Insurance Companies Act

Marginal note:Application of certain provisions of the Office of the Superintendent of Financial Institutions Act

• 688 (1) Subsection 23(4) and section 23.2 of the Office of the Superintendent of Financial Institutions Act apply, with such modifications as the circumstances require, in respect of an assessment under section 687.

• Marginal note:Definitions

  (2) In this section and sections 686 and 687,

  gross premium income

  gross premium income of a company, society, foreign company or provincial company means its premium income from its insurance business in Canada calculated without reduction in respect of reinsurance premiums paid or payable; (produit brut)

  net premiums

  net premiums of a company, society, foreign company or provincial company means its gross premium income less

  • (a) premiums paid or payable in respect of the reinsurance of risks undertaken under its policies in respect of its insurance business in Canada, and

  • (b) dividends paid or allowed by it to its policyholders in respect of its insurance business in Canada. (primes nettes)

  special insurance

  special insurance[Repealed, 2007, c. 6, s. 309]