Mr. A. K. MACLEAN:
The purpose of this Bill is threefold. The Insurance Act now provides that British and foreign companies shall maintain a deposit with the Department of Finance at least equal to their total liabilities in Canada. The pur-
pose of this Bill is to require that the deposit shall not only equal the amount of their liabilities in Canada, but shall be in excess of their liabilities to the extent of 25 per cent. The second amendment proposed is to increase the initial deposit required of British and foreign companies prior to the commencement of their insurance business in Canada. The amount required to-day is $50,000, and it is proposed to raise that to $100,000. The third amendment proposed is to section 125 of the Insurance Act, which requires Canadian companies to maintain assets at least 15 per cent in excess of their total liabilities. The Bill proposes to raise the amount of this percentage to 25 per cent.
Motion agreed to and Bill read the first time.