Assets (Foreign Companies) Regulations (SOR/2002-450)

Regulations are current to 2014-08-05 and last amended on 2010-01-01. Previous Versions

REDUCTION WHERE AMOUNTS RECEIVABLE BY INSURANCE AGENTS, INSURANCE BROKERS AND POLICYHOLDERS

 The total value of assets required under sections 3, 4 and 5 to be maintained may be reduced by any amounts that are receivable from insurance agents, insurance brokers and policyholders of the foreign company in respect of policies in force as may be determined by the Superintendent.

REDUCTION OF TOTAL VALUE WHERE FOREIGN COMPANY REINSURED

 If a foreign company is reinsured against all or any portion of the risks insured or claims payable under policies issued in the course of its insurance business in Canada, the aggregate of the amounts referred to in sections 3 to 5 may be reduced by subtracting from that amount an amount not exceeding the aggregate of the portions of that amount that apply to the risks or claims that are reinsured if the reinsurer is

  • (a) a company, a society or a provincial company;

  • (b) a foreign company that has reinsured in Canada the risks under a reinsurance arrangement that provides that the reinsurer does not have any right of set-off against the obligations of the foreign company other than obligations related to its insurance business in Canada;

  • (c) a body corporate that is incorporated under the laws of a province and has been approved by the Superintendent;

  • (d) the Insurance Corporation of British Columbia;

  • (e) The Manitoba Public Insurance Corporation;

  • (f) Saskatchewan Government Insurance;

  • (g) Export Development Canada; or

  • (h) an entity that maintains assets in Canada of a nature and under an arrangement that the Superintendent has determined to be satisfactory.

  • SOR/2009-296, s. 34.

LETTER OF CREDIT IN LIEU OF ASSETS

 [Repealed, SOR/2009-296, s. 35]

REPEAL

 The Assets (Foreign Companies) RegulationsFootnote 1 are repealed.

COMING INTO FORCE

 These Regulations come into force on January 1, 2003.