His Excellency the Governor General in Council, on the recommendation of the Minister of Finance and the Treasury Board, pursuant to subsections 93(2), 99(4), 108(3), 114(4) and 127(4) of the Financial Administration Act, is pleased hereby to repeal the Crown Corporation Borrowing Regulations, made by Order in Council P.C. 1984-3093 of August 31, 1984Footnote , and the Crown Corporation General Regulations, made by Order in Council P.C. 1984-3094 of August 31, 1984Footnote , and to make the annexed Regulations respecting restricted transactions, disposal of property, remuneration, by-laws, deemed transactions to borrow money and exemptio ...[+++]ns from a provision of the Financial Administration Act in respect of borrowing transactions for Crown corporations, in substitution therefor.

in any event and as an alternative to the forms of life insurance undertaking listed in points (1) to (27) and (29), the form of a European Company (SE) as defined in Regulation (EC) No 2157/2001; ( 29) to the extent that the Member State concerned allows for the legal form of a cooperative society to take up the business of life insurance and as an alternative to the forms of life insurance undertaking listed in points (1) to (28), the form of a European Cooperative Society in accordance with Regulation (EC) No ...[+++]1435/2003.

29. to the extent that the Member State concerned allows for the legal form of a cooperative society to take up the business of life insurance and as an alternative to the forms of life insurance undertaking listed in points (1) to (28), the form of a European Cooperative Society (SCE) as defined in Regulation (EC) No 1435/2003".

This should include investment products such as investment funds and life insurance policies and the investments underlying those investment funds and life insurance policies , and retail products including assets that are held directly, such as sovereign bonds or shares that are offered to the public or admitted to trading on a regulated market situated or operating within a Member State.

B. whereas the mandate of the Committee of Inquiry was to: (1) investigate alleged contraventions or maladministration in the application of Council Directive 92/96/EEC of 10 November 1992 on the coordination of laws, regulations and administrative provisions relating to direct life assurance and amending Directives 79/267/EEC and 90/619/EEC (third life assurance Directive), now codified by Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance, by the United Kingdom's competent authorities in relation to the Equitable Life Assurance Society (Equitable Life), notably as regards th ...[+++]e regulatory regime and the monitoring of the financial health of insurance undertakings, including their state of solvency, the establishment of adequate technical provisions and the covering of those provisions by matching assets; (2) assess whether the Commission has properly fulfilled its duty to monitor the correct and timely transposition of Community law and identify whether systematic weaknesses contributed to the situation that has arisen; (3) assess allegations that the UK regulators consistently failed, over a number of years, and at least since 1989, to protect policy holders by exercising rigorous supervision of accounting and provisioning practices and the financial situation of Equitable Life; (4) assess the status of claims by non-UK European citizens and the adequacy of remedies available under UK and/or EU legislation for policy-holders from other Member States; and (5) make any proposals that it deems necessary in this matter,

9. Notes that while domestic firms still dominate the insurance sector, with a 90% market share, the market is growing by approximately 30% per annum, at the same time creating more opportunities for EU players; notes also that EU insurers are optimistic about their future prospects and that 2004 saw revenue growth rates for foreign insurers; recognizes the great efforts made by the Chinese authorities to publish regulations on the Management of Insurance Guarantee Funds, to approve domestic insurance funds to outside investments, i ...[+++]n accordance with the China Insurance Regulatory Commission (CIRC) and the State Administration of Foreign Exchange (SAFE); welcomes balanced competition between domestic and foreign insurers; therefore asks for additional clarifications to be made in the areas of life and non-life insurance as well as in the area of reinsurance; asks, in addition, that the market for bank-insurance joint ventures should be reviewed in order to develop an approach in line with international market standards;