A-32 - Act respecting insurance

Section 276 Disposition versions

1996-12-23

276. (Repealed).

1974, c. 70, s. 276; 1979, c. 33, s. 23; 1982, c. 52, s. 80; 1996, c. 63, s. 49.

1983-04-01

276. Every insurer other than a mutual benefit association, transacting insurance of persons must maintain a reserve sufficient to guarantee its obligations to its insured in accordance with the following provisions:

(a)  the assumptions regarding interest rates, mortality, morbidity or other contingencies must be those considered by the actuary appointed in conformity with the second paragraph of section 309 to be appropriate with respect to the financial situation of the insurer and the insurer’s contracts of insurance of persons, and considered acceptable by the Inspector General;

(b)  the valuation methods used must be in conformity with the standards and methods established by regulation.

1974, c. 70, s. 276; 1979, c. 33, s. 23; 1982, c. 52, s. 80.

1979-06-22

276. Every insurer other than a mutual benefit association, transacting insurance of persons must maintain a reserve sufficient to guarantee its obligations to its insured in accordance with the following provisions:

(a)  the assumptions regarding interest rates, mortality, morbidity or other contingencies must be those considered by the actuary appointed in conformity with the second paragraph of section 309 to be appropriate with respect to the financial situation of the insurer and the insurer’s contracts of insurance of persons, and considered acceptable by the Superintendent;

(b)  the valuation methods used must be in conformity with the standards and methods established by regulation.

1974, c. 70, s. 276; 1979, c. 33, s. 23.

1977-12-31

276. Every insurer other than a mutual benefit association, transacting insurance of persons must maintain a reserve sufficient to guarantee its obligations to its insured in accordance with the following provisions:

(a)  the mortality tables and sickness tables, other contingency tables and methods of computing must comply with the standards established by the regulations;

(b)  the rate of interest must not exceed 4 per cent for contracts of insurance of persons but the Superintendent may allow a higher rate of interest for a particular class of contracts during the period which he determines;

(c)  the part of the reserve ralating to policies having a surrender value must not be less than the amount of the surrender values of such policies.

1974, c. 70, s. 276.