Organization Profile - Office of the Superintendent of Financial Institutions

Minister of Finance

Office of the Superintendent of Financial Institutions Act
http://laws-lois.justice.gc.ca/eng/acts/O-2.7/page-3.html#h-5

The GIC shall appoint the Superintendent of Financial Institutions to be the deputy head of the Office. The Superintendent of Financial Institutions holds office during good behaviour for a term of seven years but may be removed for cause by the GIC, and is eligible to be reappointed.

In the event of the absence or incapacity of the Superintendent, or if the office of Superintendent is vacant, the GIC may appoint a qualified person to hold office instead of the Superintendent for a term not exceeding six months, and this person is eligible for re-appointment.

Where the Superintendent is removed from office, the Order in Council providing for the removal and the documents relating thereto shall be laid before each House of Parliament not later than the fifteenth sitting day of that House following the day that the Order is issued.