SOR/92-28119925

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20196

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INSURANCE COMPANIES ACTBorrowing (Property and Casualty Companies and Marine Companies) RegulationsP.C.1992-1036 19925

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His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to the definition total assets in subsection 2(1) and sections 476 and 703 of the Insurance Companies Act*, is pleased hereby to make the annexed Regulations respecting debt obligations and the issuance of shares by property and casualty companies, effective June 1, 1992.*S.C. 1991, c. 47

1[Repealed, SOR/2009-296, s. 5]

Interpretation

2In these Regulations, Act means the Insurance Companies Act. (Loi)

Prescribed Subsidiaries

3For the purposes of section 476 of the Act, a prescribed subsidiary of a property and casualty company or a marine company is any subsidiary of the company other than a subsidiary that is a financial institution that is not engaged in the insuring of property and casualty risks in the case of a property and casualty company or in the insuring of marine risks in the case of a marine company.SOR/2009-296, s. 6

Debt Obligation

4For the purposes of section 476 of the Act, debt obligation has the meaning assigned to that expression by subsection 2(1) of the Act.

Manner of Determining Total Debt Obligations

5For the purposes of section 476 of the Act, the aggregate of the total debt obligations of a property and casualty company or a marine company is the aggregate of the following less the total of the stated capital of the company:(a)the debt obligations of the company, and(b)any debt obligations of its prescribed subsidiaries that are not held by the company.SOR/2009-296, s. 7

Total Assets

6For the purposes of section 476 of the Act, total assets, in respect of a property and casualty company or a marine company, at a particular time, means the total of the assets of the company that would be reported on its balance sheet prepared as at that time in accordance with the accounting principles and specifications of the Superintendent referred to in subsection 331(4) of the Act, less the total of the assets, determined in the same manner, of any subsidiary of the company that is not a prescribed subsidiary.SOR/94-67, s. 6; SOR/2009-296, s. 7

Prescribed Percentage of Total Assets

7For the purposes of section 476 of the Act, the prescribed percentage of the total assets of a property and casualty company or a marine company is 2 per cent.SOR/2009-296, s. 7