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

Section 92.19r7 Disposition versions

2019-06-19

92.19R7. A premium paid at a particular time under a life insurance policy is a premium to which paragraph a of section 92.19R6.3 refers where the total amount of one or more premiums paid at that time under the policy exceeds the amount of the premium that was to be paid under the policy at that time, as determined not later than 1 December 1982 and as adjusted to take into account those events among the following events occurring after that date in respect of the policy:

(a)  a change in the underwriting class;

(b)  a change in the premium following a change in the frequency of premium payments during a year having no effect on the actualized value at the beginning of the year of the aggregate of the premiums to be paid in that year under the policy;

(c)  the addition or deletion of an accidental death benefit or a guaranteed purchase option or of a disability benefit providing for annuity payments or a waiver of premium payments;

(d)  an adjustment of the premium attributable to interest, death or expenses or a change in the death benefit under the policy following an increase in the Consumer Price Index published by Statistics Canada under the Statistics Act (R.S.C. 1985, c. S-19), the adjustment being made by the life insurer for each class in accordance with the terms of the policy as they read on 1 December 1982 and not resulting from the exercise of a conversion privilege under the policy;

(e)  a change resulting from the provision of an additional death benefit under a participating life insurance policy within the meaning of subparagraph f of the first paragraph of section 835 of the Act, either as policy dividends or other amounts distributed out of the life insurer’s income from the carrying on of the participating life insurance business as determined under sections 92.19R9 to 92.19R13, or as interest earned on policy dividends left on deposit with the life insurer;

(f)  the reinstatement, within the time prescribed in subparagraph iii of paragraph a of section 966 of the Act, of lapsed policies or reinstatement owing to an amount outstanding under a policy loan;

(g)  a change in premium following correction of erroneous information contained in the policy application;

(h)  payment of a premium after the due date or payment of a premium within 30 days preceding the due date, as determined not later that 1 December 1982; or

(i)  payment of the interest referred to in paragraph b.3 of section 966 of the Act.

s. 92.19R8; O.C. 7-87, s. 2; O.C. 1114-93, s. 12; O.C. 35-96, s. 86; O.C. 1470-2002, s. 9; O.C. 1282-2003, s. 10; O.C. 134-2009, s. 1; O.C. 390-2012, s. 8; O.C. 321-2017, s. 3; S.Q. 2019, c. 14, s. 634.

2017-04-12

92.19R7. A premium paid at a particular time under a life insurance policy is a premium to which paragraph c of section 92.19R6 refers where the total amount of one or more premiums paid at that time under the policy exceeds the amount of the premium that was to be paid under the policy at that time, as determined not later than 1 December 1982 and as adjusted to take into account those events among the following events occurring after that date in respect of the policy:

(a)  a change in the underwriting class;

(b)  a change in the premium following a change in the frequency of premium payments during a year having no effect on the actualized value at the beginning of the year of the aggregate of the premiums to be paid in that year under the policy;

(c)  the addition or deletion of an accidental death benefit or a guaranteed purchase option or of a disability benefit providing for annuity payments or a waiver of premium payments;

(d)  an adjustment of the premium attributable to interest, death or expenses or a change in the death benefit under the policy following an increase in the Consumer Price Index published by Statistics Canada under the Statistics Act (R.S.C. 1985, c. S-19), the adjustment being made by the life insurer for each class in accordance with the terms of the policy as they read on 1 December 1982 and not resulting from the exercise of a conversion privilege under the policy;

(e)  a change resulting from the provision of an additional death benefit under a participating life insurance policy within the meaning of subparagraph f of the first paragraph of section 835 of the Act, either as policy dividends or other amounts distributed out of the life insurer’s income from the carrying on of the participating life insurance business as determined under sections 92.19R9 to 92.19R13, or as interest earned on policy dividends left on deposit with the life insurer;

(f)  the reinstatement, within the time prescribed in subparagraph iii of paragraph a of section 966 of the Act, of lapsed policies or reinstatement owing to an amount outstanding under a policy loan;

(g)  a change in premium following correction of erroneous information contained in the policy application;

(h)  payment of a premium after the due date or payment of a premium within 30 days preceding the due date, as determined not later that 1 December 1982; or

(i)  payment of the interest referred to in paragraph b.3 of section 966 of the Act.

s. 92.19R8; O.C. 7-87, s. 2; O.C. 1114-93, s. 12; O.C. 35-96, s. 86; O.C. 1470-2002, s. 9; O.C. 1282-2003, s. 10; O.C. 134-2009, s. 1; O.C. 390-2012, s. 8; O.C. 321-2017, s. 3.

2012-09-01

92.19R7. A premium paid at a particular time under a life insurance policy is a premium to which paragraph c of section 92.19R6 refers where the total amount of one or more premiums paid at that time under the policy exceeds the amount of the premium that was to be paid under the policy at that time, as determined not later than 1 December 1982 and as adjusted to take into account those events among the following events occurring after that date in respect of the policy:

(a)  a change in the underwriting class;

(b)  a change in the premium following a change in the frequency of premium payments during a year having no effect on the actualized value at the beginning of the year of the aggregate of the premiums to be paid in that year under the policy;

(c)  the addition or deletion of an accidental death benefit or a guaranteed purchase option or of a disability benefit providing for annuity payments or a waiver of premium payments;

(d)  an adjustment of the premium attributable to interest, death or expenses or a change in the death benefit under the policy following an increase in the Consumer Price Index published by Statistics Canada under the Statistics Act (R.S.C. 1985, c. S-19), the adjustment being made by the life insurer for each class in accordance with the terms of the policy as they read on 1 December 1982 and not resulting from the exercise of a conversion privilege under the policy;

(e)  a change resulting from the provision of an additional death benefit under a participating life insurance policy within the meaning of subparagraph f of the first paragraph of section 835 of the Act, either as policy dividends or other amounts distributed out of the life insurer’s income from the carrying on of the participating life insurance business as determined under sections 841R1 to 841R5, or as interest earned on policy dividends left on deposit with the life insurer;

(f)  the reinstatement, within the time prescribed in subparagraph iii of paragraph a of section 966 of the Act, of lapsed policies or reinstatement owing to an amount outstanding under a policy loan;

(g)  a change in premium following correction of erroneous information contained in the policy application;

(h)  payment of a premium after the due date or payment of a premium within 30 days preceding the due date, as determined not later that 1 December 1982; or

(i)  payment of the interest referred to in paragraph b.3 of section 966 of the Act.

s. 92.19R8; O.C. 7-87, s. 2; O.C. 1114-93, s. 12; O.C. 35-96, s. 86; O.C. 1470-2002, s. 9; O.C. 1282-2003, s. 10; O.C. 134-2009, s. 1; O.C. 390-2012, s. 8.