Insurance Companies Act

Marginal note:Application of certain provisions of the Office of the Superintendent of Financial Institutions Act

• 688 (1) Subsection 23(4) and section 23.2 of the Office of the Superintendent of Financial Institutions Act apply, with such modifications as the circumstances require, in respect of an assessment under section 687.

• Marginal note:Definitions

  (2) In this section and sections 686 and 687,

  gross premium income

  produit brut

  gross premium income of a company, society, foreign company or provincial company means its premium income from its policies in Canada calculated without reduction in respect of reinsurance premiums paid or payable; (produit brut)

  net premiums

  primes nettes

  net premiums of a company, society, foreign company or provincial company means its gross premium income less

  • (a) premiums paid or payable in respect of the reinsurance of risks undertaken by the company, society, foreign company or provincial company in its policies in Canada, and

  • (b) dividends paid or allowed by the company, society, foreign company or provincial company to its policyholders in Canada; (primes nettes)

  special insurance

  assurance spéciale

  special insurance means a class of insurance designated by regulations made by the Governor in Council as special insurance for the purposes of this section and sections 686 and 687, having regard to the nature of the insurance, the classes of persons insured under policies of that class of insurance and the number of companies, societies, foreign companies and provincial companies insuring risks falling within that class. (assurance spéciale)