Insurance Act
Loi sur les assurances

ONTARIO REGULATION 259/04

Minimum Capital Test

Consolidation Period: From June 8, 2019 to the e-Laws currency date.

Last amendment: 130/19.

Legislative History: 126/08, 130/19, CTR 10 SE 25 - 18.

This Regulation is made in English only.

Definition

1. (1) In this Regulation,

“guideline” means the minimum capital test guideline made by the Chief Executive Officer, as amended from time to time.  O. Reg. 259/04, s. 1; O. Reg. 130/19, s. 1 (1).

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 June 8, 2019 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.