Insurance Companies Act
Marginal note:Adequacy of assets
609 (1) A foreign company shall, in relation to each class of insurance risks in Canada that it is permitted to insure, maintain, in accordance with the regulations, assets in Canada the total value of which shall be determined in accordance with the regulations.
(1.1) The Superintendent may make guidelines in respect of any matter referred to in paragraph 610(1)(b).
(2) Notwithstanding that a foreign company is complying with regulations made under paragraph 610(1)(b) or guidelines made under subsection (1.1), the Superintendent may, by order, direct the foreign company to increase its assets in Canada.
(3) A foreign company shall comply with an order made under subsection (2) within such time as the Superintendent specifies therein.
- 1991, c. 47, s. 609
- 1996, c. 6, s. 88
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