INSURANCE IN CANADA.

WHAT IS REQUIRED OF COMPANIES DOING BUSINESS IN THE DOMINION.

THE INSURANCE ACT, 1910, was passed during the session of the year 1910 of the Dominion Parliament and became law on
May 4, 1910. The Consolidated Act in force up to that time was repealed, with the exception of sections 49, 51, 52 and 71, which
remained in force until January 1, 1911, and were repealed on that date.

Under the Insurance Act, 1910, no company or underwriters or other person can do business in the Dominion without
obtaining a license from the Minister of Finance. In order to obtain such a license every life company and every fire company
must deposit with the Receiver-General the sum of fifty thousand dollars.

It is provided, however, that in case of any such company incorporated elsewhere than within Canada when its liabilities
to policyholders in Canada, including the full reserve for reinsurance value of all its Canadian policies, exceed its assets in
Canada, then the company will be required to make good the deficit by adding to its deposits with the Receiver-General, or by
creating a special trust in the hands of two or more persons resident in Canada or in a Canadian trust company. Hereafter no
trustee, except a trust company, shall be approved by the Minister.

Companies doing marine business exclusively are not subject to the act.

Companies other than life, fire or marine, in order to do business in Canada, are required to obtain a license from the
Minister of Finance, and the Treasury Board must in each case decide what shall be the amount of deposit.

Every company is required to file in the Department of Insurance, within two months after the 1st day of January in each
year, a sworn statement of its condition and affairs as at December 31 of the preceding year.

The policy liabilities of life insurance companies doing business in Canada, under policies issued previous to January 1,
1900, are to be valued according to the British Offices Life Tables, 1893, O. M. (5), at 4 per cent interest, until January 1,
1915; and after January 1, 1915, by the same tables, with interest at 31⁄2 per cent. All policies issued on or after January 1,
1900, are to be valued according to the British Offices Life Tables, 1893, O. M. (5), with interest at 32 per cent.

Toward defraying the expenses of the Department of Insurance a sum shall be annually contributed by the companies,
which sum shall be assessed pro rata upon the gross premiums received by each during the preceding year, such sum to be paid
upon the demand of the Superintendent of Insurance.

1908

1907

400,000

1911 556,975 100,055 991,202 824.927 66,221 233.303 42,441 275.744
1910 558,475 99.470 837,167 686,354 49.343 206,105 45.378 251,483
1909 558,675 98,946 715,894 593,217 23.730 181,662
1908 567,550 98,404 633.335 509.715 25,210 159,609
1907
556,400 158,614 433,829 419.313
1911 400,000 100,000 2,530,406 2,115,176
1910 400,000 100,000 2,174,606 1,790,175
1909 400,000 100,000 1,865,953 1,550.931
400,000 100,000 1,620,362 1,351,861
100,000 1,409, 112 1,179,038

47.554 103.565 49,691

11.173

162,292

32,945 214,607

47.356

87.753
58,376

11,140 148,583

19,156 178,765

29.480 48,070

160,400 19,108

179,508

35.918

11,045 115.777
None. 77,550
55,719 None. 91,737

130,000 4,446,969 4.169,428
130,000 3.996,215 3.720,855
130,000 3,643.950 3.352,254
130,000 3.314,857 3.044.786
130,000 2,977,625 2,763,709

76,995
66,826 277,513
49,845 74,265
None.
204,526
46,929 251,455 66,198 71,624
None. 137,822
199,789 46,762 246,551
54,681 73,997
None. 128,678
193,154 38,873 232,027 77,693 72,301 None.

78,278 None. 155,273

124,110

149,994

352,775 1,546,172
306,066 1,373,938
281,740 1,216,544
231,209 1,095,699
174,049 947,159

287,720 354,144 43,875
237,409 309,555 39,375
194.157 262,722 36,000
177,292 238,113 33,750 447,155
163.777 216,905 27,000
407,682

685,739

586,339

492,879