Insurance Companies Act

Marginal note:Segregated funds restricted to foreign life companies

592 Unless authorized to insure risks that fall within the class of life insurance, a foreign company shall not

• (a) insure risks under policies, or

• (b) accept or retain on the direction of a policyholder or beneficiary policy dividends or bonuses, or policy proceeds that are payable on the surrender or maturity of the policy or on the death of the person whose life is insured,

where the liabilities of the foreign company in respect of the policies or the amounts accepted or retained vary in amount depending on the market value of a fund consisting of a specified group of assets.