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Insurance Act
Loi sur les assurances

ONTARIO REGULATION 259/04

Minimum Capital Test

Consolidation Period:  From June 3, 2019 to the e-Laws currency date.

Last amendment: 130/19.

Legislative History: 126/08, 130/19.

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.

Note: On June 8, 2019, the day section 22 of Schedule 13 to the Plan for Care and Opportunity Act (Budget Measures), 2018 comes into force, the definition of “guideline” in section 1 of the Regulation is revoked and the following substituted: (See: O. Reg. 130/19, s. 1 (1))

“guideline” means the minimum capital test guideline made by the Chief Executive Officer, as amended from time to time.

Note: On June 8, 2019, the day section 22 of Schedule 13 to the Plan for Care and Opportunity Act (Budget Measures), 2018 comes into force, section 1 of the Regulation is amended by adding the following subsection: (See: O. Reg. 130/19, s. 1 (2))

Same, transition

(2) The reference in the definition of “guideline” in subsection (1) to the minimum capital test guideline made by the Chief Executive Officer is deemed to include the last minimum capital test guideline made by the Superintendent prior to the day section 22 of Schedule 13 to the Plan for Care and Opportunity Act (Budget Measures), 2018 came into force until the Chief Executive Officer makes a subsequent minimum capital test guideline. O. Reg. 130/19, s. 1 (2).

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.