Assets (Foreign Companies) Regulations

3 In addition to the margin of assets in Canada over liabilities in Canada required by section 608 of the Act, and subject to sections 6 and 7, every foreign life company shall, in relation to the classes of life insurance, accident and sickness insurance, credit protection insurance and other approved products insurance, maintain assets in Canada the total value of which, when determined in accordance with the accounting principles referred to in subsection 331(4) of the Act, is at least equal to the aggregate of

• (a) the amount of the reserve for actuarial and other policy liabilities of the company in respect of those classes, determined on the same basis as the reserve included in the company’s annual return, minus the amount of all advances that were made by the company on the security or against the cash surrender value of its life policies included in its annual return,

• (b) the amount of the provision for claims incurred by the foreign life company in respect of those classes that are unpaid, and

• (c) the total amount of the other liabilities of the foreign life company in respect of those classes.

• (d) [Repealed, SOR/2009-296, s. 31]