O.C. 578/2007

A.R. 241/2007

December 12, 2007


            The Lieutenant Governor in Council makes the Provincial Companies Amendment Regulation set out in the attached Appendix.

 

For Information only

Recommended by:            Minister of Finance

Authority:                             Insurance Act
                                                (section 123)


APPENDIX

Insurance Act

PROVINCIAL COMPANIES AMENDMENT REGULATION

1   The Provincial Companies Regulation (AR 124/2001) is amended by this Regulation.

 

2   Part 1 is renumbered as Part 1.1 and the following is added before Part 1.1:

Part 1
Debt Obligations

Prescribed matters under s115 of Act

1.01   For the purposes of section 115 of the Act,

                                 (a)    shares issued by a provincial life or property and casualty company that are not eligible for use as base capital of a provincial company are prescribed shares, and

                                 (b)    every subsidiary of a provincial company is a prescribed subsidiary of that company except

                                           (i)    a subsidiary that is a financial institution, or

                                          (ii)    a subsidiary of a financial institution.