A-32.1 - Insurers Act

Section 531 Disposition versions

2019-06-13

531. Insurers that, on 12 June 2019, hold a licence issued under the Act respecting insurance (chapter A-32) are, by operation of law, authorized insurers from 13 June 2019.

The conditions and restrictions imposed by the Authority in relation to the operations of an insurer authorized under the first paragraph become the conditions and restrictions attached to the authorization.

However, if the sole purpose of the conditions or restrictions is to prevent the insurer from underwriting a new insurance contract or suretyship contract except, if applicable, to honour a right that a contract in force confers on a client or participant, the insurer holding a licence becomes an insurer whose authorization has been revoked without the revocation having become final.

2018, c. 23, s. 3.

Not in force

In force: 2019-06-13

531. Insurers that, on 12 June 2019, hold a licence issued under the Act respecting insurance (chapter A-32) are, by operation of law, authorized insurers from 13 June 2019.

The conditions and restrictions imposed by the Authority in relation to the operations of an insurer authorized under the first paragraph become the conditions and restrictions attached to the authorization.

However, if the sole purpose of the conditions or restrictions is to prevent the insurer from underwriting a new insurance contract or suretyship contract except, if applicable, to honour a right that a contract in force confers on a client or participant, the insurer holding a licence becomes an insurer whose authorization has been revoked without the revocation having become final.

2018, c. 23, s. 3.