Insurance Companies Act

Marginal note:Transfers from participating account

462 The only transfers that may be made from a participating account maintained pursuant to section 456 are

• (a) transfers made pursuant to sections 461 and 463;

• (b) transfers made in respect of transfers or reinsurance of all or any portion of the participating policies in respect of which the participating account is maintained;

• (c) transfers, with the approval of the Superintendent, of amounts that can reasonably be attributed to sources not related to the participating policies in respect of which the account is maintained; and

• (d) transfers made in respect of the conversion of a mutual company into a company with common shares.