Document ID: chunk:federal_register_of_legislation:C2006C00145:clause:13_191
Version: federal_register_of_legislation:C2006C00145
Segment Type: clause
Provision Reference: sch 13 cl 191
Character Range: 163744–164326

191  After subsection 23(4)
Insert:

 (4A) If:
 (a) a life company is limited only by shares; and
 (b) the value of its eligible assets (other than assets that are assets of a statutory fund) does not exceed the total amount of its liabilities by at least $10,000,000 or, if a higher amount is fixed by the regulations for the purposes of this subsection, that amount;
the company must at all times have other assets whose value, when added to the value of its eligible assets, exceeds the total amount of its liabilities by at least the minimum amount mentioned in paragraph (b).