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I-3 - Taxation Act

Section 835.1
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835.1. For the purpose of determining the amount of the contractual service margin, liability for incurred claims and liability for remaining coverage for a group of insurance contracts of an insurer, the following rules apply:
(a)  where the amount is reported as a liability, the amount is expressed as a positive number; and
(b)  where the amount is reported as an asset, the amount is expressed as a negative number.
For the purpose of determining the amount of the contractual service margin and reinsurance contract held amount for a group of reinsurance contracts held by an insurer, the following rules apply:
(a)  where the amount is reported as an asset, the amount is expressed as a positive number; and
(b)  where the amount is reported as a liability, the amount is expressed as a negative number.
2023, c. 19, s. 69.
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