BILL NO. 238
2nd Session, 63rd General Assembly
69 Elizabeth II, 2020
CHAPTER 12 OF THE ACTS OF 2020
The Honourable Karen Casey
Minister responsible for the Insurance Act
First Reading: February 28, 2020 (LINK TO BILL AS INTRODUCED)
Second Reading: March 3, 2020
Third Reading: March 9, 2020
Royal Assent: March 10, 2020
- (na) authorizing persons or classes of persons for the purpose set out in subsection 226A(2);
- 203A (1) In this Section,
(b) "side account" means an account associated with or a part of a contract that is intended to hold amounts in excess of the maximum amount permitted to be held in a contract that is exempt from accrual taxation pursuant to the Income Tax Act (Canada).
- (i) the amount required to pay future costs of insurance, related premium taxes and administrative fees or charges, and
(b) with respect to a contract that is not exempt from accrual taxation pursuant to the Income Tax Act (Canada), the amount that may be held in a contract together with any associated side account must not exceed the amount required to pay future costs of insurance, related premium taxes and administrative fees or charges.
(3) The amounts referred to in clauses (a) and (b) of subsection (2) are as determined from time to time by the insurer on an actuarial basis using the remaining lifetime of the persons then insured under the contract.
- 226A (1) Any person, other than an insurer or its authorized agent, who advertises or purports to be a purchaser of insurance or of benefits under insurance or who deals or trades in insurance for the purpose of procuring the sale, surrender, transfer, assignment, pledge or hypothecation of insurance to the person or any other person is guilty of an offence.
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