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Insurance Companies Act

Version of section 450 from 2003-01-01 to 2007-04-19:

Marginal note:Segregated funds restricted to life companies

 A property and casualty company shall not

  • (a) issue policies, or

  • (b) accept or retain on the direction of a policyholder or beneficiary policy dividends or bonuses, or policy proceeds that are payable on the surrender or maturity of the policy or on the death of the person whose life is insured,

where the liabilities of the company in respect of the policies or the amounts accepted or retained vary in amount depending on the market value of a fund consisting of a specified group of assets.

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