OBS_VALUE: While foreign insurance companies may set up a wholly-owned subsidiary in Canada, once the subsidiary's equity reaches the 2 billion CAD threshold, at least 35% of its voting shares must be listed on a stock exchange or held by persons who are not major shareholders within 3 years. These requirements are imposed for prudential reasons. Under conditions set out in the ICA, insurance companies may be exempted from the public float requirement upon reaching 2 billion CAD in equity.