Assets (Foreign Companies) Regulations

5 Subject to sections 6 to 8, a foreign property and casualty company, in respect of the insuring in Canada of risks that fall within a class of insurance, shall 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 foreign property and casualty company in respect of that class, determined on the same basis as the reserve included in the annual return of the foreign property and casualty company,

• (b) the total amount of the other liabilities of the foreign property and casualty company in respect of that class, and

• (c) the margin of assets in Canada over liabilities in Canada that the foreign property and casualty company is required, pursuant to section 608 of the Act, to maintain in respect of the insuring of those risks.