I-3, r. 1 - Regulation respecting the Taxation Act

Section 92.11r11 Disposition versions

2019-06-19

92.11R11. For the purpose of applying section 92.11R8 in respect of an exemption test policy in respect of a life insurance policy issued before 1 January 2017 and despite section 92.11R10, the following rules apply:

(a)  where the rates referred to in section 92.11R10 do not exist, the rates that are required to be used are the minimum guaranteed interest rates that were used under the life insurance policy in order to determine the cash surrender values, and the mortality rates set forth in the table entitled “Commissioners 1958 Standard Ordinary Mortality Table”, published in Volume X of the “Transactions of the Society of Actuaries”, that apply to the person whose life is insured under the life insurance policy; and

(b)  where, in respect of the life insurance policy, the particular period for which an amount is determined under subparagraph ii of subparagraph c of the second paragraph of section 92.11R12.2 does not extend to the exemption test policy’s endowment date, the rate that is required to be used for the period following the particular period, but preceding that date, is the weighted arithmetic mean of the interest rates used to determine that amount.

s. 92.11R1.0.9; O.C. 67-96, s. 10; O.C. 134-2009, s. 1; S.Q. 2019, c. 14, s. 626.

2012-09-01

92.11R11. For the purposes of section 92.11R8 and despite section 92.11R10, the following rules apply:

(a)  where the rates referred to in section 92.11R10 do not exist, the rates that are required to be used are the minimum guaranteed interest rates that were used under the life insurance policy in order to determine the cash surrender values, and the mortality rates set forth in the table entitled “Commissioners 1958 Standard Ordinary Mortality Table”, published in Volume X of the “Transactions of the Society of Actuaries”, that apply to the person whose life is insured under the life insurance policy; and

(b)  where, in respect of the life insurance policy in respect of which the standard policy for purposes of exemption is issued, the period for which an amount is fixed under paragraph b of section 840R22 does not extend to the date determined under paragraph b of section 92.19R5, the rate that is required to be used for the period following that period, but preceding that date, is the weighted arithmetic mean of the interest rates used to fix that amount.

s. 92.11R1.0.9; O.C. 67-96, s. 10; O.C. 134-2009, s. 1.