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
Subtopic: EXTENSION OF AUTHORIZED INVESTMENTS IN UNITED STATES SECURITIES