Commercial Loan (Insurance Companies, Societies, Insurance Holding Companies and Foreign Companies) Regulations

Definition of total assets of a life company

• 6 (1) For the purpose of section 503 of the Act, total assets, in respect of a life company, at a particular time, means the total of the assets that would be reported on the balance sheet of the company prepared as at that time in accordance with the accounting principles and specifications of the Superintendent referred to in subsection 331(4) of the Act.

• Definition of total assets of a property and casualty company and a marine company

  (2) For the purpose of section 505 of the Act, total assets, in respect of a property and casualty company or a marine company, at a particular time, means the amount determined by the formula

  A - B

  where

  A

  is the total of the assets that would be reported on the balance sheet of the company prepared as at that time in accordance with the accounting principles and specifications of the Superintendent referred to in subsection 331(4) of the Act; and

  B

  is the total of the assets included in the value of A that are assets of a subsidiary of the company that is

  • (a) a financial institution;

  • (b) a bank holding company or an insurance holding company;

  • (c) a subsidiary of a financial institution, other than where the subsidiary is a subsidiary of a financial institution only because it is a subsidiary of the company; or

  • (d) a subsidiary of a bank holding company or an insurance holding company.