Borrowing (Property and Casualty Companies and Marine Companies) Regulations

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 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.