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I-3, r. 1 - Regulation respecting the Taxation Act
Section 152r1
Disposition versions
152R1. In this chapter,
“accident and sickness insurance” means the “accident and sickness insurance” class of insurance described in the schedule to the Insurance Companies Act (S.C. 1991, c. 47);
“contractual service margin” for a group of insurance contracts of an insurer, or a group of reinsurance contracts held by an insurer, at the end of a taxation year has the meaning assigned by subparagraph z of the first paragraph of section 835 of the Act;
“deposit accounting insurance policy” has the meaning assigned by subparagraph p of the first paragraph of section 835 of the Act;
“group of insurance contracts” of an insurer has the meaning assigned by subparagraph u of the first paragraph of section 835 of the Act;
“group of life insurance contracts” of an insurer has the meaning assigned by subparagraph v of the first paragraph of section 835 of the Act;
“group of reinsurance contracts” held by an insurer has the meaning assigned by subparagraph x of the first paragraph of section 835 of the Act;
“liability for incurred claims” for a group of insurance contracts of an insurer at the end of a taxation year has the meaning assigned by subparagraph z.4 of the first paragraph of section 835 of the Act;
“liability for remaining coverage” for a group of insurance contracts of an insurer at the end of a taxation year has the meaning assigned by subparagraph z.3 of the first paragraph of section 835 of the Act;
“mortgage or hypothecary insurance” means the “mortgage insurance” class of insurance described in the schedule to the Insurance Companies Act;
“non-cancellable or guaranteed renewable accident and sickness policy” has the meaning assigned by section 840R1;
“reinsurance contract held amount” for a group of reinsurance contracts held by an insurer at the end of a taxation year has the meaning assigned by subparagraph z.1 of the first paragraph of section 835 of the Act;
“reinsurance recoverable amount” has the meaning assigned by section 840R1;
“reported reserve” of an insurer at the end of a taxation year in respect of a policy that insures an earthquake risk in Canada, or a fidelity risk, a nuclear risk or a risk related to a financial loss of a lender on a loan made on the security of an immovable property, means an amount equal to the positive or negative amount of the reserve reported as at the end of the year;
“Superintendent of Financial Institutions” has the meaning assigned by subparagraph z.5 of the first paragraph of section 835 of the Act;
“title insurance” means the “title insurance” class of insurance described in the schedule to the Insurance Companies Act.
152R1. In this chapter,
“claim liability” of an insurer at the end of a taxation year means
(a) in respect of a claim made to the insurer before that time under an insurance policy, an amount equal to the amount by which the present value at that time, computed using a rate of interest that is reasonable in the circumstances, of a reasonable estimate, determined in accordance with accepted actuarial practice, of the insurer’s future payments and claim adjustment expenses in respect of the claim exceeds the present value at that time, computed using a rate of interest that is reasonable in the circumstances, of a reasonable estimate, determined in accordance with accepted actuarial practice, of the amounts that the insurer will recover after that time in respect of the claim because of salvage, subrogation or any other reason; or
(b) in respect of the possibility that there are claims under an insurance policy incurred before that time that have not been made to the insurer before that time, an amount equal to the amount by which the present value at that time, computed using a rate of interest that is reasonable in the circumstances, of a reasonable estimate, determined in accordance with accepted actuarial practice, of the insurer’s payments and claim adjustment expenses in respect of those claims exceeds the present value at that time, computed using a rate of interest that is reasonable in the circumstances, of a reasonable estimate, determined in accordance with accepted actuarial practice, of the amounts that the insurer will recover in respect of those claims because of salvage, subrogation or any other reason;
“deposit accounting insurance policy” has the meaning assigned by subparagraph p of the first paragraph of section 835 of the Act;
“extended motor vehicle warranty” means an agreement, in this definition referred to as the “extended warranty”, under which a person agrees to provide property or render services in respect of the repair or maintenance of a motor vehicle manufactured by the person or a corporation related to the person where
(a) the extended warranty is in addition to a basic or limited warranty in respect of the vehicle;
(b) the basic or limited warranty has a term of 3 or more years, although it may expire before the end of such term on the vehicle’s odometer registering a specified number of kilometres or miles;
(c) more than 50% of the expenses to be incurred under the extended warranty are reasonably expected to be incurred after the expiry of the basic or limited warranty; and
(d) the person’s risk under the extended warranty is insured by an insurer that is subject to the supervision of the Superintendent of Financial Institutions;
“non-cancellable or guaranteed renewable accident and sickness policy” has the meaning assigned by section 840R1;
“policy liability” has the meaning assigned by section 840R1;
“post-1995 non-cancellable or guaranteed renewable accident and sickness policy” has the meaning assigned by section 840R1;
“pre-1996 non-cancellable or guaranteed renewable accident and sickness policy” has the meaning assigned by sections 840R1 and 840R5;
“reinsurance commission”, in respect of a policy, means
(a) where the risk under the policy is fully reinsured, the amount by which the amount of the premium paid by the policyholder in respect of the policy exceeds the amount of the consideration payable by the insurer in respect of the reinsurance of the risk; or
(b) where only a portion of the risk under the policy is reinsured, the amount by which the portion of the amount of the premium paid by the policyholder in respect of the policy that may reasonably be considered to be in respect of the portion of the risk that is reinsured with a reinsurer exceeds the amount of the consideration payable by the insurer to the reinsurer in respect of the reinsurance of that portion of the risk;
“reinsurance recoverable amount” has the meaning assigned by section 840R1;
“reported reserve” has the meaning assigned by section 840R1;
“Superintendent of Financial Institutions” has the meaning assigned by section 840R1.
152R1. In this chapter,
“claim liability” of an insurer at the end of a taxation year means
(a) in respect of a claim made to the insurer before that time under an insurance policy, an amount equal to the amount by which the present value at that time, computed using a rate of interest that is reasonable in the circumstances, of a reasonable estimate, determined in accordance with accepted actuarial practice, of the insurer’s future payments and claim adjustment expenses in respect of the claim exceeds the present value at that time, computed using a rate of interest that is reasonable in the circumstances, of a reasonable estimate, determined in accordance with accepted actuarial practice, of the amounts that the insurer will recover after that time in respect of the claim because of salvage, subrogation or any other reason; or
(b) in respect of the possibility that there are claims under an insurance policy incurred before that time that have not been made to the insurer before that time, an amount equal to the amount by which the present value at that time, computed using a rate of interest that is reasonable in the circumstances, of a reasonable estimate, determined in accordance with accepted actuarial practice, of the insurer’s payments and claim adjustment expenses in respect of those claims exceeds the present value at that time, computed using a rate of interest that is reasonable in the circumstances, of a reasonable estimate, determined in accordance with accepted actuarial practice, of the amounts that the insurer will recover in respect of those claims because of salvage, subrogation or any other reason;
“extended motor vehicle warranty” means an agreement, in this definition referred to as the “extended warranty”, under which a person agrees to provide property or render services in respect of the repair or maintenance of a motor vehicle manufactured by the person or a corporation related to the person where
(a) the extended warranty is in addition to a basic or limited warranty in respect of the vehicle;
(b) the basic or limited warranty has a term of 3 or more years, although it may expire before the end of such term on the vehicle’s odometer registering a specified number of kilometres or miles;
(c) more than 50% of the expenses to be incurred under the extended warranty are reasonably expected to be incurred after the expiry of the basic or limited warranty; and
(d) the person’s risk under the extended warranty is insured by an insurer that is subject to the supervision of the Superintendent of Financial Institutions;
“non-cancellable or guaranteed renewable accident and sickness policy” has the meaning assigned by section 840R1;
“policy liability” has the meaning assigned by section 840R1;
“post-1995 non-cancellable or guaranteed renewable accident and sickness policy” has the meaning assigned by section 840R1;
“pre-1996 non-cancellable or guaranteed renewable accident and sickness policy” has the meaning assigned by sections 840R1 and 840R5;
“reinsurance commission”, in respect of a policy, means
(a) where the risk under the policy is fully reinsured, the amount by which the amount of the premium paid by the policyholder in respect of the policy exceeds the amount of the consideration payable by the insurer in respect of the reinsurance of the risk; or
(b) where only a portion of the risk under the policy is reinsured, the amount by which the portion of the amount of the premium paid by the policyholder in respect of the policy that may reasonably be considered to be in respect of the portion of the risk that is reinsured with a reinsurer exceeds the amount of the consideration payable by the insurer to the reinsurer in respect of the reinsurance of that portion of the risk;
“reported reserve” has the meaning assigned by section 840R1;
“Superintendent of Financial Institutions” has the meaning assigned by section 840R1.
