A-32.1, r. 1 - Regulation under the Act respecting insurance

Section 40 Disposition versions

2019-06-13

40. For the purposes of section 247.1 of the Act respecting insurance (chapter A-32), a subsidiary newly acquired by an insurer must undertake

(1)  to submit its financial statements each year to the Autorité des marchés financiers;

(2)  to submit any document and provide any information on its affairs required by the Autorité des marchés financiers to enable the Authority to verify the fair market value of the investments and whether the conditions set out in paragraph 5 are complied with;

(3)  to submit any document and provide any information required by the Autorité des marchés financiers relating to its financial situation or the financial situation of a holding company directly controlling the subsidiary or controlled by the subsidiary, as well as any document or information related to the application of the Act respecting insurance;

(4)  to permit the Autorité des marchés financiers or its representative to enter its head office and other establishments outside Québec at any reasonable time so that the Authority or its representative may

(a)  examine and make copies of the books, registers, accounts, records and other documents relating to its financial situation or the financial situation of a holding company directly controlling the subsidiary or controlled by the subsidiary;

(b)  require any information relating to the administration of the Act respecting insurance and the production of any related document; and

(c)  require every person having the custody, possession or control of the books, registers, accounts, records and other documents to allow access to and facilitate examination of them;

(5)  to provide, at its own expense, on request by the Autorité des marchés financiers, an assessment made by an independent expert of any proposed investment if, in the opinion of the Autorité des marchés financiers, the assessment made by the subsidiary does not reflect market value; and

(6)  to not hold more than 30% of the voting shares issued by a legal person unless

(a)  the legal person’s principal activity is the purchase, management, sale or leasing of immovables;

(b)  the legal person’s principal activity is the offering of shares in investment portfolios, the making of loans and investments, factoring, leasing, or the offering of computing services or actuarial advisory services;

(c)  the legal person’s principal activity is complementary to the distribution of certain insurance products such as travel assistance, legal assistance and road assistance; or

(d)  the legal person is an insurer, a bank, a trust company, a savings company, a firm within the meaning of the Act respecting the distribution of financial products and services (chapter D-9.2), a securities dealer or adviser, or offers financial products and services outside Québec.

O.C. 887-2009, s. 40.

2012-09-01

40. For the purposes of section 247.1 of the Act respecting insurance (chapter A-32), a subsidiary newly acquired by an insurer must undertake

(1)  to submit its financial statements each year to the Autorité des marchés financiers;

(2)  to submit any document and provide any information on its affairs required by the Autorité des marchés financiers to enable the Authority to verify the fair market value of the investments and whether the conditions set out in paragraph 5 are complied with;

(3)  to submit any document and provide any information required by the Autorité des marchés financiers relating to its financial situation or the financial situation of a holding company directly controlling the subsidiary or controlled by the subsidiary, as well as any document or information related to the application of the Act respecting insurance;

(4)  to permit the Autorité des marchés financiers or its representative to enter its head office and other establishments outside Québec at any reasonable time so that the Authority or its representative may

(a)  examine and make copies of the books, registers, accounts, records and other documents relating to its financial situation or the financial situation of a holding company directly controlling the subsidiary or controlled by the subsidiary;

(b)  require any information relating to the administration of the Act respecting insurance and the production of any related document; and

(c)  require every person having the custody, possession or control of the books, registers, accounts, records and other documents to allow access to and facilitate examination of them;

(5)  to provide, at its own expense, on request by the Autorité des marchés financiers, an assessment made by an independent expert of any proposed investment if, in the opinion of the Autorité des marchés financiers, the assessment made by the subsidiary does not reflect market value; and

(6)  to not hold more than 30% of the voting shares issued by a legal person unless

(a)  the legal person’s principal activity is the purchase, management, sale or leasing of immovables;

(b)  the legal person’s principal activity is the offering of shares in investment portfolios, the making of loans and investments, factoring, leasing, or the offering of computing services or actuarial advisory services;

(c)  the legal person’s principal activity is complementary to the distribution of certain insurance products such as travel assistance, legal assistance and road assistance; or

(d)  the legal person is an insurer, a bank, a trust company, a savings company, a firm within the meaning of the Act respecting the distribution of financial products and services (chapter D-9.2), a securities dealer or adviser, or offers financial products and services outside Québec.

O.C. 887-2009, s. 40.