A-32 - Act respecting insurance

Section 285.21 Disposition versions

2004-12-17

285.21. Where the Authority designates a person as being a restricted party, the Authority shall so notify the person and the insurer concerned by that decision.

The Authority may revise the decision at the request of the person so designated or the insurer concerned.

Before rendering a decision or refusing to revise it, the Authority shall give the person and the insurer concerned an opportunity to present observations.

1990, c. 86, s. 39; 1996, c. 63, s. 80; 2002, c. 70, s. 118; 2004, c. 37, s. 90.

2003-02-12

285.21. Where the Agency designates a person as being a restricted party, the Agency shall so notify the person and the insurer concerned by that decision.

The Agency may revise the decision at the request of the person so designated or the insurer concerned.

Before rendering a decision or refusing to revise it, the Agency shall give the person and the insurer concerned an opportunity to present observations.

1990, c. 86, s. 39; 1996, c. 63, s. 80; 2002, c. 70, s. 118.

1996-12-23

285.21. No insurer may invest in

(1)  a legal person that controls it;

(2)  a legal person affiliated with it that carries out activities other than those mentioned in subparagraphs d.1 and e of the first paragraph of section 245, except in the case of a downstream holding;

(3)  a legal person holding, directly or indirectly, 10 % or more of the voting rights attached to the shares of the insurer, or 10 % or more of such shares;

(4)  a legal person holding, directly or indirectly, 10 % or more of the voting rights attached to the shares of the legal person that controls the insurer, or 10 % or more of such shares;

(5)  a legal person that controls the legal person referred to in subparagraph 3;

(6)  a legal person controlled by a person holding, directly or indirectly, 10 % or more of the voting rights attached to the shares of the insurer, or 10 % or more of such shares, and, where applicable, the spouse or minor child of such a shareholder and the minor child of the spouse.

The prohibition contained in subparagraphs 3 and 4 of the first paragraph also applies to a natural person, his spouse and minor child and the minor child of his spouse.

1990, c. 86, s. 39; 1996, c. 63, s. 80.

1991-03-15

285.21. No insurer may invest in

(1)  a corporation that controls it;

(2)  a corporation affiliated with it that carries out activities other than those mentioned in subparagraphs d.1 and e of the first paragraph of section 245, except in the case of a downstream holding;

(3)  a corporation holding, directly or indirectly, 10 % or more of the voting rights attached to the shares of the insurer, or 10 % or more of such shares;

(4)  a corporation holding, directly or indirectly, 10 % or more of the voting rights attached to the shares of the corporation that controls the insurer, or 10 % or more of such shares;

(5)  a corporation that controls the corporation referred to in subparagraph 3;

(6)  a corporation controlled by a person holding, directly or indirectly, 10 % or more of the voting rights attached to the shares of the insurer, or 10 % or more of such shares, and, where applicable, the spouse or minor child of such a shareholder and the minor child of the spouse.

The prohibition contained in subparagraphs 3 and 4 of the first paragraph also applies to a natural person, his spouse and minor child and the minor child of his spouse.

1990, c. 86, s. 39.