Assets (Foreign Companies) Regulations

'The Assets (Foreign Companies) Regulations, made under the Insurance Companies Act, set out requirements for foreign life insurance companies to maintain assets in Canada. These regulations require every foreign life company to have a total value of assets in Canada equal to or greater than the aggregate of its actuarial and policy liabilities, provision for claims incurred, and other liabilities. The total value of assets may be reduced by amounts receivable from insurance agents, insurance brokers, and policyholders, and also by subtracting portions of that amount if a foreign company is reinsured against risks insured or claims payable under policies issued in Canada.'