Regulations Prescribing the Value of Assets to be Vested in Trust by a Body Corporate Incorporated Elsewhere than in Canada
P.C. 1992-1031 1992-05-14
His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 581(1) and section 703 of the Insurance Companies ActFootnote *, is pleased hereby to revoke the Deposits for Registration Order, C.R.C., c. 978, and to make the annexed Regulations prescribing the value of assets to be vested in trust by a body corporate incorporated elsewhere than in Canada in substitution therefor, effective June 1, 1992.
Return to footnote *S.C. 1991, c. 47
2 For the purposes of paragraph 581(1)(a) of the Insurance Companies Act, the value of assets required to be vested in trust by a body corporate incorporated elsewhere than in Canada is, for each class of insurance risks that the body corporate proposes to insure that is set out in column I of an item of the schedule, the value set out in column II of that item.
|Item||Column I||Column II|
|Class of Insurance||Value of Assets Required to be vested in Trust ($)|
|1||Accident and sickness insurance||100,000|
|4||Boiler and machinery insurance||100,000|
|11||Inland transportation insurance||100,000|
|12||Legal expense insurance||50,000|
|17||Personal property insurance||100,000|
|18||Plate glass insurance||50,000|
|20||Real property insurance||100,000|
|21||Sprinkler leakage insurance||50,000|
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