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Insurance Companies Act

Version of section 616 from 2010-01-01 to 2024-11-26:
 


Marginal note:Lending limit — foreign life companies

  • 616 (1) The total accepted value of commercial loans vested in trust by a foreign life company for the classes of life insurance, accident and sickness insurance, credit protection insurance and other approved products insurance shall not at any time exceed the prescribed percentage of the value of its assets in Canada for those classes.

  • Marginal note:Lending limit — foreign composite companies

    (2) The total accepted value of the commercial loans and loans to natural persons vested in trust by a foreign life company for the classes of insurance other than life insurance, accident and sickness insurance, credit protection insurance and other approved products insurance, shall not at any time exceed the prescribed percentage of the value of its assets in Canada for those classes.

  • 1991, c. 47, s. 616
  • 2007, c. 6, s. 292

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