79(1)Every licensed insurer shall prepare annually and deliver to the Superintendent on or before the last day of March in each year, a statement of the condition of affairs of the insurer as at the thirty-first day of December last preceding, which statement shall be in such form and verified in such manner as is prescribed by the Superintendent and shall exhibit the assets, liabilities, receipts and expenditures of the insurer for the year ended on that date, and shall exhibit particulars of the business done in the Province during such year and such other information as is deemed necessary by the Superintendent.

79(2)In the case of an insurer designated by the Financial and Consumer Services Commission, the Superintendent may, in lieu of the annual statement required to be filed by all insurers under subsection (1), direct the preparation of a modified statement respecting the business of the insurer in the Province only.

79(3)In the case of a corporation such statement shall be verified by the president, vice-president or managing director, or other director appointed for the purpose by the board of directors, and by the secretary or manager of the corporation.

79(4)Every insurer shall, when required by the Superintendent, make prompt and explicit answer to any inquiry directed to the insurer by him in relation to the statement or in relation to the transactions of the insurer in the Province.

79(5)Subject to subsection (6), in the case of all classes of insurance other than life insurance, and in the case of all insurers, the statement shall show as a liability of the insurer, eighty per cent of the actual portions of unearned premiums on all business in force on the thirty-first day of December then last past, or eighty per cent of fifty per cent of the premiums written in its policies and received in respect of contracts having one year or less to run, and pro rata on those for longer periods.

79(6)In the case of non-cancellable accident and sickness insurance, the statement shall show as a liability of the insurer a reserve computed on such bases and in accordance with such methods as will place an adequate value on the liabilities thereunder, but in no case shall the value placed upon the benefits under any policy be less than the value placed upon the future premiums.

79(7)In the case of insurers transacting life insurance the statements shall show as a liability the valuation of outstanding contracts of insurance according to the standard for valuation of policies of life insurance prescribed by this Act, or such higher standard as the insurer, with the approval of the Superintendent, adopts.

79(8)The statements shall not show as assets the unpaid balances owing by agents or other insurers in respect of business written prior to the first day of October in the preceding year, or bills receivable on account thereof, or unpaid capital or premium on subscribed shares of capital stock, or investment in office furnishings or equipment, nor shall such statements include as assets any investments not authorized by any Act to which the insurer is subject.

79(9)Every licensed insurer may, in its annual statement or in any valuation of its securities, value all of its securities, having a fixed term and rate and not in default as to principal or interest, according to the following rule: If purchased at par at the par value; if purchased above or below par on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield in the meantime the effective rate of interest at which the purchase was made, but the purchase price shall in no case be taken at a higher figure than the actual market value at the time of purchase. The Superintendent shall have full discretion in determining the method of calculating values according to the foregoing rule.

79(1)Every licensed insurer shall prepare annually and deliver to the Superintendent on or before the last day of March in each year, a statement of the condition of affairs of the insurer as at the thirty-first day of December last preceding, which statement shall be in such form and verified in such manner as is prescribed by the Superintendent and shall exhibit the assets, liabilities, receipts and expenditures of the insurer for the year ended on that date, and shall exhibit particulars of the business done in the Province during such year and such other information as is deemed necessary by the Minister or Superintendent.

79(2)In the case of an insurer designated by order of the Lieutenant-Governor in Council the Superintendent may, in lieu of the annual statement required to be filed by all insurers under subsection (1), direct the preparation of a modified statement respecting the business of the insurer in the Province only.

79(3)In the case of a corporation such statement shall be verified by the president, vice-president or managing director, or other director appointed for the purpose by the board of directors, and by the secretary or manager of the corporation.

79(4)Every insurer shall, when required by the Superintendent, make prompt and explicit answer to any inquiry directed to the insurer by him in relation to the statement or in relation to the transactions of the insurer in the Province.

79(5)Subject to subsection (6), in the case of all classes of insurance other than life insurance, and in the case of all insurers, the statement shall show as a liability of the insurer, eighty per cent of the actual portions of unearned premiums on all business in force on the thirty-first day of December then last past, or eighty per cent of fifty per cent of the premiums written in its policies and received in respect of contracts having one year or less to run, and pro rata on those for longer periods.

79(6)In the case of non-cancellable accident and sickness insurance, the statement shall show as a liability of the insurer a reserve computed on such bases and in accordance with such methods as will place an adequate value on the liabilities thereunder, but in no case shall the value placed upon the benefits under any policy be less than the value placed upon the future premiums.

79(7)In the case of insurers transacting life insurance the statements shall show as a liability the valuation of outstanding contracts of insurance according to the standard for valuation of policies of life insurance prescribed by this Act, or such higher standard as the insurer, with the approval of the Superintendent, adopts.

79(8)The statements shall not show as assets the unpaid balances owing by agents or other insurers in respect of business written prior to the first day of October in the preceding year, or bills receivable on account thereof, or unpaid capital or premium on subscribed shares of capital stock, or investment in office furnishings or equipment, nor shall such statements include as assets any investments not authorized by any Act to which the insurer is subject.

79(9)Every licensed insurer may, in its annual statement or in any valuation of its securities, value all of its securities, having a fixed term and rate and not in default as to principal or interest, according to the following rule: If purchased at par at the par value; if purchased above or below par on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield in the meantime the effective rate of interest at which the purchase was made, but the purchase price shall in no case be taken at a higher figure than the actual market value at the time of purchase. The Superintendent shall have full discretion in determining the method of calculating values according to the foregoing rule.