Total Assets for Supervisability and Public Holding Requirements (Insurance Companies and Insurance Holding Companies) Regulations

The Total Assets for Supervisability and Public Holding Requirements (Insurance Companies and Insurance Holding Companies) Regulations were made by Her Excellency the Governor General in Council on October 4, 2001.

The Regulations are pursuant to section 1021 of the Insurance Companies Act. They define total assets for the purpose of supervisability and public holding requirements. For insurance companies and insurance holding companies, total assets mean the total value of assets that would be reported on their balance sheet at a particular time, as prepared in accordance with the accounting principles and specifications of the Superintendent.

The Regulations repeal previous sections of the Insurance Companies Act. They come into force on October 24, 2001, when subsection 2(1) of the Insurance Companies Act comes into force. The Regulations provide for changes to the supervisability and public holding requirements for insurance companies and insurance holding companies, ensuring compliance with financial regulations.