Acts and Regulations

91-195 - General

Section 23
Disposition versions

Full text
Purchase of life or deferred life annuities
23(1)An administrator shall not purchase a life or deferred life annuity under subsection 33(1) of the Act, a deferred life annuity under paragraph 36(1)(b) or subsection 44(3), (7), (11) or (14) of the Act or a life or deferred life annuity referred to in paragraph 20(c) unless the contract under which the annuity is purchased specifically provides in writing that
(a) the financial institution that is a party to the contract may accept money for the purpose of purchasing the annuity only if the money originates, directly or indirectly, from
(i) the fund of a pension plan that conforms with the Act and this Regulation or with similar legislation in another jurisdiction,
(ii) another retirement savings arrangement that conforms with the Act and this Regulation, or
(iii) another life or deferred life annuity under a contract that conforms with the Act and this Regulation,
(b) should the annuitant die before the commencement of payments under the annuity, the administrator of the annuity shall pay an amount not less than the amount transferred to purchase the annuity, with accrued interest as prescribed in subsections 19(12), (13), (13.1), (13.2) and (13.3), as the case may be,
(i) to the annuitant’s spouse or common-law partner,
(ii) if the annuitant does not have a spouse or common-law partner but has designated a beneficiary on death, to the beneficiary, or
(iii) if the annuitant does not have a spouse or common-law partner and has not designated a beneficiary on death, to the estate of the annuitant,
(c) no money transferred, including interest, shall be assigned, charged, anticipated, given as security or subjected to execution, seizure, attachment or other process of law except under and in accordance with section 44 or subsection 57(6) of the Act,
(d) a transaction in contravention of paragraph (c) is void,
(e) no money transferred, including interest, shall be commuted or surrendered during the lifetime of the annuitant or annuitant’s spouse or common-law partner except under and in accordance with subsection 33(2) or 57(6) or section 44 of the Act,
(f) a transaction in contravention of paragraph (e) is void,
(g) except as provided for elsewhere in this Regulation, the pension benefits provided by the annuity shall be guaranteed by the financial institution that is a party to the contract and shall be payable in equal periodic amounts or in periodic amounts that are uniformly adjusted by way of indexing
(i) if the annuitant has a spouse or common-law partner at the time the payment of the pension under the annuity commences who has not provided to the financial institution a waiver in accordance with subsection 41(4) of the Act or has provided a revocation in accordance with subsection 41(6) of the Act, during the lives of the annuitant and the annuitant’s spouse or common-law partner in the form of a joint and survivor pension under section 41 of the Act,
(ii) if, at the time the payment of the pension under the annuity commences, the annuitant has a spouse or common-law partner who has provided a waiver in accordance with subsection 41(4) of the Act and has not provided a revocation in accordance with subsection 41(6) of the Act, during the life of the annuitant, or
(iii) if, at the time the payment of the pension under the annuity commences, the annuitant does not have a spouse or common-law partner, during the life of the annuitant,
(g.1) notwithstanding paragraph (g), the annuity may provide for the reduction of the equal periodic payments in accordance with section 48 of the Act, which section shall apply to the annuity with the necessary modifications,
(h) subject to paragraph (i), the payment of periodic amounts of the pension shall not commence until the annuitant is the normal retirement date or within ten years of the normal retirement date under the pension plan,
(i) the annuitant may replace in whole or in part the deferred pension under an annuity by a payment or a series of payments and the amount of the payment or the present value of the series of payments, as the case may be, shall not be less than the present value of the deferred pension if, before the commencement of payments under the annuity,
(i) a physician certifies in writing to the financial institution that is a party to the contract that the annuitant suffers from a significant physical or mental disability that considerably reduces life expectancy, and
(ii) if the annuitant has a spouse or common-law partner, the annuitant delivers to the financial institution a waiver completed by the spouse or common-law partner in the form provided by the Superintendent,
(j) where a division of the annuity occurs as a result of the breakdown of a marriage or common-law partnership, the annuitant may transfer the present value of the pension or deferred pension under the annuity to purchase another life or deferred life annuity that complies with this Regulation, and
(k) the provisions of sections 27 to 33 apply with the necessary modifications to the division of the money in the annuity on the breakdown of a marriage or common-law partnership.
23(2)The amount of a life or deferred life annuity referred to in subsection (1) shall not be determined on the basis of the annuitant’s sex unless
(a) the annuity is fully funded by money from a defined contribution plan administered in accordance with paragraph 46(2)(b) of the Act, or
(b) if the annuity is funded by money from a retirement savings arrangement referred to in section 20, the purchase is in accordance with subsection 21(5).
23(3)A financial institution that offers life or deferred life annuities and that proposes a sale of such an annuity by contract to an administrator under a pension plan, under the Act or under this Regulation shall, before entering into such a contract, register with the Superintendent a standard contract for the proposed annuity and, upon applying for registration, pay the prescribed fee.
23(4)A standard contract described in subsection (3) shall not be registered unless it conforms to the requirements of this section.
23(5)Subsections 10(8) to (10) and sections 11 and 13 of the Act apply with the necessary modifications to the registration of a standard contract under subsection (3).
23(6)No administrator shall purchase a life or deferred life annuity referred to in subsection (1) unless the standard contract of the annuity to be purchased is registered in accordance with this section and otherwise conforms to the requirements of this section.
23(7)No administrator shall purchase a life or deferred life annuity referred to in subsection (1) unless the contract of the annuity is the same as the standard contract registered in relation to that annuity.
94-78; 99-70; 2003-87; 2005-102; 2009-42; 2011-60; 2015-59
Purchase of life or deferred life annuities
23(1)An administrator shall not purchase a life or deferred life annuity under subsection 33(1) of the Act, a deferred life annuity under paragraph 36(1)(b) or subsection 44(3), (7), (11) or (14) of the Act or a life or deferred life annuity referred to in paragraph 20(c) unless the contract under which the annuity is purchased specifically provides in writing that
(a) the financial institution that is a party to the contract may accept money for the purpose of purchasing the annuity only if the money originates, directly or indirectly, from
(i) the fund of a pension plan that conforms with the Act and this Regulation or with similar legislation in another jurisdiction,
(ii) another retirement savings arrangement that conforms with the Act and this Regulation, or
(iii) another life or deferred life annuity under a contract that conforms with the Act and this Regulation,
(b) should the annuitant die before the commencement of payments under the annuity, the administrator of the annuity shall pay an amount not less than the amount transferred to purchase the annuity, with accrued interest as prescribed in subsections 19(12), (13), (13.1), (13.2) and (13.3), as the case may be,
(i) to the annuitant’s spouse or common-law partner,
(ii) if the annuitant does not have a spouse or common-law partner but has designated a beneficiary on death, to the beneficiary, or
(iii) if the annuitant does not have a spouse or common-law partner and has not designated a beneficiary on death, to the estate of the annuitant,
(c) no money transferred, including interest, shall be assigned, charged, anticipated, given as security or subjected to execution, seizure, attachment or other process of law except under and in accordance with section 44 or subsection 57(6) of the Act,
(d) a transaction in contravention of paragraph (c) is void,
(e) no money transferred, including interest, shall be commuted or surrendered during the lifetime of the annuitant or annuitant’s spouse or common-law partner except under and in accordance with subsection 33(2) or 57(6) or section 44 of the Act,
(f) a transaction in contravention of paragraph (e) is void,
(g) except as provided for elsewhere in this Regulation, the pension benefits provided by the annuity shall be guaranteed by the financial institution that is a party to the contract and shall be payable in equal periodic amounts or in periodic amounts that are uniformly adjusted by way of indexing
(i) if the annuitant has a spouse or common-law partner at the time the payment of the pension under the annuity commences who has not provided to the financial institution a waiver in accordance with subsection 41(4) of the Act or has provided a revocation in accordance with subsection 41(6) of the Act, during the lives of the annuitant and the annuitant’s spouse or common-law partner in the form of a joint and survivor pension under section 41 of the Act,
(ii) if, at the time the payment of the pension under the annuity commences, the annuitant has a spouse or common-law partner who has provided a waiver in accordance with subsection 41(4) of the Act and has not provided a revocation in accordance with subsection 41(6) of the Act, during the life of the annuitant, or
(iii) if, at the time the payment of the pension under the annuity commences, the annuitant does not have a spouse or common-law partner, during the life of the annuitant,
(g.1) notwithstanding paragraph (g), the annuity may provide for the reduction of the equal periodic payments in accordance with section 48 of the Act, which section shall apply to the annuity with the necessary modifications,
(h) subject to paragraph (i), the payment of periodic amounts of the pension shall not commence until the annuitant is the normal retirement date or within ten years of the normal retirement date under the pension plan,
(i) the annuitant may replace in whole or in part the deferred pension under an annuity by a payment or a series of payments and the amount of the payment or the present value of the series of payments, as the case may be, shall not be less than the present value of the deferred pension if, before the commencement of payments under the annuity,
(i) a physician certifies in writing to the financial institution that is a party to the contract that the annuitant suffers from a significant physical or mental disability that considerably reduces life expectancy, and
(ii) if the annuitant has a spouse or common-law partner, the annuitant delivers to the financial institution a waiver completed by the spouse or common-law partner in Form 3.01,
(j) where a division of the annuity occurs as a result of the breakdown of a marriage or common-law partnership, the annuitant may transfer the present value of the pension or deferred pension under the annuity to purchase another life or deferred life annuity that complies with this Regulation, and
(k) the provisions of sections 27 to 33 apply with the necessary modifications to the division of the money in the annuity on the breakdown of a marriage or common-law partnership.
23(2)The amount of a life or deferred life annuity referred to in subsection (1) shall not be determined on the basis of the annuitant’s sex unless
(a) the annuity is fully funded by money from a defined contribution plan administered in accordance with paragraph 46(2)(b) of the Act, or
(b) if the annuity is funded by money from a retirement savings arrangement referred to in section 20, the purchase is in accordance with subsection 21(5).
23(3)A financial institution that offers life or deferred life annuities and that proposes a sale of such an annuity by contract to an administrator under a pension plan, under the Act or under this Regulation shall, before entering into such a contract, register with the Superintendent a standard contract for the proposed annuity and, upon applying for registration, pay the prescribed fee.
23(4)A standard contract described in subsection (3) shall not be registered unless it conforms to the requirements of this section.
23(5)Subsections 10(8) to (10) and sections 11 and 13 of the Act apply with the necessary modifications to the registration of a standard contract under subsection (3).
23(6)No administrator shall purchase a life or deferred life annuity referred to in subsection (1) unless the standard contract of the annuity to be purchased is registered in accordance with this section and otherwise conforms to the requirements of this section.
23(7)No administrator shall purchase a life or deferred life annuity referred to in subsection (1) unless the contract of the annuity is the same as the standard contract registered in relation to that annuity.
94-78; 99-70; 2003-87; 2005-102; 2009-42; 2011-60
Purchase of life or deferred life annuities
23(1)An administrator shall not purchase a life or deferred life annuity under subsection 33(1) of the Act, a deferred life annuity under paragraph 36(1)(b) or subsection 44(3), (7), (11) or (14) of the Act or a life or deferred life annuity referred to in paragraph 20(c) unless the contract under which the annuity is purchased specifically provides in writing that
(a) the financial institution that is a party to the contract may accept money for the purpose of purchasing the annuity only if the money originates, directly or indirectly, from
(i) the fund of a pension plan that conforms with the Act and this Regulation or with similar legislation in another jurisdiction,
(ii) another retirement savings arrangement that conforms with the Act and this Regulation, or
(iii) another life or deferred life annuity under a contract that conforms with the Act and this Regulation,
(b) should the annuitant die before the commencement of payments under the annuity, the administrator of the annuity shall pay an amount not less than the amount transferred to purchase the annuity, with accrued interest as prescribed in subsections 19(12), (13), (13.1), (13.2) and (13.3), as the case may be,
(i) to the annuitant’s spouse or common-law partner,
(ii) if the annuitant does not have a spouse or common-law partner but has designated a beneficiary on death, to the beneficiary, or
(iii) if the annuitant does not have a spouse or common-law partner and has not designated a beneficiary on death, to the estate of the annuitant,
(c) no money transferred, including interest, shall be assigned, charged, anticipated, given as security or subjected to execution, seizure, attachment or other process of law except under and in accordance with section 44 or subsection 57(6) of the Act,
(d) a transaction in contravention of paragraph (c) is void,
(e) no money transferred, including interest, shall be commuted or surrendered during the lifetime of the annuitant or annuitant’s spouse or common-law partner except under and in accordance with subsection 33(2) or 57(6) or section 44 of the Act,
(f) a transaction in contravention of paragraph (e) is void,
(g) except as provided for elsewhere in this Regulation, the pension benefits provided by the annuity shall be guaranteed by the financial institution that is a party to the contract and shall be payable in equal periodic amounts or in periodic amounts that are uniformly adjusted by way of indexing
(i) if the annuitant has a spouse or common-law partner at the time the payment of the pension under the annuity commences who has not provided to the financial institution a waiver in accordance with subsection 41(4) of the Act or has provided a revocation in accordance with subsection 41(6) of the Act, during the lives of the annuitant and the annuitant’s spouse or common-law partner in the form of a joint and survivor pension under section 41 of the Act,
(ii) if, at the time the payment of the pension under the annuity commences, the annuitant has a spouse or common-law partner who has provided a waiver in accordance with subsection 41(4) of the Act and has not provided a revocation in accordance with subsection 41(6) of the Act, during the life of the annuitant, or
(iii) if, at the time the payment of the pension under the annuity commences, the annuitant does not have a spouse or common-law partner, during the life of the annuitant,
(g.1) notwithstanding paragraph (g), the annuity may provide for the reduction of the equal periodic payments in accordance with section 48 of the Act, which section shall apply to the annuity with the necessary modifications,
(h) subject to paragraph (i), the payment of periodic amounts of the pension shall not commence until the annuitant is the normal retirement date or within ten years of the normal retirement date under the pension plan,
(i) the annuitant may replace in whole or in part the deferred pension under an annuity by a payment or a series of payments and the amount of the payment or the present value of the series of payments, as the case may be, shall not be less than the present value of the deferred pension if, before the commencement of payments under the annuity,
(i) a physician certifies in writing to the financial institution that is a party to the contract that the annuitant suffers from a significant physical or mental disability that considerably reduces life expectancy, and
(ii) if the annuitant has a spouse or common-law partner, the annuitant delivers to the financial institution a waiver completed by the spouse or common-law partner in Form 3.01,
(j) where a division of the annuity occurs as a result of the breakdown of a marriage or common-law partnership, the annuitant may transfer the present value of the pension or deferred pension under the annuity to purchase another life or deferred life annuity that complies with this Regulation, and
(k) the provisions of sections 27 to 33 apply with the necessary modifications to the division of the money in the annuity on the breakdown of a marriage or common-law partnership.
23(2)The amount of a life or deferred life annuity referred to in subsection (1) shall not be determined on the basis of the annuitant’s sex unless
(a) the annuity is fully funded by money from a defined contribution plan administered in accordance with paragraph 46(2)(b) of the Act, or
(b) if the annuity is funded by money from a retirement savings arrangement referred to in section 20, the purchase is in accordance with subsection 21(5).
23(3)A financial institution that offers life or deferred life annuities and that proposes a sale of such an annuity by contract to an administrator under a pension plan, under the Act or under this Regulation shall, before entering into such a contract, register with the Superintendent a standard contract for the proposed annuity and, upon applying for registration, pay the prescribed fee.
23(4)A standard contract described in subsection (3) shall not be registered unless it conforms to the requirements of this section.
23(5)Subsections 10(8) to (10) and sections 11 and 13 of the Act apply with the necessary modifications to the registration of a standard contract under subsection (3).
23(6)No administrator shall purchase a life or deferred life annuity referred to in subsection (1) unless the standard contract of the annuity to be purchased is registered in accordance with this section and otherwise conforms to the requirements of this section.
23(7)No administrator shall purchase a life or deferred life annuity referred to in subsection (1) unless the contract of the annuity is the same as the standard contract registered in relation to that annuity.
94-78; 99-70; 2003-87; 2005-102; 2009-42; 2011-60
Purchase of life or deferred life annuities
23(1)An administrator shall not purchase a life or deferred life annuity under subsection 33(1) of the Act, a deferred life annuity under paragraph 36(1)(b) or subsection 44(3) or (11) of the Act or a life or deferred life annuity referred to in paragraph 20(c) unless the contract under which the annuity is purchased specifically provides in writing that
(a) the financial institution that is a party to the contract may accept money for the purpose of purchasing the annuity only if the money originates, directly or indirectly, from
(i) the fund of a pension plan that conforms with the Act and this Regulation or with similar legislation in another jurisdiction,
(ii) another retirement savings arrangement that conforms with the Act and this Regulation, or
(iii) another life or deferred life annuity under a contract that conforms with the Act and this Regulation,
(b) should the annuitant die before the commencement of payments under the annuity, the administrator of the annuity shall pay an amount not less than the amount transferred to purchase the annuity, with accrued interest as prescribed in subsections 19(12), (13), (13.1), (13.2) and (13.3), as the case may be,
(i) to the annuitant’s spouse,
(ii) if the annuitant does not have a spouse but has designated a beneficiary on death, to the beneficiary, or
(iii) if the annuitant does not have a spouse and has not designated a beneficiary on death, to the estate of the annuitant,
(c) no money transferred, including interest, shall be assigned, charged, anticipated, given as security or subjected to execution, seizure, attachment or other process of law except under and in accordance with section 44 or subsection 57(6) of the Act,
(d) a transaction in contravention of paragraph (c) is void,
(e) no money transferred, including interest, shall be commuted or surrendered during the lifetime of the annuitant or annuitant’s spouse except under and in accordance with subsection 33(2) or 57(6) or section 44 of the Act,
(f) a transaction in contravention of paragraph (e) is void,
(g) except as provided for elsewhere in this Regulation, the pension benefits provided by the annuity shall be guaranteed by the financial institution that is a party to the contract and shall be payable in equal periodic amounts or in periodic amounts that are uniformly adjusted by way of indexing
(i) if the annuitant has a spouse at the time the payment of the pension under the annuity commences who has not provided to the financial institution a waiver in accordance with subsection 41(4) of the Act or has provided a revocation in accordance with subsection 41(6) of the Act, during the lives of the annuitant and the annuitant’s spouse in the form of a joint and survivor pension under section 41 of the Act, or
(ii) if, at the time the payment of the pension under the annuity commences, the annuitant does not have a spouse or if the annuitant does have a spouse who has provided a waiver in accordance with subsection 41(4) of the Act and has not provided a revocation in accordance with subsection 41(6) of the Act, during the life of the annuitant,
(g.1) notwithstanding paragraph (g), the annuity may provide for the reduction of the equal periodic payments in accordance with section 48 of the Act, which section shall apply to the annuity with the necessary modifications,
(h) subject to paragraph (i), the payment of periodic amounts of the pension shall not commence until the annuitant is the normal retirement date or within ten years of the normal retirement date under the pension plan,
(i) the annuitant may replace in whole or in part the deferred pension under an annuity by a payment or a series of payments and the amount of the payment or the present value of the series of payments, as the case may be, shall not be less than the present value of the deferred pension if, before the commencement of payments under the annuity,
(i) a physician certifies in writing to the financial institution that is a party to the contract that the annuitant suffers from a significant physical or mental disability that considerably reduces life expectancy, and
(ii) if the annuitant has a spouse, the annuitant delivers to the financial institution a completed spousal waiver in Form 3.01,
(j) where a division of the annuity occurs as a result of a marriage breakdown, the annuitant may transfer the present value of the pension or deferred pension under the annuity to purchase another life or deferred life annuity that complies with this Regulation, and
(k) the provisions of sections 27 to 33 apply with the necessary modifications to the division on marriage breakdown of the money in the annuity.
23(2)The amount of a life or deferred life annuity referred to in subsection (1) shall not be determined on the basis of the annuitant’s sex unless
(a) the annuity is fully funded by money from a defined contribution plan administered in accordance with paragraph 46(2)(b) of the Act, or
(b) if the annuity is funded by money from a retirement savings arrangement referred to in section 20, the purchase is in accordance with subsection 21(5).
23(3)A financial institution that offers life or deferred life annuities and that proposes a sale of such an annuity by contract to an administrator under a pension plan, under the Act or under this Regulation shall, before entering into such a contract, register with the Superintendent a standard contract for the proposed annuity and, upon applying for registration, pay the prescribed fee.
23(4)A standard contract described in subsection (3) shall not be registered unless it conforms to the requirements of this section.
23(5)Subsections 10(8) to (10) and sections 11 and 13 of the Act apply with the necessary modifications to the registration of a standard contract under subsection (3).
23(6)No administrator shall purchase a life or deferred life annuity referred to in subsection (1) unless the standard contract of the annuity to be purchased is registered in accordance with this section and otherwise conforms to the requirements of this section.
23(7)No administrator shall purchase a life or deferred life annuity referred to in subsection (1) unless the contract of the annuity is the same as the standard contract registered in relation to that annuity.
94-78; 99-70; 2003-87; 2005-102; 2009-42
Purchase of life or deferred life annuities
23(1)An administrator shall not purchase a life or deferred life annuity under subsection 33(1) of the Act, a deferred life annuity under paragraph 36(1)(b) or subsection 44(3) or (11) of the Act or a life or deferred life annuity referred to in paragraph 20(c) unless the contract under which the annuity is purchased specifically provides in writing that
(a) the financial institution that is a party to the contract may accept money for the purpose of purchasing the annuity only if the money originates, directly or indirectly, from
(i) the fund of a pension plan that conforms with the Act and this Regulation or with similar legislation in another jurisdiction,
(ii) another retirement savings arrangement that conforms with the Act and this Regulation, or
(iii) another life or deferred life annuity under a contract that conforms with the Act and this Regulation,
(b) should the annuitant die before the commencement of payments under the annuity, the administrator of the annuity shall pay an amount not less than the amount transferred to purchase the annuity, with accrued interest as prescribed in subsections 19(12), (13), (13.1) and (13.2), as the case may be,
(i) to the annuitant’s spouse,
(ii) if the annuitant does not have a spouse but has designated a beneficiary on death, to the beneficiary, or
(iii) if the annuitant does not have a spouse and has not designated a beneficiary on death, to the estate of the annuitant,
(c) no money transferred, including interest, shall be assigned, charged, anticipated, given as security or subjected to execution, seizure, attachment or other process of law except under and in accordance with section 44 or subsection 57(6) of the Act,
(d) a transaction in contravention of paragraph (c) is void,
(e) no money transferred, including interest, shall be commuted or surrendered during the lifetime of the annuitant or annuitant’s spouse except under and in accordance with subsection 33(2) or 57(6) or section 44 of the Act,
(f) a transaction in contravention of paragraph (e) is void,
(g) except as provided for elsewhere in this Regulation, the pension benefits provided by the annuity shall be guaranteed by the financial institution that is a party to the contract and shall be payable in equal periodic amounts or in periodic amounts that are uniformly adjusted by way of indexing
(i) if the annuitant has a spouse at the time the payment of the pension under the annuity commences who has not provided to the financial institution a waiver in accordance with subsection 41(4) of the Act or has provided a revocation in accordance with subsection 41(6) of the Act, during the lives of the annuitant and the annuitant’s spouse in the form of a joint and survivor pension under section 41 of the Act, or
(ii) if, at the time the payment of the pension under the annuity commences, the annuitant does not have a spouse or if the annuitant does have a spouse who has provided a waiver in accordance with subsection 41(4) of the Act and has not provided a revocation in accordance with subsection 41(6) of the Act, during the life of the annuitant,
(g.1) notwithstanding paragraph (g), the annuity may provide for the reduction of the equal periodic payments in accordance with section 48 of the Act, which section shall apply to the annuity with the necessary modifications,
(h) subject to paragraph (i), the payment of periodic amounts of the pension shall not commence until the annuitant is the normal retirement date or within ten years of the normal retirement date under the pension plan,
(i) the annuitant may replace in whole or in part the deferred pension under an annuity by a payment or a series of payments and the amount of the payment or the present value of the series of payments, as the case may be, shall not be less than the present value of the deferred pension if, before the commencement of payments under the annuity,
(i) a physician certifies in writing to the financial institution that is a party to the contract that the annuitant suffers from a significant physical or mental disability that considerably reduces life expectancy, and
(ii) if the annuitant has a spouse, the annuitant delivers to the financial institution a completed spousal waiver in Form 3.01,
(j) where a division of the annuity occurs as a result of a marriage breakdown, the annuitant may transfer the present value of the pension or deferred pension under the annuity to purchase another life or deferred life annuity that complies with this Regulation, and
(k) the provisions of sections 27 to 33 apply with the necessary modifications to the division on marriage breakdown of the money in the annuity.
23(2)The amount of a life or deferred life annuity referred to in subsection (1) shall not be determined on the basis of the annuitant’s sex unless
(a) the annuity is fully funded by money from a defined contribution plan administered in accordance with paragraph 46(2)(b) of the Act, or
(b) if the annuity is funded by money from a retirement savings arrangement referred to in section 20, the purchase is in accordance with subsection 21(5).
23(3)A financial institution that offers life or deferred life annuities and that proposes a sale of such an annuity by contract to an administrator under a pension plan, under the Act or under this Regulation shall, before entering into such a contract, register with the Superintendent a standard contract for the proposed annuity and, upon applying for registration, pay the prescribed fee.
23(4)A standard contract described in subsection (3) shall not be registered unless it conforms to the requirements of this section.
23(5)Subsections 10(8) to (10) and sections 11 and 13 of the Act apply with the necessary modifications to the registration of a standard contract under subsection (3).
23(6)No administrator shall purchase a life or deferred life annuity referred to in subsection (1) unless the standard contract of the annuity to be purchased is registered in accordance with this section and otherwise conforms to the requirements of this section.
23(7)No administrator shall purchase a life or deferred life annuity referred to in subsection (1) unless the contract of the annuity is the same as the standard contract registered in relation to that annuity.
94-78; 99-70; 2003-87; 2005-102