Consolidated Statutes and Regulations
Consolidated Statutes
Consolidated Regulations
Annual Statutes and Regulations
Annual Statutes
Annual Regulations
Additional information
Québec Official Publisher
What’s new?
Information note
Policy of the Minister of Justice
Laws: Amendments
Laws: Provisions not in force
Laws: Provisions brought into force
Annual Statutes: PDF versions since 1996
Regulations: Amendments
Annual Regulations: PDF versions since 1996
Court Decisions
A-32 - Act respecting insurance
Section 247
Disposition versions
247. (Repealed).
247. Notwithstanding subparagraph d of section 245, an insurer, other than a mutual association or a professional order, may invest in a downstream holding provided the investment does not cause the book value of the aggregate of its investments in that holding to exceed 25 % of its assets.
The downstream holding is required to invest or lend its funds in accordance with this Chapter and Chapter III.1, except subparagraph h of section 245, as if it were an insurer. The subsidiary’s directors have the same duties and responsibilities as the insurer.
The investments of the downstream holding must be entered in the accounts with those of the insurer in proportion to the shares held by the insurer in the downstream holding in computing the percentages contemplated in section 245.
A downstream holding is a subsidiary.
An insurer who, on 15 March 1991, has invested more than 25 % of his assets in a downstream holding may keep that investment.
247. Notwithstanding subparagraph d of section 245, an insurer, other than a mutual association or a professional order, may invest up to 25 % of its assets in a downstream holding.
The downstream holding is required to invest or lend its funds in accordance with this Chapter and Chapter III.1, except subparagraph h of section 245, as if it were an insurer. The subsidiary’s directors have the same duties and responsibilities as the insurer.
The investments of the downstream holding must be entered in the accounts with those of the insurer in proportion to the shares held by the insurer in the downstream holding in computing the percentages contemplated in section 245.
A downstream holding is a subsidiary.
An insurer who, on 15 March 1991, has invested more than 25 % of his assets in a downstream holding may keep that investment.
247. Notwithstanding subparagraph d of section 245, an insurer, other than a mutual association or a professional corporation, may invest up to 25 % of its assets in a downstream holding.
The downstream holding is required to invest or lend its funds in accordance with this Chapter and Chapter III.1, except subparagraph h of section 245, as if it were an insurer. The subsidiary’s directors have the same duties and responsibilities as the insurer.
The investments of the downstream holding must be entered in the accounts with those of the insurer in proportion to the shares held by the insurer in the downstream holding in computing the percentages contemplated in section 245.
A downstream holding is a subsidiary.
An insurer who, on 15 March 1991, has invested more than 25 % of his assets in a downstream holding may keep that investment.
247. Notwithstanding subparagraphs d and e of section 245, an insurer, other than a mutual association or a professional corporation, may invest up to 50% of its assets in a downstream holding.
The downstream holding is required to invest or lend its funds in accordance with this chapter, except subparagraph h of section 245, as if it were an insurer. The subsidiary’s directors have the same duties and responsibilities as the insurer.
The investments of the downstream holding must be entered in the accounts with those of the insurer in proportion to the shares held by the insurer in the downstream holding in computing the percentages contemplated in section 245.
A downstream holding is a subsidiary.
247. Notwithstanding subparagraphs d and e of section 245, an insurer, other than a mutual association, may invest up to fifty per cent of its assets in a downstream holding.
The downstream holding is required to invest or lend its funds in accordance with this chapter, except subparagraph h of section 245, as if it were an insurer. The subsidiary’s directors have the same duties and responsibilities as the insurer.
The investments of the downstream holding must be entered in the accounts with those of the insurer in proportion to the shares held by the insurer in the downstream holding in computing the percentages contemplated in section 245.
A downstream holding is a subsidiary.
247. (1) Any insurer other than a mutual association may also acquire and hold fully paid preferred shares of a corporation other than an insurance company if, as the case may be:
(a) paid on its preferred shares, during each of the five years preceding the acquisition, a dividend equal to at least the weighted average of the annual dividend rates specified on its preferred shares, or
(b) obtained on its common shares the yield provided for in subsection 1 of section 248 during the period fixed therein.
(2) The insurer contemplated in subsection 1 may also acquire and hold fully paid preferred shares of a cooperative if the latter has
(a) during each of the five years preceding the acquisition, paid interest on its preferred shares or obtained a yield on them equal to at least the weighted average of the annual rates of interest or yield specified on its preferred shares; or
(b) obtained on its shares the yield provided for in subsection 1 of section 248 during the period fixed therein.
247. (1) Any insurer other than a mutual association may acquire and hold fully paid preferred shares of a corporation other than an insurance company or of a cooperative agricultural association if one or the other, as the case may be, has
(a) paid on its preferred shares, during each of the five years preceding the acquisition, a dividend equal to at least the weighted average of the annual dividend rates specified on its preferred shares, or
(b) obtained on its common shares the yield provided for in subsection 1 of section 248 during the period fixed therein.
(2) The insurer contemplated in subsection 1 may also acquire and hold fully paid preferred shares of a cooperative association if the latter has,
(a) during each of the five years preceding the acquisition, paid interest on its preferred shares or obtained a yield on them equal to at least the weighted average of the annual rates of interest or yield specified on its preferred shares; or
(b) obtained on its shares the yield provided for in subsection 1 of section 248 during the period fixed therein.
247. (1) Any insurer other than a mutual association may also acquire and hold fully paid preferred shares of a corporation other than an insurance company or of a cooperative agricultural association if during each of the five years preceding the acquisition, one or the other, as the case may be, has:
(a) paid on its common shares a dividend equal to at least the weighted average of the annual dividend rates specified on its preferred shares, or
(b) obtained on its common shares the yield provided for in subsection 1 of section 248.
(2) The insurer contemplated in subsection 1 may also acquire and hold fully paid preferred shares of a cooperative association if during each of the five years preceding the acquisition, the latter has:
(a) paid interest on its shares or obtained a yield on them equal to at least the weighted average of the annual rates of interest or yield specified on its preferred shares; or
(b) obtained on its shares the yield provided for in subsection 1 of section 248.
