Affiliated individuals, Part II.2 of the Act
 2. (1) In this section, “affiliated entity” means, in respect of an insurer, an entity that is affiliated with the insurer for the purposes of Part XVII of the Act; (“entité du même groupe”) “loan” includes, (a) indebtedness in respect of commercial paper or an acceptance, and (b) money borrowed through the withdrawal of money under the terms of a line of credit; (“prêt”) “significant borrower” means, with respect to an insurer at a particular time, (a) an individual who has obtained a loan from the insurer or an affiliated entity of the insurer, other than a margin loan or a loan secured by a mortgage or charge on the individual’s principal residence, and the principal amount of the loan outstanding at the particular time exceeds the greater of, (i) $200,000, and (ii) 0.02 per cent of the insurer’s capital as determined under, (A) subsection 2 (2) of Ontario Regulation 122/08 (Investment and Lending Activities — Property and Casualty Insurers and Fraternal Societies) made under the Act, if that regulation applies to the insurer, or (B) subsection 2 (3) of Ontario Regulation 121/08 (Investment and Lending Activities — Life Insurers) made under the Act, if that regulation applies to the insurer, (b) a director or officer of an insurer who has obtained a margin loan from the insurer, the principal amount of which that is outstanding at the particular time exceeds the greater of the amounts set out in subclauses (a) (i) and (ii), or (c) an entity other than an individual that has obtained a loan from the insurer or an affiliated entity of the insurer and the principal amount of the loan outstanding at the particular time exceeds the greatest of, (i) $500,000, (ii) 0.05 per cent of the insurer’s capital as determined under subclause (a) (ii), and (iii) 25 per cent of the value of the assets of the entity; (“emprunteur important”) “substantial investment” means an investment that would be a substantial investment for the purposes of Part XVII of the Act. (“intérêt de groupe financier”)  O. Reg. 123/08, s. 2 (1). (2) For the purposes of Part II.2 of the Act and this Regulation, an individual is affiliated with an insurer in the following circumstances: 1. The individual is an officer or employee of the insurer or an affiliated entity of the insurer. 2. The individual has a significant interest, within the meaning of subsection 437.12 (3) of the Act, in a class of shares of the insurer. 3. The individual has a substantial investment in an affiliated entity of the insurer. 4. The individual is a significant borrower with respect to the insurer. 5. The individual, i. is an officer or employee of an entity that is a significant borrower with respect to the insurer, or ii. controls an entity that is a significant borrower with respect to the insurer. 6. The individual controls two or more entities that have obtained loans from the insurer or from the insurer and one or more affiliated entities of the insurer, and the loans, if they were owed by only one of the entities, would be sufficient to make that entity a significant borrower with respect to the insurer. 7. The individual provides goods or services to the insurer, is a partner in or an employee of a partnership that provides goods or services to the insurer or is an employee of, or a person who has a substantial investment in, a corporation that provides goods or services to the insurer, and the total annual billings to the insurer in respect of those goods and services exceeds 10 per cent of the total annual billings for goods and services of the individual, partnership or corporation, as the case may be. 8. A loan made to the individual by the insurer or an affiliated entity of the insurer is not in good standing. 9. A loan made by the insurer or an affiliated entity of the insurer to an entity controlled by the individual, or of which the individual is a director, officer or employee, is not in good standing. 10. The individual is the spouse of an individual referred to in any of paragraphs 1 to 9. 11. The individual is an insurance agent or broker who acts in placing, negotiating, renewing or continuing a contract of insurance with the insurer.  O. Reg. 123/08, s. 2 (2). (3) For the purposes of paragraphs 8 and 9 of subsection (2), a loan shall be considered not to be in good standing at a particular time only if, at that time, (a) a payment of principal or interest has become due and payable and has remained unpaid for at least 90 days; (b) the lender is not accruing interest in respect of the loan on the lender’s books of account because the lender reasonably believes that it is doubtful that the balance of the principal or interest then remaining unpaid will ever be collected from the borrower or otherwise recovered; or (c) the rate of interest on the loan has been reduced by the lender because of a reasonable belief that the borrower is financially weak.  O. Reg. 123/08, s. 2 (3).