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A-32 - Act respecting insurance
Section 253
Disposition versions
253. (Repealed).
253. (1) Any insurer may acquire and hold real estate in Canada or in any other country where it carries on business.
(2) Subject to section 254, the acquisition of real estate by the insurer shall be subject to the following restrictions:
(a) an insurer’s total investment in real estate shall not exceed 15 per cent of its assets;
(b) an insurer’s total investment in the real estate constituting any single undertaking and held by the insurer as a source of income shall not exceed 4 per cent of its assets;
(c) an insurer’s total investment in the real estate held by it for its own use shall not exceed 5 per cent of its assets;
(d) an insurer’s total investment in the real estate held by it both as a source of income and for its own use shall not exceed 7 per cent of its assets;
(e) an insurer’s total investment in any country other than Canada where it carries on business shall not exceed the total amount of its obligations towards its insured in that other country.
For the application of this section, an insurer is deemed to hold real estate for its own use, only if it occupies at least 75 per cent of it for such use.
253. (1) Any insurer may acquire and hold real estate in Canada or in any other country where it carries on business.
(2) Subject to section 254, the acquisition of real estate by the insurer shall be subject to the following restrictions:
(a) an insurer’s total investment in real estate shall not exceed 12 per cent of its assets;
(b) an insurer’s total investment in the real estate constituting any single undertaking and held by the insurer as a source of income shall not exceed 2 per cent of its assets;
(c) an insurer’s total investment in the real estate held by it for its own use shall not exceed 5 per cent of its assets;
(d) an insurer’s total investment in the real estate held by it both as a source of income and for its own use shall not exceed 7 per cent of its assets;
(e) an insurer’s total investment in any country other than Canada where it carries on business shall not exceed the total amount of its obligations towards its insured in that other country.
For the application of this section, an insurer is deemed to hold real estate for its own use, only if it occupies at least 75 per cent of it for such use.
