Canadian Ownership and Control Determination Regulations, 1984 — 36
36 In this Part, Canadian oil or gas investment means (a) a right, licence or privilege to (i) explore for, (ii) drill for, (iii) take, or (iv) store underground petroleum, natural gas or other related hydrocarbons in Canada, (b) an oil or gas well situated in Canada, (c) a rental or royalty computed by reference to the amount or value of production from an oil or gas well situated in Canada, (d) a right to or interest in any property described in paragraphs (a) to (c) including a right to receive the proceeds of disposition of that property, or (e) a direct equity percentage that is not less than one-half of one per cent in any entity or that represents an investment with a current market value of $1,000,000 or more, if the entity is a principal-business entity, is Canadian controlled and has a Canadian ownership rate of not less than 50%; ( investissement dans le pétrole et le gaz canadiens ) fraternal benefit society has the same meaning as in subsection 2(1) of the Canadian and British Insurance Companies Act ; ( société de bénéfices mutuels ) gross actuarial reserves has the same meaning as in subsection 82.1(1) of the Canadian and British Insurance Companies Act ; ( réserves actuarielles brutes ) life insurance company means a company registered, licensed or otherwise authorized to carry on the business of life insurance under the laws of Canada or a province and includes a fraternal benefit society; ( compagnie d’assurance-vie ) life insurance policy means any written contract of life insurance, other than a policy in respect of which a segregated fund is maintained, whether contained in one or more documents, an annuity contract and, in the case of insurance in a fraternal benefit society, includes any contract whether or not evidenced in writing and any certificate of membership relating in any way to life insurance; ( police d’assurance-vie ) life policy in Canada means a life insurance policy issued or effected by a life insurance company on the life of a person who according to the records of the insurer had an address in Canada at the time the policy was issued or effected; ( police d’assurance-vie au Canada ) mutual company means a life insurance company without share capital or a property and casualty insurance company without share capital; ( société mutuelle ) non-participating policy means a life insurance policy other than a participating policy; ( police d’assurance-vie sans participation ) participating policy means a life insurance policy under which the policyholder is entitled to share, other than by way of an experience rating refund, in the profits of the insurer, other than profits in respect of property in a segregated fund; ( police d’assurance-vie avec participation ) participating policyholder in Canada means a policyholder in Canada of a participating policy; ( titulaire de police d’assurance-vie avec participation au Canada ) policyholder in Canada means a person shown on the records of an insurer as having an address in Canada and as being the owner of a life policy in Canada or a property and casualty policy in Canada; ( assuré au Canada ) principal-business entity means an entity the principal business of which is (a) producing, refining or marketing petroleum, petroleum products or natural gas, or exploring or drilling for petroleum or natural gas or other related hydrocarbons, or (b) operating a pipeline for the transmission of oil or natural gas; ( entité exploitant une entreprise principale ) property and casualty insurance company means a company, other than a life insurance company, that is registered, licensed or otherwise authorized to carry on the business of property and casualty insurance under the laws of Canada or a province and includes a fraternal benefit society; ( compagnie d’assurance contre les accidents et les dommages à la propriété ) property and casualty insurance policy means any written contract of insurance, other than life insurance or a policy in respect of which