskatchewan and Alberta, the Court of Queen’s Bench for the province (c) in Nova Scotia and British Columbia, the Supreme Court of the province (b) in Quebec, the Superior Court of the province (a) in Ontario, the Superior Court of Justice approved mortgage insurerĪpproved mortgage insurer means a mortgage insurer that is designated under section 4. ( assureur hypothécaire agréé) companyĬompany means the Canada Guaranty Mortgage Insurance Company, the Genworth Financial Mortgage Insurance Company Canada, the PMI Mortgage Insurance Company Canada or any successor to any of those companies. ( société) court InterpretationĢ The following definitions apply in this Act. 1 This Act may be cited as the Protection of Residential Mortgage or Hypothecary Insurance Act.
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