First, you have to have a lot of capital. You have to be able to put up the capital. You have to bring forward—this is probably better answered by the Department of Finance—a complete business plan and proposal on how you are going to capitalize the company, how you're going to manage your risk, and how you're going to run the business. You would have to be granted a charter, licensed to do insurance business federally and within each province.
On May 1st, 2012. See this statement in context.