A-32.1 - Insurers Act

Section 243 Disposition versions

2019-06-13

243. No insurance company may, without the Authority’s authorization, grant a hypothec or other security on its movable property, except

(1)  to secure a short-term loan contracted to meet liquidity requirements;

(2)  to obtain an advance under section 40.5 of the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2), or if it receives deposits outside Québec, to obtain an advance from a federal or provincial body that guarantees or insures deposits; or

(3)  to become a member of a securities clearing house recognized by the Authority as a self-regulatory organization or of any association the object of which is to organize a clearing and settlement system for payment instruments or securities transactions, and to provide the necessary guarantees.

The Authority may, in granting its authorization, require any undertaking it considers necessary to ensure compliance with this Act.

2018, c. 23, s. 3.

Not in force

In force: 2019-06-13

243. No insurance company may, without the Authority’s authorization, grant a hypothec or other security on its movable property, except

(1)  to secure a short-term loan contracted to meet liquidity requirements;

(2)  to obtain an advance under section 40.5 of the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2), or if it receives deposits outside Québec, to obtain an advance from a federal or provincial body that guarantees or insures deposits; or

(3)  to become a member of a securities clearing house recognized by the Authority as a self-regulatory organization or of any association the object of which is to organize a clearing and settlement system for payment instruments or securities transactions, and to provide the necessary guarantees.

The Authority may, in granting its authorization, require any undertaking it considers necessary to ensure compliance with this Act.

2018, c. 23, s. 3.