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Insurance Companies Act

Version of section 609 from 2010-01-01 to 2024-02-20:


Marginal note:Adequacy of assets

  •  (1) A foreign company shall, in relation to each class of insurance risks that it is permitted to insure, maintain in Canada, in accordance with the regulations, assets the total value of which shall be determined in accordance with the regulations.

  • Marginal note:Guidelines

    (1.1) The Superintendent may make guidelines in respect of any matter referred to in paragraph 610(1)(b).

  • Marginal note:Directives

    (2) Even though 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 the assets that it is required to maintain in Canada.

  • Marginal note:Compliance

    (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
  • 2007, c. 6, s. 287

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