I-3 - Taxation Act

Section 832.25 Disposition versions

2021-06-02

832.25. For the purposes of sections 6.2, 21.2 to 21.3.1, 83.0.3, 93.3.1 and 93.4, Division X.1 of Chapter III of Title III of Book III, sections 175.9, 222 to 230.0.0.2, 237 to 238.1, 308.0.1 to 308.6, 384, 384.4, 384.5, 418.26 to 418.30 and 485 to 485.18, paragraph d of section 485.42, sections 564.2 to 564.4.2 and 727 to 737 and paragraph f of section 772.13, control of an insurance corporation and each corporation controlled by it is deemed not to be acquired solely because of the acquisition of shares of the capital stock of the insurance corporation, in connection with the demutualization of the insurance corporation, by a particular corporation that at a particular time becomes a holding corporation in connection with the demutualization where, immediately after the particular time,

(a)  the particular corporation is not controlled by any person or group of persons; and

(b)  95% of the fair market value of all the assets of the particular corporation is less than the aggregate of

i.  the amount of the particular corporation’s money,

ii.  the amount of a deposit, with a financial institution, of such money standing to the credit of the particular corporation,

iii.  the fair market value of a bond, debenture, note or similar obligation that is owned by the particular corporation that had, at the time of its acquisition, a maturity date of not more than 24 months after that time, or

iv.  the fair market value of a share of the capital stock of the insurance corporation held by the particular corporation.

2001, c. 53, s. 167; 2009, c. 5, s. 351; 2019, c. 14, s. 276; 2021, c. 14, s. 102.

2019-06-19

832.25. For the purposes of sections 6.2, 21.2 to 21.3.1, 83.0.3, 93.3.1 and 93.4, Division X.1 of Chapter III of Title III of Book III, sections 175.9, 222 to 230.0.0.2, 237 to 238.1, 308.0.1 to 308.6, 384, 384.4, 384.5, 418.26 to 418.30 and 485 to 485.18, paragraph d of section 485.42, sections 564.2 to 564.4.2 and 727 to 737, paragraph f of section 772.13 and section 776.1.5.6, control of an insurance corporation and each corporation controlled by it is deemed not to be acquired solely because of the acquisition of shares of the capital stock of the insurance corporation, in connection with the demutualization of the insurance corporation, by a particular corporation that at a particular time becomes a holding corporation in connection with the demutualization where, immediately after the particular time,

(a)  the particular corporation is not controlled by any person or group of persons; and

(b)  95% of the fair market value of all the assets of the particular corporation is less than the aggregate of

i.  the amount of the particular corporation’s money,

ii.  the amount of a deposit, with a financial institution, of such money standing to the credit of the particular corporation,

iii.  the fair market value of a bond, debenture, note or similar obligation that is owned by the particular corporation that had, at the time of its acquisition, a maturity date of not more than 24 months after that time, or

iv.  the fair market value of a share of the capital stock of the insurance corporation held by the particular corporation.

2001, c. 53, s. 167; 2009, c. 5, s. 351; 2019, c. 14, s. 276.

2009-05-15

832.25. For the purposes of sections 6.2, 21.2 to 21.3.1, 83.0.3, 93.3.1, 93.4 and 106.4, Division X.1 of Chapter III of Title III of Book III, sections 175.9, 222 to 230.0.0.2, 237 to 238.1, 308.0.1 to 308.6, 384, 384.4, 384.5, 418.26 to 418.30 and 485 to 485.18, paragraph d of section 485.42, sections 564.2 to 564.4.2 and 727 to 737, paragraph f of section 772.13 and section 776.1.5.6, control of an insurance corporation and each corporation controlled by it is deemed not to be acquired solely because of the acquisition of shares of the capital stock of the insurance corporation, in connection with the demutualization of the insurance corporation, by a particular corporation that at a particular time becomes a holding corporation in connection with the demutualization where, immediately after the particular time,

(a)  the particular corporation is not controlled by any person or group of persons; and

(b)  95% of the fair market value of all the assets of the particular corporation is less than the aggregate of

i.  the amount of the particular corporation’s money,

ii.  the amount of a deposit, with a financial institution, of such money standing to the credit of the particular corporation,

iii.  the fair market value of a bond, debenture, note or similar obligation that is owned by the particular corporation that had, at the time of its acquisition, a maturity date of not more than 24 months after that time, or

iv.  the fair market value of a share of the capital stock of the insurance corporation held by the particular corporation.

2001, c. 53, s. 167; 2009, c. 5, s. 351.

2006-03-01

832.25. For the purposes of sections 6.2, 21.2 to 21.3.1, 83.0.3, 93.3.1, 93.4, 106.4, 158.1 to 158.14, 175.9, 222 to 230.0.0.2, 237 to 238.1, 308.0.1 to 308.6, 384, 384.4, 384.5, 418.26 to 418.30 and 485 to 485.18, paragraph d of section 485.42, sections 564.2 to 564.4.2 and 727 to 737, paragraph f of section 772.13 and section 776.1.5.6, control of an insurance corporation and each corporation controlled by it is deemed not to be acquired solely because of the acquisition of shares of the capital stock of the insurance corporation, in connection with the demutualization of the insurance corporation, by a particular corporation that at a particular time becomes a holding corporation in connection with the demutualization where, immediately after the particular time,

(a)  the particular corporation is not controlled by any person or group of persons; and

(b)  95% of the fair market value of all the assets of the particular corporation is less than the aggregate of

i.  the amount of the particular corporation’s money,

ii.  the amount of a deposit, with a financial institution, of such money standing to the credit of the particular corporation,

iii.  the fair market value of a bond, debenture, note or similar obligation that is owned by the particular corporation that had, at the time of its acquisition, a maturity date of not more than 24 months after that time, or

iv.  the fair market value of a share of the capital stock of the insurance corporation held by the particular corporation.

2001, c. 53, s. 167.