Insurance Companies Act — I-11.8 (a)
commercial loan means (a) any loan made or acquired by a company, other than (i) a loan to a natural person in an amount of two hundred and fifty thousand dollars or less, (ii) a loan to the Government of Canada, the government of a province, a municipality, or to any agency thereof, or to the government of a foreign country or any political subdivision thereof, or any agency thereof, or to a prescribed international agency, (iii) a loan that is guaranteed by, or fully secured by securities issued by, a government, a municipality or an agency referred to in subparagraph (ii), (iv) a loan that is secured by a mortgage on real property, if (A) the mortgage is on residential property and the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, or (B) the mortgage is on real property other than residential property and (I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, does not exceed 80% of the value of the property at the time the loan is made or acquired, and (II) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property, (v) a loan that is secured by a mortgage on real property, if (A) the mortgage is on residential property and (I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired, and (II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintendent, (B) the mortgage is on real property other than residential property and (I) the amount of the loan, together with the amount then outstanding of any mortgage having an equal or prior claim against the property, exceeds 80% of the value of the property at the time the loan is made or acquired, (II) repayment of the amount of the loan that exceeds 80% of the value of the property is guaranteed or insured by a government agency or private insurer approved by the Superintendent, and (III) at the time the loan is made or acquired, the property provides an annual income sufficient to pay all annual expenses related to the property, including the payments owing under the mortgage and the mortgages having an equal or prior claim against the property, or (C) the loan is one referred to in paragraph 469(2)(d), (vi) a loan that (A) consists of a deposit made by the company with another financial institution, (B) is fully secured by a deposit with any financial institution, including the company, (C) is fully secured by debt obligations guaranteed by any financial institution other than the company, or (D) is fully secured by a guarantee of a financial institution other than the company, (vii) an advance on the security of or against the cash surrender value of a policy, or (viii) a loan to an entity controlled by the company; (b) an investment in debt obligations, other than (i) debt obligations that are (A) guaranteed by any financial institution other than the company, (B) fully secured by deposits with any financial institution, or (C) fully secured by debt obligations that are guaranteed by any financial institution other than the company, (ii) debt obligations issued by the Government of Canada, the government of a province, a municipality, or by any agency thereof, or by the government of a foreign country or any political subdivision thereof, or by any agency thereof, or by a prescribed international agency, (iii) debt obligations that are guarantee