August 12, 1944 (19th Parliament, 5th Session)

LIB

James Lorimer Ilsley (Minister of Finance and Receiver General)

Liberal

Mr. ILSLEY:

The superintendent of insurance is now looking up the section of our Insurance Act which is applicable. My understanding is-and I shall confirm it in a moment -that Canadian insurance companies cannot leave investments in the United States greater than the reserves required to cover their liabilities there. That is set out in section 81 (2) of the Insurance Act.

Topic:   LIFE INSURANCE COMPANIES
Subtopic:   EXTENSION OF AUTHORIZED INVESTMENTS IN UNITED STATES SECURITIES
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