Investment Limits (Insurance Companies) Regulations — 1
Definitions 1 The following definitions apply in these Regulations. Act means the Insurance Companies Act . ( Loi ) designated entity , in respect of a company, means an entity other than (a) a joint venture; (b) a financial institution; (c) a bank holding company; (d) an insurance holding company; (e) a subsidiary of a financial institution, other than where the subsidiary is a subsidiary of a financial institution only because it is a subsidiary of the company; or (f) a subsidiary of a bank holding company or insurance holding company. ( entité désignée ) insurance company means an insurance company incorporated by or under the laws of Canada or a province. ( société d’assurances ) joint venture means a real property entity (a) that was formed by a company, or by a designated entity controlled by a company, and one or more other persons for the purpose of a specific business undertaking; (b) in which the company or designated entity has a substantial investment; and (c) in respect of which the persons who formed it have agreed on joint control, regardless of the distribution of their equity. ( coentre­prise ) minority interest means an equity interest, in an entity that is controlled by a company, that is held by a person other than (a) the company; or (b) an entity controlled by the company. ( participation minoritaire ) real property entity means an entity that is primarily engaged in holding, managing or otherwise dealing with (a) real property; (b) shares of a body corporate that is primarily engaged in holding, managing or otherwise dealing with real property, including shares of a body corporate that is another real property entity; or (c) ownership interests in an unincorporated entity that is primarily engaged in holding, managing or otherwise dealing with real property, including ownership interests in an unincorporated entity that is another real property entity. ( entité immobilière ) related real property entity , in respect of a company, means (a) a real property entity, other than a designated entity controlled by the company, in which the company or a designated entity controlled by the company beneficially owns sufficient shares or ownership interests to cause the company or designated entity to have a substantial investment in the real property entity; or (b) a real property entity that is controlled by a real property entity described in paragraph (a). ( entité immobilière apparentée ) securities dealer means an entity described in paragraph (g) of the definition financial institution in subsection 2(1) of the Act. ( négociant en valeurs mobilières ) third party , in respect of a company, means a person other than (a) the company; (b) a designated entity controlled by the company; or (c) a related real property entity of the company. ( tierce partie ) total assets , in respect of a company, at a particular time, means the amount determined by the formula A - B where A is the total of the assets that would be reported on the balance sheet of the company 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; and B is the total of all amounts each of which is an amount included in the value of A that is in respect of an asset of a subsidiary of the company, if that subsidiary is (a) a financial institution, (b) a bank holding company, (c) an insurance holding company, (d) a subsidiary of a financial institution, other than where the subsidiary is a subsidiary of a financial institution only because it is a subsidiary of the company, or (e) a subsidiary of a bank holding company or an insurance holding company. ( actif total )