Bill 87 (Legislature 15, Session 2)

L15 S2 1527

Alberta — Bills

No. 87 2nd Session, 15th Legislature, Alberta 13 Elizabeth II BILL 87 A Bill to amend The Insurance Corporations. T'ax Act HON. MR. HOLOWACH Printed by L. S. WALL, Printer to the Queen's Most ExceJlent Majesty, Edmonton, Alberta, 1965

Explanatory Note I. This Bill amends

chapter 35 of the Statutes of Alberta, 1957.

Section 3, subsections (I,) and' (3') presently read: 3.

(1) Every insurance company shaH pay to the Provincial Secretary fon the use of the Province a tax equal to two per cent of the gross premiums receivable by it during the taxation year in respect of busi ness transacted in the Province by the company, after deducting from the gross premiums (

a) an amount equal to the cash value of dividends paid or credited to its policy-holders in that taxation year, (

b) an amount equal to the premiums returned in that taxation year, and (

c) an amount equal to the difference between the gross reinsur ance premiums paid or credited by an insurer to a reinsurer licensed in Alberta, and the sum of (

i) the cash value of dividends paid or credited to the insurer by the reinsurer, and (ii) the premiums returned by the reinsurer to the insurer.

(3) The tax imposed under this

section is not payable, (

a) by a company transacting life insurance, on amounts receiv able- a.s considera.tion for a·n annuity contract, or (Ib) in respect of premiums receivable under a contract of marine insurance. 3. Commencement of Act.

BILL No. 87 of 1965

An Act to amend The Insurance Corporations Tax Act (Assented to , 1965) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows: 1. The Insurance Corporations Tax Act is hereby amended. 2. Seetion 3 is amended (

a) as to subsection (1), ~

i) by adding the word "and" at the: end of clause (

a) and by striking out the word "ana~" at the end of claUise (b), Oi) by stri.king out clause (c), (

b) as to SUDrg'ection ~3) by adding the word ", or" at the encf of clause (

b) and by adding the follow ing after clause (b) : (

c) by a reinsurer" in respect (l)f reinsurance prem iums paid or credited to it by an insurer. 3. This Act comes into force on a date to be fixed by Proclamation.

No. 87 SECO'ND SESSION FIFTEENTH LEGISLATURE 13 ELIZABET'H II 1965 BILL

An Act to amend The Insurance Corpora tiona Tax Act Received and read the First time ......................................... . Second time. Third time ......................................... . HON. MR. HOLOWACH Title: 1965 (15th, 2nd) Bill 87,

An Act to amend The Insurance Corporations Tax Act

Document details

Collection	Alberta — Bills
Citation	L15 S2 1527
Type	bill
Volume / chapter	L15 S2 1527
Language	en
Format	json
Source	PROVINCIAL
Identifier	f3500eaa4d675a2de8ab82d570ac9e37bb99e8fa

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