His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to sections 616, 617 and 703 of the Insurance Companies Act*, is pleased hereby to make the annexed Regulations respecting investments in Canada by foreign companies, effective June 1, 1992. S.C. 1991, c. 47
[Repealed]
Interpretation
In these Regulations, Act means the Insurance Companies Act. (Loi)
Limits on Investment in Real Property
For the purposes of section 618 of the Act, the prescribed percentage of the value of the assets in Canada is
15 per cent in the case of investment by a foreign life company for the classes of insurance referred to in subsection 618(1);
10 per cent in the case of investment by a foreign life company for the classes of insurance referred to in subsection 618(2); or
10 per cent in the case of investment by a foreign property and casualty company or a foreign marine company.
Limits on Investment in Equities
For the purposes of section 619 of the Act, the prescribed percentage of the value of the assets in Canada is 25 per cent.