A-32 - Act respecting insurance

Section 285.18 Disposition versions

2008-10-15

285.18. The following are restricted parties with respect to an insurer:

(1)  the directors and officers of the insurer;

(2)  in the case of a capital stock company, the directors and officers of the legal person that controls it;

(3)  in the case of a mutual insurance association, the directors and officers of its federation;

(4)  in the case of a professional order, the members of its board of directors and the administrators of the manager entrusted with the day-to-day operation of the fund;

(5)  any person who holds, directly or indirectly, 10% or more of the voting rights attached to the shares issued by the insurer, or 10% or more of such shares;

(6)  a shareholder of the insurer, the shareholder’s spouse and their minor children, if they jointly hold, directly or indirectly, 10% or more of the voting rights attached to the shares issued by the insurer, or 10% or more of such shares;

(7)  the associates of the persons referred to in paragraphs 1 to 6, except in the case of a subsidiary of the insurer;

(8)  any other person who, in the opinion of the Authority, may receive preferential treatment to the detriment of the interests of the insurer or its insureds.

1990, c. 86, s. 39; 1994, c. 40, s. 457; 1996, c. 63, s. 53, s. 80; 2002, c. 70, s. 116; 2004, c. 37, s. 90; 2008, c. 11, s. 212.

2004-12-17

285.18. The following are restricted parties with respect to an insurer:

(1)  the directors and officers of the insurer;

(2)  in the case of a capital stock company, the directors and officers of the legal person that controls it;

(3)  in the case of a mutual insurance association, the directors and officers of its federation;

(4)  in the case of a professional order, the members of its Bureau and the administrators of the manager entrusted with the day-to-day operation of the fund;

(5)  any person who holds, directly or indirectly, 10 % or more of the voting rights attached to the shares issued by the insurer, or 10 % or more of such shares;

(6)  a shareholder of the insurer, the shareholder’s spouse and their minor children, if they jointly hold, directly or indirectly, 10 % or more of the voting rights attached to the shares issued by the insurer, or 10 % or more of such shares;

(7)  the associates of the persons referred to in paragraphs 1 to 6, except in the case of a subsidiary of the insurer;

(8)  any other person who, in the opinion of the Authority, may receive preferential treatment to the detriment of the interests of the insurer or its insureds.

1990, c. 86, s. 39; 1994, c. 40, s. 457; 1996, c. 63, s. 53, s. 80; 2002, c. 70, s. 116; 2004, c. 37, s. 90.

2003-02-12

285.18. The following are restricted parties with respect to an insurer:

(1)  the directors and officers of the insurer;

(2)  in the case of a capital stock company, the directors and officers of the legal person that controls it;

(3)  in the case of a mutual insurance association, the directors and officers of its federation;

(4)  in the case of a professional order, the members of its Bureau and the administrators of the manager entrusted with the day-to-day operation of the fund;

(5)  any person who holds, directly or indirectly, 10 % or more of the voting rights attached to the shares issued by the insurer, or 10 % or more of such shares;

(6)  a shareholder of the insurer, the shareholder’s spouse and their minor children, if they jointly hold, directly or indirectly, 10 % or more of the voting rights attached to the shares issued by the insurer, or 10 % or more of such shares;

(7)  the associates of the persons referred to in paragraphs 1 to 6, except in the case of a subsidiary of the insurer;

(8)  any other person who, in the opinion of the Agency, may receive preferential treatment to the detriment of the interests of the insurer or its insureds.

1990, c. 86, s. 39; 1994, c. 40, s. 457; 1996, c. 63, s. 53, s. 80; 2002, c. 70, s. 116.

1996-12-23

285.18. The following are restricted parties with respect to an insurer:

(1)  the directors and officers of the insurer;

(2)  in the case of a joint stock company, the directors and officers of the legal person that controls it;

(3)  in the case of a mutual insurance association, the directors and officers of the federation with which it is affiliated or of the guarantee fund of which it is a member;

(4)  in the case of a professional order, the members of its Bureau and the directors and employees of the administrator entrusted with the day-to-day operation of the fund;

(5)  the spouse and minor children of any of the persons described in subparagraphs 1 to 4, and the minor children of the spouse;

(6)  any person who holds, directly or indirectly, 10 % or more of the voting rights attached to shares issued by the insurer, or 10 % or more of such shares and, in the case of a natural person, his spouse and minor children and the minor children of his spouse or, in the case of a legal person, any director or officer thereof, his spouse and minor children and the minor children of his spouse;

(7)  a shareholder of the insurer, his spouse and their minor children, if they jointly hold, directly or indirectly, 10 % or more of the voting rights attached to shares issued by the insurer, or 10 % or more of such shares;

(8)  a legal person in which 10 % or more of the voting rights attached to the shares, or 10 % or more of such shares, are held by a person described in subparagraphs 1 to 5;

(9)  a legal person in which a majority of the directors or officers are directors or officers of the insurer or of the legal person that controls it;

(10)  the employees of the insurer;

(11)  an auditor and the actuary designated in accordance with Division III.1 of Chapter IV of Title IV;

(12)  a legal person affiliated with the insurer, other than a subsidiary of the insurer;

(13)  a legal person controlled by a federation of mutual insurance associations with which the insurer is affiliated;

(14)  any person determined by regulation;

(15)  any other person who, in the opinion of the Inspector General, might receive preferential treatment to the detriment of the interests of the insurer or the persons insured.

For the purposes of this section, any shareholder of a legal person that is itself a shareholder of an insurer is deemed to hold a percentage of the voting rights attached to shares issued by the insurer or a percentage of such shares equal to the product of the percentage of the voting rights or shares he holds in the legal person and the percentage of the voting rights or shares held by the legal person in the insurer.

1990, c. 86, s. 39; 1994, c. 40, s. 457; 1996, c. 63, s. 53, s. 80.

1994-10-15

285.18. The following are restricted parties with respect to an insurer:

(1)  the directors and officers of the insurer;

(2)  in the case of a joint stock company, the directors and officers of the corporation that controls it;

(3)  in the case of a mutual insurance association, the directors and officers of the federation with which it is affiliated or of the guarantee fund corporation of which it is a member;

(4)  in the case of a professional order, the members of its Bureau and the directors and employees of the administrator entrusted with the day-to-day operation of the fund;

(5)  the spouse and minor children of any of the persons described in subparagraphs 1 to 4, and the minor children of the spouse;

(6)  any person who holds, directly or indirectly, 10 % or more of the voting rights attached to shares issued by the insurer, or 10 % or more of such shares and, in the case of a natural person, his spouse and minor children and the minor children of his spouse or, in the case of a corporation, any director or officer thereof, his spouse and minor children and the minor children of his spouse;

(7)  a shareholder of the insurer, his spouse and their minor children, if they jointly hold, directly or indirectly, 10 % or more of the voting rights attached to shares issued by the insurer, or 10 % or more of such shares;

(8)  a corporation in which 10 % or more of the voting rights attached to the shares, or 10 % or more of such shares, are held by a person described in subparagraphs 1 to 5;

(9)  a corporation in which a majority of the directors or officers are directors or officers of the insurer or of the corporation that controls it;

(10)  the employees of the insurer;

(11)  an auditor, actuary or expert referred to in the fifth paragraph of section 309;

(12)  a corporation affiliated with the insurer, other than a subsidiary of the insurer;

(13)  a corporation controlled by a federation of mutual insurance associations with which the insurer is affiliated;

(14)  any person determined by regulation;

(15)  any other person who, in the opinion of the Inspector General, might receive preferential treatment to the detriment of the interests of the insurer or the persons insured.

For the purposes of this section, any shareholder of a corporation that is itself a shareholder of an insurer is deemed to hold a percentage of the voting rights attached to shares issued by the insurer or a percentage of such shares equal to the product of the percentage of the voting rights or shares he holds in the corporation and the percentage of the voting rights or shares held by the corporation in the insurer.

1990, c. 86, s. 39; 1994, c. 40, s. 457.

1991-03-15

285.18. The following are restricted parties with respect to an insurer:

(1)  the directors and officers of the insurer;

(2)  in the case of a joint stock company, the directors and officers of the corporation that controls it;

(3)  in the case of a mutual insurance association, the directors and officers of the federation with which it is affiliated or of the guarantee fund corporation of which it is a member;

(4)  in the case of a professional corporation, the members of its Office and the directors and employees of the administrator entrusted with the day-to-day operation of the fund;

(5)  the spouse and minor children of any of the persons described in subparagraphs 1 to 4, and the minor children of the spouse;

(6)  any person who holds, directly or indirectly, 10 % or more of the voting rights attached to shares issued by the insurer, or 10 % or more of such shares and, in the case of a natural person, his spouse and minor children and the minor children of his spouse or, in the case of a corporation, any director or officer thereof, his spouse and minor children and the minor children of his spouse;

(7)  a shareholder of the insurer, his spouse and their minor children, if they jointly hold, directly or indirectly, 10 % or more of the voting rights attached to shares issued by the insurer, or 10 % or more of such shares;

(8)  a corporation in which 10 % or more of the voting rights attached to the shares, or 10 % or more of such shares, are held by a person described in subparagraphs 1 to 5;

(9)  a corporation in which a majority of the directors or officers are directors or officers of the insurer or of the corporation that controls it;

(10)  the employees of the insurer;

(11)  an auditor, actuary or expert referred to in the fifth paragraph of section 309;

(12)  a corporation affiliated with the insurer, other than a subsidiary of the insurer;

(13)  a corporation controlled by a federation of mutual insurance associations with which the insurer is affiliated;

(14)  any person determined by regulation;

(15)  any other person who, in the opinion of the Inspector General, might receive preferential treatment to the detriment of the interests of the insurer or the persons insured.

For the purposes of this section, any shareholder of a corporation that is itself a shareholder of an insurer is deemed to hold a percentage of the voting rights attached to shares issued by the insurer or a percentage of such shares equal to the product of the percentage of the voting rights or shares he holds in the corporation and the percentage of the voting rights or shares held by the corporation in the insurer.

1990, c. 86, s. 39.