December 12, 2007
The Lieutenant Governor in Council makes the Provincial Companies Amendment Regulation set out in the attached Appendix.
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:
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.