CONSOLIDATION

Life Companies Borrowing Regulations

SOR/92-277

Current to June 20, 2022



OFFICIAL STATUS OF CONSOLIDATIONS Subsections 31(1) and (3) of the Legislation Revision and Consolidation Act, in force on June 1, 2009, provide as follows: Published consolidation is evidence

31 (1) Every copy of a consolidated statute or consolidated regulation published by the Minister under this Act in either print or electronic form is evidence of that statute or regulation and of its contents and every copy purporting to be published by the Minister is deemed to be so published, unless the contrary is shown. ... Inconsistencies in regulations

(3) In the event of an inconsistency between a consolidated regulation published by the Minister under this Act and the original regulation or a subsequent amendment as registered by the Clerk of the Privy Council under the Statutory Instruments Act, the original regulation or amendment prevails to the extent of the inconsistency.

LAYOUT The notes that appeared in the left or right margins are now in boldface text directly above the provisions to which they relate. They form no part of the enactment, but are inserted for convenience of reference only.

NOTE This consolidation is current to June 20, 2022. Any amendments that were not in force as of June 20, 2022 are set out at the end of this document under the heading “Amendments Not in Force”.

Current to June 20, 2022

TABLE OF PROVISIONS Regulations Respecting the Debt Obligations of Life Companies 1

Short Title

Interpretation

Prescribed Subsidiaries

Debt Obligation

Manner of Determining Total Debt Obligations

Total Assets

Prescribed Percentage of Total Assets

Current to June 20, 2022

ii

Registration SOR/92-277 May 14, 1992

INSURANCE COMPANIES ACT Life Companies Borrowing Regulations

P.C. 1992-1032

May 14, 1992

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to the definition total assets in subsection 2(1), subsection 473(1) and section 703 of the Insurance Companies Act*, is pleased hereby to make the annexed Regulations respecting the debt obligations of life companies, effective June 1, 1992.

*

S.C. 1991, c. 47

Current to June 20, 2022

Regulations Respecting the Debt Obligations of Life Companies

Short Title 1 These Regulations may be cited as the Life Companies Borrowing Regulations.

Interpretation 2 In these Regulations, Act means the Insurance Companies Act. (Loi)

Prescribed Subsidiaries 3 For the purposes of subsection 473(1) of the Act, a prescribed subsidiary of a life company is a subsidiary of the life company other than a subsidiary that is a financial institution that is not engaged in the insuring of risks.

Debt Obligation 4 For the purposes of subsection 473(1) of the Act, debt

obligation has the meaning assigned to that expression by subsection 2(1) of the Act.

Manner of Determining Total Debt Obligations 5 For the purposes of subsection 473(1) of the Act and subject to subsection 473(2) of the Act, the aggregate of the total debt obligations of a life company is the aggregate of (a) the debt obligations of the life company; and (b) any debt obligations of the prescribed subsidiaries of the life company that are not held by the life company.

Total Assets 6 For the purposes of subsection 473(1) of the Act, total assets, in respect of a life company, at a particular time, means the total of the assets of the life company that would be reported on the balance sheet of the life company prepared as at that time in accordance with the

Current to June 20, 2022

Life Companies Borrowing Regulations Total Assets Sections 6-7

accounting principles and specifications of the Superintendent referred to in subsection 331(4) of the Act, less the total of the assets, determined in the same manner, of any subsidiary of the life company that is not a prescribed subsidiary. SOR/94-67, s. 5.

Prescribed Percentage of Total Assets 7 For the purposes of subsection 473(1) of the Act and subject to subsection 473(2) of the Act, the prescribed percentage of the total assets of a life company is twenty per cent.

Current to June 20, 2022

