A-32 - Act respecting insurance

Section 244 Disposition versions

2003-02-12

244. Every insurer must exercise its investment powers with prudence and care and in accordance with any government regulation.

Every insurer must adhere to sound and prudent investment management practices.

In addition, every insurer must act with honesty and loyalty in the best interests of its insureds, shareholders or members.

1974, c. 70, s. 244; 1976, c. 39, s. 14; 1977, c. 5, s. 14; 1984, c. 22, s. 48; 1987, c. 54, s. 9; 2002, c. 70, s. 98.

1987-06-23

244. Every insurer shall invest or lend its funds as would, in similar circumstances, a prudent and reasonable person and act with honesty and loyalty in the best interest of its insured, shareholders or members.

1974, c. 70, s. 244; 1976, c. 39, s. 14; 1977, c. 5, s. 14; 1984, c. 22, s. 48; 1987, c. 54, s. 9.

1984-06-20

244. Every insurer shall invest or lend the company’s funds as would, in similar circumstances, a prudent and reasonable person and act with honesty and loyalty in the best interest of the insured and of the shareholders or members of the company.

1974, c. 70, s. 244; 1976, c. 39, s. 14; 1977, c. 5, s. 14; 1984, c. 22, s. 48.

1977-12-31

244. Any insurer may acquire and hold bonds or other securities issued or guaranteed by:

(a)  Québec or another province of Canada;

(b)  Canada;

(c)  the United States of America or any state of that country;

(d)  any country where the insurer transacts or any province or state of that country;

(e)  the International Bank for Reconstruction and Development, the Inter-American Development Bank and the Asian Development Bank;

(f)  a municipal or school corporation in Canada or in any other country where the company carries on business, or the Conseil scolaire de l’île de Montréal.

1974, c. 70, s. 244; 1976, c. 39, s. 14; 1977, c. 5, s. 14.