Except as permitted by the Insurance Companies Act, no person shall have a 'significant interest' (more than 10 per cent ownership) in any class of shares of an insurance company. The Minister is prohibited from approving a transaction that would cause a company to become a subsidiary of a foreign institution that is engaged in the insurance business, that does not have any other company as its subsidiary and that is from a non-WTO member country, unless the Minister is satisfied that treatment as favourable for companies to which the Insurance Companies Act applies exists or will be provided in the jurisdiction in which the foreign institution principally carries on business, either directly or through a subsidiary.
"Definitions
2  (1) In this Act, [...]
foreign institution means an entity that is
(a) engaged in the business of banking, the trust, loan or insurance business, the business of a cooperative credit society or the business of dealing in securities or is otherwise engaged primarily in the business of providing financial services, and
(b) incorporated or formed otherwise than by or under an Act of Parliament or of the legislature of a province; (institution étrangère) [...]
significant interest means a significant interest determined in accordance with section 8; (intérêt substantiel)
[...]
Significant interest
8 (1) A person has a significant interest in a class of shares of a company or an insurance holding company if the aggregate of
(a) any shares of that class beneficially owned by the person, and
(b) any shares of that class beneficially owned by entities controlled by the person exceeds 10 per cent of all of the outstanding shares of that class of shares of the company or insurance holding company, as the case may be. 
Increasing significant interest
(2) A person who has a significant interest in a class of shares of a company or insurance holding company increases that significant interest in the class of shares if the person or any entity controlled by the person: (a) acquires beneficial ownership of additional shares of that class, or (b) acquires control of any entity that beneficially owns shares of that class, in such number as to increase the percentage of shares of that class that are beneficially owned by the person and by any entities controlled by the person.
[...]
Constraining acquisition
407 (1) No person, or entity controlled by a person, shall, without the approval of the Minister, purchase or otherwise acquire any share of a company or purchase or otherwise acquire control of any entity that holds any share of a company if
(a) the acquisition would cause the person to have a significant interest in any class of shares of the company; or
(b) where the person has a significant interest in a class of shares of the company, the acquisition would increase the significant interest of the person in that class of shares.
Amalgamation, etc., constitutes acquisition
(2) If the entity that would result from an amalgamation, a merger or a reorganization would have a significant interest in a class of shares of a company, the entity is deemed to be acquiring a significant interest in that class of shares of the company through an acquisition for which the approval of the Minister is required under subsection (1).
Exemption
(3) On application by a company, other than a converted company in respect of which subsection (4) or (11) applies or a company to which subsection (5) or (12) applies, the Superintendent may exempt from the application of subsection (1) and section 408 any class of non-voting shares of the company if
(a) the aggregate book value of the shares of the class is not more than 30 per cent of the aggregate book value of all the outstanding shares of the company; or
(b) in the case of a mutual company, the aggregate book value of the shares of the class is not more than 30 per cent of the aggregate book value of all the outstanding shares of the company and the surplus of the company.
[...]
Matters for consideration
420  [...] National treatment
(2) Where a transaction in respect of which subsection 407(1) or (2) applies would cause a company to become a subsidiary of a foreign institution that is engaged in the insurance business, that does not have any other company as its subsidiary and that is a non-WTO Member foreign institution, the Minister shall not approve the transaction unless the Minister is satisfied that treatment as favourable for companies to which this Act applies exists or will be provided in the jurisdiction in which the foreign institution principally carries on business, either directly or through a subsidiary.[...]" (Insurance Companies Act (S.C. 1991, c. 47), last amended on 2021-06-30, Sections 2, 8, 407 and 420)
Insurance Companies Act (S.C. 1991, c. 47), last amended on 2021-06-30, Sections 2, 8, 407 and 420
[<a href="https://laws-lois.justice.gc.ca/eng/acts/I-11.8/index.html">Act</a>]