Investments (Foreign Companies) Regulations
SOR/92-274
Registration 1992-05-14
Regulations Respecting Investments in Canada by Foreign Companies
P.C. 1992-1029 1992-05-14
His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 616, 617 and 703 of the Insurance Companies ActFootnote *, is pleased hereby to make the annexed Regulations respecting investments in Canada by foreign companies, effective June 1, 1992.
Return to footnote *S.C. 1991, c. 47
Short Title
1 These Regulations may be cited as the Investments (Foreign Companies) Regulations.
Interpretation
2 In these Regulations, Act means the Insurance Companies Act. (Loi)
Prescribed Percentage of Value of Assets of Foreign Life Companies
3 For the purposes of subsections 616(1) and (2) of the Act,
(a) in respect of a foreign life company the value of whose assets in Canada for the classes of insurance referred to in those subsections exceeds the aggregate of its liabilities in Canada and the margin of assets in Canada over liabilities in Canada referred to in paragraph 608(1)(a) of the Act in respect of those classes by twenty-five million dollars or less, the prescribed percentage of the value of those assets is five per cent; and
(b) in respect of a foreign life company the value of whose assets in Canada for the classes of insurance referred to in those subsections exceeds the aggregate of its liabilities in Canada and the margin of assets in Canada over liabilities in Canada referred to in paragraph 608(1)(a) of the Act in respect of those classes by more than twenty-five million dollars, the prescribed percentage of the value of those assets is 100 per cent.
- SOR/94-68, s. 1
- SOR/94-687, s. 4
Prescribed Percentage of Value of Assets of Foreign Property and Casualty Companies
4 For the purposes of section 617 of the Act, the prescribed percentage of the value of the assets in Canada of a foreign property and casualty company is five per cent.
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