A-32.1, r. 1 - Regulation under the Act respecting insurance

Section 87 Disposition versions

2015-01-07

87. The amount payable on the occurrence of an event insured against under a group insurance contract on the life or health of depositors may not exceed the greatest of

(1)  the balance on deposit or the amount invested with the policyholder;

(2)  the amounts to be deposited or invested by the depositor with the policyholder;

(3)  the amount determined or to be determined, payable at maturity, if the depositor undertook to pay the amount in cash on a date that is specified or to be specified; and

(4)  an amount of $25,000 in the case of insurance issued through a financial services cooperative.

The amount in subparagraph 4 of the first paragraph is adjusted annually based on the percentage increase in the average of the Consumer Price Index for Canada, published by Statistics Canada under the Statistics Act (R.S.C. 1985, c. S-19), for the 12 months of the preceding year compared to the 12 months of the year prior to that year.

If an annual average or the percentage calculated pursuant to the second paragraph or the amount thus adjusted has more than 2 decimals, only the first 2 decimals are retained and the second is increased by one unit if the third decimal is equal to or greater than 5.

O.C. 887-2009, s. 87; O.C. 1104-2014, s. 5.

2012-09-01

87. The amount payable on the death of a participant under a group insurance contract on the life of depositors may not exceed the greatest of

(1)  the balance on deposit or the amount invested with the policyholder;

(2)  the amounts to be deposited or invested by the depositor with the policyholder;

(3)  the amount determined or to be determined, payable at maturity, if the depositor undertook to pay the amount in cash on a date that is specified or to be specified; and

(4)  an amount of $25,000 in the case of insurance issued through a financial services cooperative.

The amount in subparagraph 4 of the first paragraph is adjusted annually based on the percentage increase in the average of the Consumer Price Index for Canada, published by Statistics Canada under the Statistics Act (R.S.C. 1985, c. S-19), for the 12 months of the preceding year compared to the 12 months of the year prior to that year.

If an annual average or the percentage calculated pursuant to the second paragraph or the amount thus adjusted has more than 2 decimals, only the first 2 decimals are retained and the second is increased by one unit if the third decimal is equal to or greater than 5.

O.C. 887-2009, s. 87.