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A-32.1, r. 1 - Regulation under the Act respecting insurance
Section 2
Disposition versions
2. An application for the constitution of an insurance company must also be accompanied by a business plan that contains opening financial statements, 5-year financial forecasts and a description of the organizational structure.
The business plan must be supported by a minimum 5-year actuarial projection pertaining to the balance sheet, income statement and statement of retained earnings, and capital adequacy.
The actuarial projection must contain a description of the calculation assumptions used, and be drawn up by an actuary who is a Fellow of the Canadian Institute of Actuaries practising in the insurance of persons or damage insurance, depending on the type of insurance to be transacted by the company.
The documents must be sent to the Minister and to the Autorité des marchés financiers.
