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Insurance Companies Act

Version of section 687 from 2003-01-01 to 2007-04-19:


Marginal note:Assessment

  •  (1) As soon as possible after ascertaining the portions described in paragraph 686(1)(b), the Superintendent shall, subject to this section and to the extent and in the manner that the Governor in Council may prescribe,

    • (a) assess the accident and sickness insurance, accident insurance, personal accident insurance and sickness insurance portion, the life insurance and annuity portion and the property and casualty insurance portion against each company, society, foreign company and provincial company, other than the company, society, foreign company or provincial company in respect of which the expenses were incurred, in the following proportion:

      A/B

      where

      A
      represents the net premiums during the immediately preceding calendar year of the company, society, foreign company or provincial company from
      • (i) policies of accident and sickness insurance, accident insurance, personal accident insurance and sickness insurance,

      • (ii) policies of life insurance and annuities, or

      • (iii) policies, other than policies of accident and sickness insurance, accident insurance, personal accident insurance and sickness insurance, life insurance and annuities, mortgage insurance and special insurance, and

      B
      represents the total net premiums during the immediately preceding calendar year of all companies, societies, foreign companies and provincial companies, other than the company, society, foreign company or provincial company in respect of which the expenses were incurred, from
      • (iv) policies of accident and sickness insurance, accident insurance, personal accident insurance and sickness insurance,

      • (v) policies of life insurance and annuities, or

      • (vi) policies, other than policies of accident and sickness insurance, accident insurance, personal accident insurance and sickness insurance, life insurance and annuities, mortgage insurance and special insurance; and

    • (b) assess the mortgage insurance portion and the special insurance portion against the company, society, foreign company or provincial company in respect of which they were incurred.

  • Marginal note:Expenses charged

    (2) The portions of expenses assessed under paragraph (1)(b) shall be charged to and paid by the company, society, foreign company or provincial company in respect of which the expenses were incurred.

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