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

Section 840r30 Disposition versions

2019-06-19

840R30. (Revoked).

s. 840R20.1; O.C. 1549-88, s. 25; O.C. 91-94, s. 93; O.C. 134-2009, s. 1; 2019, c. 14, s. 646.

2012-09-01

840R30. An insurer may deduct, in respect of a policy referred to in section 840R22 under which, after the end of the year, a claim is made in respect of a death that occurred before the end of the year, an amount not exceeding the lesser of

(a)  the amount by which the present value, at the end of the year, of the payments to be made in respect of the claim or an estimate of those payments that is reasonable in the circumstances exceeds the maximum amounts that the insurer may deduct for the year in respect of the policy under sections 840R22 and 840R32 to 840R34; 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, it its financial statements for the year.

s. 840R20.1; O.C. 1549-88, s. 25; O.C. 91-94, s. 93; O.C. 134-2009, s. 1.