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O. Reg. 259/04: Minimum Capital Test

filed August 26, 2004 under Insurance Act, R.S.O. 1990, c. I.8

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ontario regulation 259/04

made under the

Insurance Act

Made: August 25, 2004
Filed: August 26, 2004
Printed in The Ontario Gazette: September 11, 2004

Minimum Capital Test

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 web site of the Financial Services Commission of Ontario.

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. 

Maximum proportions

3. The maximum proportion of risks that an insurer may reinsure with insurers that are not licensed under the Act shall be determined in accordance with the guideline.

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.

Revocation

5. Regulation 665 of the Revised Regulations of Ontario, 1990 is revoked.

Commencement

6. This Regulation comes into force on October 1, 2004.