CONSOLIDATION

Borrowing (Property and Casualty Companies and Marine Companies) Regulations

SOR/92-281

Current to June 20, 2022 Last amended on January 1, 2010



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. The last amendments came into force on January 1, 2010. 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 Last amended on January 1, 2010

TABLE OF PROVISIONS Borrowing (Property and Casualty Companies and Marine Companies) Regulations

Interpretation

Prescribed Subsidiaries

Debt Obligation

Manner of Determining Total Debt Obligations

Total Assets

Prescribed Percentage of Total Assets

Current to June 20, 2022 Last amended on January 1, 2010

ii

Registration SOR/92-281 May 14, 1992

INSURANCE COMPANIES ACT Borrowing (Property and Casualty Companies and Marine Companies) Regulations

P.C. 1992-1036

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) and sections 476 and 703 of the Insurance Companies Act*, is pleased hereby to make the annexed Regulations respecting debt obligations and the issuance of shares by property and casualty companies, effective June 1, 1992.

*

S.C. 1991, c. 47

Current to June 20, 2022 Last amended on January 1, 2010

Borrowing (Property and Casualty Companies and Marine Companies) Regulations

1 [Repealed, SOR/2009-296, s. 5]

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

Prescribed Subsidiaries 3 For the purposes of section 476 of the Act, a prescribed

subsidiary of a property and casualty company or a marine company is any subsidiary of the company other than a subsidiary that is a financial institution that is not engaged in the insuring of property and casualty risks in the case of a property and casualty company or in the insuring of marine risks in the case of a marine company. SOR/2009-296, s. 6.

Debt Obligation 4 For the purposes of section 476 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 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. SOR/2009-296, s. 7.

Total Assets 6 For the purposes of section 476 of the Act, total assets, in respect of a property and casualty company or a marine company, at a particular time, means the total of

Current to June 20, 2022 Last amended on January 1, 2010

Borrowing (Property and Casualty Companies and Marine Companies) Regulations Total Assets Sections 6-7

the assets of the company that would be reported on its balance sheet prepared as at that time in accordance with the 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 company that is not a prescribed subsidiary. SOR/94-67, s. 6; SOR/2009-296, s. 7.

Prescribed Percentage of Total Assets 7 For the purposes of section 476 of the Act, the prescribed percentage of the total assets of a property and casualty company or a marine company is 2 per cent. SOR/2009-296, s. 7.

Current to June 20, 2022 Last amended on January 1, 2010

