Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
300 Declaration of policy dividend or bonus
company that issues participating policies may declare, and the
company may pay or otherwise satisfy, a dividend, bonus or other
benefit on those policies in accordance with its dividend or bonus
policy.
(2) The directors must, before declaring a dividend, bonus or other
benefit on participating policies, consider a written report, which
the actuary of the provincial company must make, on whether in
the actuary's opinion the dividend, bonus or other benefit is in
accordance with the dividend or bonus policy of the company.
RSA 2000
(3) The directors of a provincial company must not declare a
dividend, bonus or other benefit to participating policyholders if
there are reasonable grounds for believing that the company is, or
the payment or other satisfaction would cause the company to be,
in contravention of the requirements of Subpart 10.
1999 cI-5.1 s300