PART II GENERAL PROVISIONS APPLICABLE TO INSURERS
Annual and interim statements
102 (1) Subject to section 370, every licensed insurer shall, (a)  prepare annually and deliver to the Chief Executive Officer or his or her designate, on or before the prescribed date for the prescribed category of insurer, a statement of the condition of affairs of the insurer for the year that ended, at the election of the company in its by-laws, on the 31st day of October or the 31st day of December next preceding the delivery of the statement; and Note: On a day to be named by proclamation of the Lieutenant Governor, clause 102 (1) (a) of the Act is amended by striking out “on or before the prescribed date for the prescribed category of insurer” and substituting “on or before the date prescribed by the Authority rules for the category of insurer prescribed by the Authority rules”. (See: 2017, c. 34, Sched. 21, s. 6 (1)) (b)  prepare and deliver to the Chief Executive Officer or his or her designate when required by the Chief Executive Officer, for the prescribed category of insurer, an interim statement for the period specified by the Chief Executive Officer containing such information as the Chief Executive Officer considers necessary to assess the insurer’s condition of affairs.  R.S.O. 1990, c. I.8, s. 102 (1); 1994, c. 11, s. 337; 1997, c. 19, s. 10 (15, 16); 2004, c. 31, Sched. 20, s. 4; 2018, c. 8, Sched. 13, s. 22. Note: On a day to be named by proclamation of the Lieutenant Governor, clause 102 (1) (b) of the Act is amended by striking out “for the prescribed category of insurer” and substituting “for the category of insurer prescribed by the Authority rules”. (See: 2017, c. 34, Sched. 21, s. 6 (2)) Contents of annual statement (2) A statement of the condition of affairs of an insurer under clause (1) (a) shall be in a form approved by the Chief Executive Officer, and shall set out, (a)  the assets, liabilities, revenues and expenses of the insurer for the year; (b)  particulars of the business done by the insurer in Ontario during the year; and (c)  such other information as the Chief Executive Officer considers necessary to assess an insurer’s condition of affairs.  R.S.O. 1990, c. I.8, s. 102 (2); 2018, c. 8, Sched. 13, s. 22. Auditor’s report (3) A statement of the condition of affairs of an insurer under clause (1) (a) shall be accompanied by a report of an auditor prepared in the manner required by the Chief Executive Officer.  R.S.O. 1990, c. I.8, s. 102 (3); 2018, c. 8, Sched. 13, s. 22. Modified statement (4) The Chief Executive Officer may, in writing, direct an insurer to prepare and file a modified statement respecting the business of the insurer in Ontario only, in lieu of filing the annual statement that the insurer is required to file under clause (1) (a).  1997, c. 28, s. 103; 2018, c. 8, Sched. 13, s. 22. Who may verify statement (5) In the case of a corporation, such statement shall be verified by the president, vice-president or managing director, or other director appointed for the purpose by the board of directors, and by the secretary or manager of the corporation.  R.S.O. 1990, c. I.8, s. 102 (5). Indirect collection of personal information (6) The Chief Executive Officer is authorized to obtain from insurers personal information about identifiable individuals where the collection of the information is required to monitor the condition of affairs of the insurer and the information is collected on a statement made under subsection (1).  R.S.O. 1990, c. I.8, s. 102 (6); 2018, c. 8, Sched. 13, s. 22. (7) Repealed:  2002, c. 18, Sched. H, s. 4 (10). Required level of capital or assets (8) Every insurer licensed under this Act shall maintain capital or assets (in compliance with such requirements as may be prescribed by regulation governing the level of capital or assets to be maintained) in an amount that bears not less than a reasonable relationship to the outstanding liabilities, premiums and loss experience of the insurer.  1999, c. 12, Sched. I, s. 4 (11). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 102 (8) of the Act is amended by striking out “by regulation” and substituting “by Authority rule”. (See: 2017, c. 34, Sched. 21, s. 6 (3)) Same (8.1) The amount required by subsection (8) shall be calculated in accordance with such requirements as may be prescribed by regulation, and the calculation shall exclude any investments of the insurer that are not authorized by this Act or that were not authorized by law at the time they were acquired.  1999, c. 12, Sched. I, s. 4 (11). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 102 (8.1) of the Act is amended by striking out “by regulation” and substituting “by Authority rule”. (See: 2017, c. 34, Sched. 21, s. 6 (4)) Exception (9) Subsection (8) does not apply to a mutual insurance corporation that is a member of the Fire Mutuals Guarantee Fund or to an insurer licensed to transact only, (a)  the business of life insurance; (b)  the business of accident and sickness insurance; or (c)  the business of life insurance and the business of accident and sickness insurance.  2002, c. 18, Sched. H, s. 4 (11). Contributions to the Fire Mutuals Guarantee Fund (10) The contribution by a member of the Fire Mutuals Guarantee Fund to the Fund shall be treated as if it were an asset of the member for the purposes of the statements required under this section and shall be subject to examination by the Chief Executive Officer in the same manner as the other assets and property of a licensed insurer.  2006, c. 33, Sched. O, s. 3; 2018, c. 8, Sched. 13, s. 22. Life insurance policies (11) No insurer incorporated and licensed under the laws of Ontario to transact life insurance shall issue a policy that does not appear to be self-supporting upon reasonable assumptions as to interest, mortality and expenses.  1997, c. 19, s. 10 (17). Exemption from filing requirements (12) The Chief Executive Officer may, in writing, exempt completely or in part any insurer or any category of insurer from any or all of the filing requirements imposed under this section for the period of time specified in the exemption.  1997, c. 19, s. 10 (17); 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 1994, c. 11, s. 337 - 11/07/1994; 1997, c. 19, s. 10 (15-17) - 10/10/1997; 1997, c. 28, s. 103 - 01/07/1998; 1999, c. 12, Sched. I, s. 4 (11) - 22/12/1999 2002, c. 18, Sched. H, s. 4 (10-12) - 26/11/2002 2004, c. 31, Sched. 20, s. 4 - 16/12/2004 2006, c. 33, Sched. O, s. 3 - 05/05/2008 2017, c. 34, Sched. 21, s. 6 (1-4) - not in force 2018, c. 8, Sched. 13, s. 22 - 08/06/2019; CTS 04 SE 18 - 1