Canadian Ownership and Control Determination Regulations, 1984 (SOR/84-431)

39 A life insurance company incorporated in Canada, other than one referred to in section 38, shall be considered to have a Canadian ownership rate of 100% if

• (a) at the date of the most recent financial statements deposited in the Department of Insurance or with a similar authority of a province not less than 95% of its gross actuarial reserves for life policies in Canada are maintained in respect of policyholders in Canada;

• (b) it has provided the Minister with an executed undertaking in a form acceptable to the Minister to allocate all of the benefits accruing to it from Canadian oil and gas investments to the owners of life policies in Canada that are participating policies, and to allocate the benefits arising from other investments to the owners of life policies in Canada in a manner consistent with the allocation of such benefits in previous years; and

• (c) where it is a stock company, it has a Canadian ownership rate, determined under Part III, of not less than 50%.