Assets (Foreign Companies) Regulations

7 If a foreign company is reinsured against all or any portion of the risks insured or claims payable under policies issued in the course of its insurance business in Canada, the aggregate of the amounts referred to in sections 3 to 5 may be reduced by subtracting from that amount an amount not exceeding the aggregate of the portions of that amount that apply to the risks or claims that are reinsured if the reinsurer is

• (a) a company, a society or a provincial company;

• (b) a foreign company that has reinsured in Canada the risks under a reinsurance arrangement that provides that the reinsurer does not have any right of set-off against the obligations of the foreign company other than obligations related to its insurance business in Canada;

• (c) a body corporate that is incorporated under the laws of a province and has been approved by the Superintendent;

• (d) the Insurance Corporation of British Columbia;

• (e) The Manitoba Public Insurance Corporation;

• (f) Saskatchewan Government Insurance;

• (g) Export Development Canada; or

• (h) an entity that maintains assets in Canada of a nature and under an arrangement that the Superintendent has determined to be satisfactory.