Borrowing (Property and Casualty Companies and Marine Companies) Regulations

5 For the purposes of section 476 of the Act, the aggregate of the total debt obligations of a property and casualty company or a marine company is the aggregate of the following less the total of the stated capital of the company:

• (a) the debt obligations of the company, and

• (b) any debt obligations of its prescribed subsidiaries that are not held by the company.