15-501 - Exemptions of Certain Contracts Issued by Insurance Companies from PEI Securities Laws

Securities Act

R.S.P.E.I. 1988, Cap-S-3.1

Document Type: Local Rule

Document No: 15-501

Subject: Exemption of Certain Contracts Issued by Insurance Companies from Prince Edward Island Securities Laws

Effective Date: March 17, 2008

Local Rule 15-501 Exemption of Certain Contracts Issued by Insurance Companies from Prince Edward Island Securities Laws

Part 1 Definitions

1.1 In this Rule:

“Act” means the Securities Act R.S.P.E.I. 1988, Cap-S-3.1;

“insurance contract” means

(a) a security as defined in subclause 1(bbb)(v) of the Act that is a contract issued by an insurance company which provides for payment at maturity of an amount not less than three quarters of the premiums paid by the purchaser for a benefit payable at maturity;

(b) a security as defined in subclause 1(bbb)(x) of the Act that is an income or annuity contract issued by an insurance company.

Part 2 Exemption

2.1 An insurance contract is exempt from all and any provision of Prince Edward Island securities laws, with the exception of this Rule.

Part 3 Effective Date

3.1 This Rule comes into force on March 17, 2008.