R-17.0.1, r. 1 - Regulation respecting applications for authorization and liability insurance coverage for administrators of voluntary retirement savings plans

Section 3 Disposition versions

2014-04-16

3. The liability insurance contract which must be held by a legal person who applies for authorization to act as administrator must satisfy the following requirements:

(1)  contain the clauses referred to in Appendix A of this Regulation;

(2)  in respect of each clause referred to in Appendix A of this Regulation, provide an indemnity in the highest of the following amounts:

(a)  $1,000,000;

(b)  the amount determined by a resolution of the board of directors of the legal person based on a risk analysis of the voluntary retirement savings plan which such person plans to administer;

(3)  contain clauses that provide as follows:

(a)  the insurer must notify the Autorité des marchés financiers of its intention to not renew or to cancel the contract 30 days before the non-renewal or cancellation date;

(b)  the insurer must notify the Autorité des marchés financiers upon receiving notice of non-renewal or cancellation of the insurance contract; and

(c)  the insurer must notify the Autorité des marchés financiers of the receipt of any claim, regardless of whether or not the insurer decides to honour the claim.

M.O. 2014-02, s. 3.