GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Investment Limits (Insurance Companies) Regulations — 6
Equity owned by company 6 For the purposes of sections 507 and 508 of the Act, the value of the participating shares and ownership interests referred to in those sections that are beneficially owned by a company and its subsidiaries prescribed by subsection 4 is equal to their book value as reported on the consolidated balance sheet of the company.
Investment Limits (Insurance Companies) Regulations — 7
Definition and value of interest in real property 7 (1) For the purposes of Part IX of the Act, other than subsection 502(3) of the Act, sections 8 to 12 define the interests of a company in real property and set out how those interests are to be valued. Exception (2) For the purpose of subsection 502(3) of the Act, the interests of a company in real property means real property referred to in paragraph 11(1)(a) and shares and ownership interests referred to in paragraph 11(1)(b) that become beneficially owned by the company, or by a designated entity controlled by the company, as a result of the realization of a security interest on a loan or debt obligation referred to in subsection 11(1).
Investment Limits (Insurance Companies) Regulations — 8
Direct interests 8 (1) The following are interests of a company in real property: (a) real property beneficially owned by the company or by a designated entity controlled by the company; and (b) a debt obligation, for which the company or a designated entity controlled by the company is liable, that was issued for the purpose of acquiring or improving real property referred to in paragraph (a). Value of direct interests (2) The value of the interests of a company in real property is (a) in respect of real property referred to in paragraph (1)(a), the book value of the real property; and (b) in respect of a debt obligation referred to in paragraph (1)(b), any amount by which the book value of the debt obligation exceeds the book value of the real property referred to in that paragraph.
Investment Limits (Insurance Companies) Regulations — 9
Certain indirect interests 9 (1) The following are interests of a company in real property: (a) at a particular time, real property (i) that is beneficially owned by (A) a related real property entity of the company that is a joint venture, or (B) an entity in which an entity described in clause (A) has a substantial investment, and (ii) that would be reported on a 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) shares and ownership interests beneficially owned by the company, or by a designated entity controlled by the company, in any related real property entity of the company other than a related real property entity referred to in paragraph (a). Value of those interests (2) The value of the interests of a company in real property is (a) in respect of real property referred to in paragraph (1)(a), the book value of the real property; and (b) in respect of shares and ownership interests referred to in paragraph (1)(b), the book value of the shares and ownership interests.
Investment Limits (Insurance Companies) Regulations — 10
Certain indirect interests 10 (1) The following are interests of a company in real property: (a) a debt obligation issued by a related real property entity of the company and beneficially owned by the company or by a designated entity controlled by the company; (b) a loan made by the company, or by a designated entity controlled by the company, to a related real property entity of the company; (c) a loan made by the company, or by a designated entity controlled by the company, to (i) a real property entity in which a financial institution, bank holding company or insurance holding company controlled by the company has a substantial investment, or (ii) a real property entity that is controlled by a real property entity described in subparagraph (i); (d) a debt obligation issued by a real property entity described in subparagraph (c)(i) or (ii) and beneficially owned by the company or by a designated entity controlled by the company; (e) a debt obligation that is (i) issued by a related real property entity of the company, (ii) beneficially owned by a third party, and (iii) guaranteed by the company or by a designated entity controlled by the company; and (f) a loan made by a third party to a related real property entity of the company and guaranteed by the company or by a designated entity controlled by the company. Value of those interests (2) The value of the interests of a company in real property is (a) in respect of a debt obligation referred to in paragraph (1)(a) or (d), the book value of the debt obligation; (b) in respect of a loan referred to in paragraph (1)(b) or (c), the book value of the loan; and (c) in respect of a guaranteed debt obligation referred to in paragraph (1)(e) or a guaranteed loan referred to in paragraph (1)(f), (i) if the debt obligation is issued by, or the loan is made to, an entity that is a related real property entity of the company and the entity beneficially owns real property that is an interest of the company in real property under paragraph 9(1)(a), any amount by which the face value of the guarantee exceeds the value of the real property determined in accordance with paragraph 9(2)(a), and (ii) in any other case, the face value of the guarantee.
Investment Limits (Insurance Companies) Regulations — 11
esignated entity controlled by the company, the book value of the loan or debt obligation, or (B) if the debt obligation is guaranteed by the company or a designated entity controlled by the company, the face value of the guarantee, and B is the total net realizable value of any other security interests that were given for the loan or debt obligation.
Investment Limits (Insurance Companies) Regulations — 12
Other interests 12 (1) The following are interests of a company in real property: (a) a guarantee given by the company, or by a designated entity controlled by the company, to an entity other than the company or designated entity for the purpose of completing the development of real property that is beneficially owned by (i) the company, (ii) a designated entity controlled by the company, or (iii) a related real property entity of the company; and (b) an agreement made by the company, or by a designated entity controlled by the company, to support a third party’s cost of operating or financing real property that is beneficially owned by (i) the company, (ii) a designated entity controlled by the company, or (iii) a related real property entity of the company. Value of those interests (2) The value of the interests of a company in real property is (a) in respect of a guarantee referred to in paragraph (1)(a), the estimated cost of completing the development of the real property; and (b) in respect of an agreement referred to in paragraph (1)(b), the amount of any funds advanced by the company, or by a designated entity controlled by the company, under the agreement.
Investment Limits (Insurance Companies) Regulations — Coming into force
Coming into force * 15 These Regulations come into force on the day on which sections 494 and 509 of the Insurance Companies Act , as enacted by section 426 of the Financial Consumer Agency of Canada Act , chapter 9 of the Statutes of Canada, 2001, come into force. * [Note: Regulations in force October 24, 2001, see SI/2001-102.]
Investment Limits (Insurance Holding Companies) Regulations — Investment Limits (Insurance Holding Companies) Regulations
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 970 a , 984 a and 1021 a of the Insurance Companies Act b , hereby makes the annexed Investment Limits (Insurance Holding Companies) Regulations .
Investment Limits (Insurance Holding Companies) Regulations — 1
Definitions 1 The following definitions apply in these Regulations. Act means the Insurance Companies Act . ( Loi ) designated entity means an entity other than (a) a joint venture; (b) an insurance company; (c) a securities dealer; or (d) a subsidiary of an insurance company or securities dealer. ( entité désignée ) insurance company means an insurance company that is 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 an insurance holding company, or by a designated entity controlled by an insurance holding company, and one or more other persons for the purpose of a specific business undertaking; (b) in which the insurance holding 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 an insurance holding company, that is held by a person other than (a) the insurance holding company; or (b) an entity controlled by the insurance holding 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 an insurance holding company, means (a) a real property entity, other than a designated entity controlled by the insurance holding company, in which the insurance holding company or a designated entity controlled by the insurance holding company beneficially owns sufficient shares or ownership interests to cause the insurance holding 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 an insurance holding company, means a person other than (a) the insurance holding company; (b) a designated entity controlled by the insurance holding company; or (c) a related real property entity of the insurance holding company. ( tierce partie ) SOR/2011-196, s. 24(E)
Investment Limits (Insurance Holding Companies) Regulations — Investment Limits (Insurance Holding Companies) Regulations
Act means the Insurance Companies Act . ( Loi )
Investment Limits (Insurance Holding Companies) Regulations — (a)
designated entity means an entity other than (a) a joint venture; (b) an insurance company; (c) a securities dealer; or (d) a subsidiary of an insurance company or securities dealer. ( entité désignée )
Investment Limits (Insurance Holding Companies) Regulations — Investment Limits (Insurance Holding Companies) Regulations
insurance company means an insurance company that is incorporated by or under the laws of Canada or a province. ( société d’assurances )
Investment Limits (Insurance Holding Companies) Regulations — (a)
joint venture means a real property entity (a) that was formed by an insurance holding company, or by a designated entity controlled by an insurance holding company, and one or more other persons for the purpose of a specific business undertaking; (b) in which the insurance holding 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 )
Investment Limits (Insurance Holding Companies) Regulations — (a)
minority interest means an equity interest, in an entity that is controlled by an insurance holding company, that is held by a person other than (a) the insurance holding company; or (b) an entity controlled by the insurance holding company. ( participation minoritaire )
Investment Limits (Insurance Holding Companies) Regulations — (a)
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 )
Investment Limits (Insurance Holding Companies) Regulations — (a)
related real property entity , in respect of an insurance holding company, means (a) a real property entity, other than a designated entity controlled by the insurance holding company, in which the insurance holding company or a designated entity controlled by the insurance holding company beneficially owns sufficient shares or ownership interests to cause the insurance holding 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 )
Investment Limits (Insurance Holding Companies) Regulations — Investment Limits (Insurance Holding Companies) Regulations
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 )
Investment Limits (Insurance Holding Companies) Regulations — (a)
third party , in respect of an insurance holding company, means a person other than (a) the insurance holding company; (b) a designated entity controlled by the insurance holding company; or (c) a related real property entity of the insurance holding company. ( tierce partie )
Investment Limits (Insurance Holding Companies) Regulations — 2
Book value of interest in real property 2 For the purposes of sections 8 to 11, the book value of an asset that is an interest of an insurance holding company in real property, at a particular time, is (a) if the asset is real property, the gross book value of the real property, less any accumulated depreciation on the real property, that would be reported on a balance sheet of the insurance holding company prepared as at that time in accordance with the accounting principles and specifications of the Superintendent referred to in subsection 887(4) of the Act; and (b) if the asset is a security or loan, the book value of the security or loan that would be reported on a balance sheet of the insurance holding company prepared as at that time in accordance with the accounting principles and specifications of the Superintendent referred to in subsection 887(4) of the Act.
Investment Limits (Insurance Holding Companies) Regulations — 3
Exempt bank holding companies 3 Sections 981 to 983 of the Act do not apply to (a) a widely held insurance holding company with equity of five billion dollars or more; or (b) an insurance holding company with equity of five billion dollars or more that is controlled by (i) a widely held bank holding company, (ii) a widely held insurance holding company, (iii) an eligible financial institution, as defined in section 370 of the Bank Act , other than a foreign bank as defined in section 2 of that Act, or (iv) a foreign bank, as defined in section 2 of the Bank Act , that is widely held as defined in section 2.3 of that Act.
Investment Limits (Insurance Holding Companies) Regulations — 4
Prescribed subsidiary 4 For the purposes of sections 981 to 983 of the Act, a prescribed subsidiary of an insurance holding company is a subsidiary of the insurance holding company other than (a) an insurance company; (b) a securities dealer; or (c) a subsidiary of an insurance company or securities dealer.
Investment Limits (Insurance Holding Companies) Regulations — 5
Amount determined — real property and equity 5 (1) For the purposes of sections 981 and 982 of the Act, the amount determined in respect of an insurance holding company is 70% of the amount determined by the formula A - B where A is the regulatory capital of the insurance holding company; and B is the sum of (a) all amounts each of which is an amount of shareholders’ equity or subordinated indebtedness of an insurance company or securities dealer controlled by the insurance holding company, or of an entity controlled by an insurance company or securities dealer controlled by the insurance holding company, that is included in the amount of regulatory capital of the insurance holding company, (b) all amounts each of which is the amount of a minority interest in an insurance company or securities dealer controlled by the insurance holding company, or in an entity controlled by an insurance company or securities dealer controlled by the insurance holding company, that is included in the amount of regulatory capital of the insurance holding company, (c) all amounts each of which is the amount of an investment, other than shareholders’ equity or subordinated indebtedness referred to in paragraph (a), of the insurance holding company or a designated entity controlled by the insurance holding company in an insurance company or securities dealer controlled by the insurance holding company, or in an entity controlled by an insurance company or securities dealer controlled by the insurance holding company, if the investment is part of (i) the regulatory capital, within the meaning of the Regulatory Capital (Insurance Companies) Regulations , of an insurance company to which the Act applies, or (ii) an amount that would be treated as the capital of any other insurance company, or of a securities dealer, by a regulatory body that regulates the insurance company or securities dealer, and (d) all amounts each of which is the amount of a loan, other than subordinated indebtedness referred to in paragraph (a), made by the insurance holding company or by a designated entity controlled by the insurance holding company to an insurance company or securities dealer controlled by the insurance holding company, or to an entity controlled by an insurance company or securities dealer controlled by the insurance holding company, if the loan is part of (i) the regulatory capital, within the meaning of the Regulatory Capital (Insurance Companies) Regulations , of an insurance company to which the Act applies, or (ii) an amount that would be treated as the capital of any other insurance company, or of a securities dealer, by a regulatory body that regulates the insurance company or securities dealer. Amount determined — aggregate limit (2) For the purpose of section 983 of the Act, the amount determined in respect of an insurance holding company is 100% of the amount determined by the formula in subsection (1).
Investment Limits (Insurance Holding Companies) Regulations — 6
Value equals book value 6 For the purposes of sections 982 and 983 of the Act, the value of the participating shares and ownership interests referred to in those sections that are beneficially owned by an insurance holding company and its subsidiaries prescribed by section 4 is equal to their book value as reported on the consolidated balance sheet of the insurance holding company.
Investment Limits (Insurance Holding Companies) Regulations — 7
Definition and value of interest in real property 7 (1) For the purposes of Division 9 of Part XVII of the Act, other than subsection 978(3) of the Act, sections 8 to 12 define the interests of an insurance holding company in real property and set out how those interests are to be valued. Exception (2) For the purpose of subsection 978(3) of the Act, the interests of an insurance holding company in real property means real property referred to in paragraph 11(1)(a) and shares and ownership interests referred to in paragraph 11(1)(b) that become beneficially owned by the insurance holding company, or by a designated entity controlled by the insurance holding company, as a result of the realization of a security interest on a loan or debt obligation referred to in subsection 11(1).
Investment Limits (Insurance Holding Companies) Regulations — 8
Direct interests 8 (1) The following are interests of an insurance holding company in real property: (a) real property beneficially owned by the insurance holding company or by a designated entity controlled by the insurance holding company; and (b) a debt obligation, for which the insurance holding company or a designated entity controlled by the insurance holding company is liable, that was issued for the purpose of acquiring or improving real property referred to in paragraph (a). Value of direct interests (2) The value of the interests of an insurance holding company in real property is (a) in respect of real property referred to in paragraph (1)(a), the book value of the real property; and (b) in respect of a debt obligation referred to in paragraph (1)(b), any amount by which the book value of the debt obligation exceeds the book value of the real property referred to in that paragraph.
Investment Limits (Insurance Holding Companies) Regulations — 9
Certain indirect interests 9 (1) The following are interests of an insurance holding company in real property: (a) at a particular time, real property (i) that is beneficially owned by (A) a related real property entity of the insurance holding company that is a joint venture, or (B) an entity in which an entity described in clause (A) has a substantial investment, and (ii) that would be reported on a balance sheet of the insurance holding company prepared as at that time in accordance with the accounting principles and specifications of the Superintendent referred to in subsection 887(4) of the Act; and (b) shares and ownership interests beneficially owned by the insurance holding company, or by a designated entity controlled by the insurance holding company, in any related real property entity of the insurance holding company other than a related real property entity referred to in clause (a)(i)(A). Value of those interests (2) The value of the interests of an insurance holding company in real property is (a) in respect of real property referred to in paragraph (1)(a), the book value of the real property; and (b) in respect of shares and ownership interests referred to in paragraph (1)(b), the book value of the shares and ownership interests.