A-32.1 - Insurers Act

Section 238 Disposition versions

2019-06-13

238. The Authority may require an insurance company to establish a legal person of which the company will be the holder of control in order to carry on an activity other than insurer activities,

(1)  if it constitutes the operation of an enterprise, regardless of the insurance company’s other activities; and

(2)  if, in the Authority’s opinion, it renders the application of this Act difficult or ineffective.

For the purposes of the first paragraph, an activity is deemed not to constitute the operation of an enterprise if it generates less than 2% of an insurance company’s gross income.

2018, c. 23, s. 3.

Not in force

In force: 2019-06-13

238. The Authority may require an insurance company to establish a legal person of which the company will be the holder of control in order to carry on an activity other than insurer activities,

(1)  if it constitutes the operation of an enterprise, regardless of the insurance company’s other activities; and

(2)  if, in the Authority’s opinion, it renders the application of this Act difficult or ineffective.

For the purposes of the first paragraph, an activity is deemed not to constitute the operation of an enterprise if it generates less than 2% of an insurance company’s gross income.

2018, c. 23, s. 3.