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 be reasonably attributed to sources not related to the participating policies in respect of which the account is or has been maintained, if the transfer would not, in the opinion of the actuary of the company, materially affect the company’s ability to continue to comply with its dividend or bonus policy, maintain the levels or rates of dividends or bonuses paid to the company’s participating policyholders or meet the company’s obligations under its participating policies; and

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