C-26, r. 33.1 - Regulation respecting the practice of the profession of certified management accountant within a partnership or joint-stock company

Section 10 Disposition versions

2012-09-01

10. The coverage must include the following conditions:

(1)  an undertaking by the insurer or surety to pay in lieu of the partnership or joint-stock company, over and above the amount of the coverage to be furnished by a member in accordance with the Regulation respecting the professional liability insurance of certified management accountants of Québec (chapter C-26, r. 26) or any other coverage taken out by a member if it is greater, up to the amount of the coverage, any sum that the partnership or joint-stock company may be legally bound to pay to an injured third person on a claim filed during the coverage period and arising from fault on the part of the member in the practice of the profession within the partnership or joint-stock company;

(2)  an undertaking by the insurer or surety to take up the cause of the partnership or joint-stock company and defend it in any action against it and to pay, in addition to the amounts covered by the coverage, all legal costs of actions against the partnership or joint-stock company, including the costs of the inquiry and defence and interest on the amount of the coverage;

(3)  coverage of at least $1,000,000 per claim for all claims filed against the partnership or joint-stock company during a 12-month coverage period;

(4)  an undertaking to maintain coverage for all claims submitted in the 5 years following the period of coverage during which a member of the Order in the partnership or joint-stock company dies, withdraws from the partnership or joint-stock company or ceases to be a member of the Order;

(5)  an undertaking by the insurer or surety to provide the secretary of the Order with a 30-day notice of intent to cancel the insurance or suretyship contract or to amend it with regard to one of the conditions set out in this section;

(6)  an undertaking by the insurer or surety to provide the secretary of the Order, within 15 days of the end of the insurance or suretyship contract, with a notice that the insurance or suretyship contract has not been renewed; and

(7)  an undertaking by the insurer to notify the Order when it has paid a sum of money by reason of a fault committed by a member setting out the name of the partnership or joint-stock company and of the member involved, the nature of the damage and of the fault, and the sum paid.

O.C. 903-2011, s. 10.