Mutual Company (Life Insurance) Conversion Regulations (SOR/99-128)

3 (1) For the purposes of these Regulations, a converting company shall state as its value an estimated market value or range of market values, but shall exclude

• (a) the value of capital contributions made to the mutual company at the time of its incorporation as a mutual company;

• (b) amounts recorded in any account maintained under section 70 or 83.04 of the Act; and

• (c) any expenses expected to be incurred by the converting company to effect the conversion.

(2) The Superintendent may specify a day as at which the value of a converting company shall be estimated for the purposes of subsection (1).