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

Section 840r19 Disposition versions

2019-06-19

840R19. (Revoked).

s. 840R11.1; O.C. 1549-88, s. 24; O.C. 91-94, s. 89; O.C. 134-2009, s. 1; 2019, c. 14, s. 646.

2012-09-01

840R19. An insurer may deduct, in respect of a policy referred to in section 840R18, where a claim under the policy is made after the end of the year in respect of a death that occurred before the end of the year, an amount not exceeding the lesser of

(a)  the present value, at the end of the year, of the payments to be made in respect of the claim or of an estimate of those payments that is reasonable in the circumstances; and

(b)  95% of the amount of the reserve in respect of that claim, reported by the insurer in its annual report for the year filed with the Superintendent of Financial Institutions or, where the insurer was subject to the supervision of the Superintendent of Financial Institutions throughout the year but was not required to file an annual report with the Superintendent for the year, in its financial statements for the year.

s. 840R11.1; O.C. 1549-88, s. 24; O.C. 91-94, s. 89; O.C. 134-2009, s. 1.