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Insurance Act
Loi sur les assurances

ONTARIO REGULATION 259/04

Minimum Capital Test

Consolidation Period:  From May 5, 2008 to the e-Laws currency date.

Last amendment: 126/08.

Legislative History: 126/08.

This Regulation is made in English only.

Definition

1. In this Regulation,

“guideline” means the document made by the Superintendent and entitled, “Minimum Capital Test Guideline for Property and Casualty Insurance Companies, Superintendent’s Guideline No. 08/04”, dated August, 2004, as amended from time to time, which document is available on the website of the Financial Services Commission of Ontario.  O. Reg. 259/04, s. 1.

Requirement for s. 102 (8) of Act

2. For the purposes of subsection 102 (8) of the Act, every insurer shall for every fiscal year, commencing with the fourth quarter of the 2004 fiscal year, maintain capital in compliance with the requirements set out in the guideline.  O. Reg. 259/04, s. 2.

3. Revoked:  O. Reg. 126/08, s. 1.

Exception

4. This Regulation does not apply to an insurer that comes within a class set out in paragraph 4, 7 or 8 of subsection 42 (1) of the Act.  O. Reg. 259/04, s. 4.

5. Omitted (revokes other Regulations).  O. Reg. 259/04, s. 5.

6. Omitted (provides for coming into force of provisions of this Regulation).  O. Reg. 259/04, s. 6.