25Policies of Corporation in the conduct of its business

25 Policies of Corporation in the conduct of its business

(1) Subject to this Act, the Corporation may adopt such policy as it determines with respect to any matter related to the conduct of its business. (2) Where the Corporation adopts any policy, including an altered policy, the Corporation shall inform the Minister of the policy it has adopted. (3) Before adopting a policy, including an altered policy, with respect to a matter declared by the regulations to be a reserved matter for the purposes of this section, or continuing to pursue a policy with respect to a matter that is so declared, the Corporation shall submit the proposed policy for the approval of the Minister, and shall not adopt, or continue to pursue, the policy without the approval of the Minister, or, except during such time as the Minister permits, continue to pursue the policy where the Minister, having approved the policy, subsequently withdraws his approval. (4) If the Corporation fails to obtain the Minister’s approval to the adoption or continuation of a policy with respect to a matter to which the last preceding subsection applies, or the Minister withdraws his approval of such a policy, the Corporation shall endeavour to reach agreement with the Minister as to the policy to be adopted by the Corporation with respect to that matter and, in the event of agreement not being reached within a time which the Minister considers reasonable, the Minister may, by writing under his hand, determine a policy to be adopted by the Corporation with respect to that matter, and the Corporation shall adopt that policy. (5) Nothing in this section requires the approval of the Minister to the entering by the Corporation into a particular contract of insurance or re‑insurance or empowers the Minister to determine that the Corporation shall or shall not enter into a particular contract of insurance or re‑insurance, but the Corporation shall not enter into a particular contract of insurance or re‑insurance if it would be contrary to a policy approved or determined by the Minister under this section to enter into that contract. (6) A reference in subsection (5) to the Corporation entering into a contract includes a reference to the Corporation entering into a contract in pursuance of subsection 17(3B).