Vested Assets (Foreign Companies) Regulations
SOR/92-276
Registration 1992-05-14
Regulations Prescribing the Value of Assets to be Vested in Trust by a Body Corporate Incorporated Elsewhere than in Canada
P.C. 1992-1031 1992-05-14
His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 581(1) and section 703 of the Insurance Companies ActFootnote *, is pleased hereby to revoke the Deposits for Registration Order, C.R.C., c. 978, and to make the annexed Regulations prescribing the value of assets to be vested in trust by a body corporate incorporated elsewhere than in Canada in substitution therefor, effective June 1, 1992.
Return to footnote *S.C. 1991, c. 47
Short Title
1 These Regulations may be cited as the Vested Assets (Foreign Companies) Regulations.
General
2 For the purposes of paragraph 581(1)(a) of the Insurance Companies Act, the value of assets required to be vested in trust by a body corporate incorporated elsewhere than in Canada is, for each class of insurance risks that the body corporate proposes to insure that is set out in column I of an item of the schedule, the value set out in column II of that item.
SCHEDULE(Section 2)
| Item | Column I | Column II |
|---|---|---|
| Class of Insurance | Value of Assets Required to be vested in Trust ($) | |
| 1 | Accident and sickness insurance | 100,000 |
| 2 | Aircraft insurance | 200,000 |
| 3 | Automobile insurance | 200,000 |
| 4 | Boiler and machinery insurance | 100,000 |
| 5 | Credit insurance | 100,000 |
| 6 | Earthquake insurance | 50,000 |
| 7 | Explosion insurance | 50,000 |
| 8 | Fidelity insurance | 100,000 |
| 9 | Fire insurance | 200,000 |
| 10 | Hail insurance | 200,000 |
| 11 | Inland transportation insurance | 100,000 |
| 12 | Legal expense insurance | 50,000 |
| 13 | Liability insurance | 200,000 |
| 14 | Life insurance | 200,000 |
| 15 | Livestock insurance | 50,000 |
| 16 | Mortgage insurance | 200,000 |
| 17 | Personal property insurance | 100,000 |
| 18 | Plate glass insurance | 50,000 |
| 19 | Property insurance | 600,000 |
| 20 | Real property insurance | 100,000 |
| 21 | Sprinkler leakage insurance | 50,000 |
| 22 | Surety insurance | 100,000 |
| 23 | Theft insurance | 100,000 |
| 24 | Title insurance | 200,000 |
| 25 | Weather insurance | 50,000 |
| 26 | Windstorm insurance | 50,000 |
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