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A-32 - Act respecting insurance

Section 252
Disposition versions

Full text
252. (Repealed).
1974, c. 70, s. 252; 1977, c. 5, s. 14; 1979, c. 33, s. 14; S. C. 1978-79, c. 16, s. 12; 1984, c. 22, s. 49.
252. (1)  Any insurer may acquire and hold debts secured by real estate in Canada or in any other country where the insurer carries on business:
(a)  if payment in principal and interest is guaranteed or assured by Québec, another province of Canada, Canada or a country where the insurer carries on business;
(b)  if the amount of the debt is not more than 75 per cent of the value of the real estate securing payment of it, less the other debts secured on the same real estate and ranking equally with or ahead of the insurer’s claim; or
(c)  if the excess value of the real estate securing payment of them, over 75 per cent of such value, less the other debts secured on the same real estate and ranking equally with or ahead of the insurer’s claim, is guaranteed or assured by Québec, any province of Canada, Canada or a country where the company carries on business, the Canada Mortgage and Housing Corporation, the Société d’habitation du Québec or an hypothecary insurance policy issued by an insurance company holding a licence.
(2)  The insurer transacting damage insurance shall not invest in the debts contemplated in subsection 1 more than 20 per cent of its total assets; if the insurer transacts both insurance of persons and damage insurance, such restriction does not apply to assets relating to insurance of persons.
1974, c. 70, s. 252; 1977, c. 5, s. 14; 1979, c. 33, s. 14; S. C. 1978-79, c. 16, s. 12.
252. (1)  Any insurer may acquire and hold debts secured by real estate in Canada or in any other country where the insurer carries on business:
(a)  if payment in principal and interest is guaranteed or assured by Québec, another province of Canada, Canada or a country where the insurer carries on business;
(b)  if the amount of the debt is not more than 75 per cent of the value of the real estate securing payment of it, less the other debts secured on the same real estate and ranking equally with or ahead of the insurer’s claim; or
(c)  if the excess value of the real estate securing payment of them, over 75 per cent of such value, less the other debts secured on the same real estate and ranking equally with or ahead of the insurer’s claim, is guaranteed or assured by Québec, any province of Canada, Canada or a country where the company carries on business, the Central Mortgage and Housing Corporation, the Société d’habitation du Québec or an hypothecary insurance policy issued by an insurance company holding a licence.
(2)  The insurer transacting damage insurance shall not invest in the debts contemplated in subsection 1 more than 20 per cent of its total assets; if the insurer transacts both insurance of persons and damage insurance, such restriction does not apply to assets relating to insurance of persons.
1974, c. 70, s. 252; 1977, c. 5, s. 14; 1979, c. 33, s. 14.
252. (1)  Any insurer may acquire and hold debts secured by real estate in Canada or in any other country where the insurer carries on business:
(a)  if payment in principal and interest is guaranteed or assured by Québec, another province of Canada, Canada or a country where the insurer carries on business;
(b)  if the amount of the debt is not more than 75 per cent of the value of the real estate securing payment of it, less the other debts secured on the same real estate and ranking equally with or ahead of the insurer’s claim; or
(c)  if the excess value of the real estate securing payment of them, over 75 per cent of such value, less the other debts secured on the same real estate and ranking equally with or ahead of the insurer’s claim, is guaranteed or assured by Québec, any province of Canada, Canada or a country where the company carries on business, the Central Mortgage and Housing Corporation, the Société d’habitation du Québec or an hypothecary insurance policy issued by an insurance company holding a licence.
(2)  The insurer transacting damage insurance shall not invest in the debts contemplated in subsection 1 more than 10 per cent of its total assets; if the insurer transacts both insurance of persons and damage insurance, such restriction does not apply to assets relating to insurance of persons.
1974, c. 70, s. 252; 1977, c. 5, s. 14.
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