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

Section 840r5 Disposition versions

2023-09-26

840R5. (Revoked).

s. 840R3.2; O.C. 1463-2001, s. 98; O.C. 1470-2002, s. 58; O.C. 134-2009, s. 1; S.Q. 2023, c. 19, s. 166.

2012-09-01

840R5. For the purposes of the definition of “pre-1996 life insurance policy” and of “pre-1996 non-cancellable or guaranteed renewable accident and sickness policy” in section 840R1, a change in the amount of any benefit or in the amount or number of any premiums or other amounts payable under a policy is deemed not to have occurred where the change results from

(a)  a change in an underwriting class;

(b)  a change in frequency of premium payments within a year that does not alter the present value, at the beginning of the year, of the total premiums to be paid under the policy in the year;

(c)  the deletion of a rider;

(d)  the correction of erroneous information;

(e)  the reinstatement of the policy after its lapse, if the reinstatement occurs not later than 60 days after the end of the calendar year in which the lapse occurred;

(f)  the redating of the policy for policy loan indebtedness; or

(g)  a change in the amount of a benefit under the policy that is granted by the insurer on a class basis, where

i.  no consideration was payable by the policyholder or any other person for the change, and

ii.  the change was not made because of the terms or conditions of the policy or any other policy or contract to which the insurer is a party.

s. 840R3.2; O.C. 1463-2001, s. 98; O.C. 1470-2002, s. 58; O.C. 134-2009, s. 1.