A-32.1 - Insurers Act

Section 174 Disposition versions

2019-06-13

174. The Authority grants an application for revocation only if the applicant shows that

(1)  it is not bound by any contract underwritten in accordance with the authorization whose revocation it is applying for;

(2)  it can continue to be bound, until the date of maturity, by the contracts entered into in accordance with the authorization whose revocation it is applying for, while complying with this Act; or

(3)  the arrangements made to have an authorized financial institution or a bank succeed the applicant are adequate and ensure the protection of holders of contracts or rights, and that it has sent the latter the notice of application required under the second paragraph of section 173.

The Authority refuses to grant the application for revocation of a mutual company that is a member of a federation if, in its opinion, the federation would thereby become unable to meet its obligations, in particular, with respect to compliance with guarantee fund capital requirements. Sections 166 and 167 apply to that decision, whether the Authority grants or denies the application.

2018, c. 23, s. 3.

Not in force

In force: 2019-06-13

174. The Authority grants an application for revocation only if the applicant shows that

(1)  it is not bound by any contract underwritten in accordance with the authorization whose revocation it is applying for;

(2)  it can continue to be bound, until the date of maturity, by the contracts entered into in accordance with the authorization whose revocation it is applying for, while complying with this Act; or

(3)  the arrangements made to have an authorized financial institution or a bank succeed the applicant are adequate and ensure the protection of holders of contracts or rights, and that it has sent the latter the notice of application required under the second paragraph of section 173.

The Authority refuses to grant the application for revocation of a mutual company that is a member of a federation if, in its opinion, the federation would thereby become unable to meet its obligations, in particular, with respect to compliance with guarantee fund capital requirements. Sections 166 and 167 apply to that decision, whether the Authority grants or denies the application.

2018, c. 23, s. 3.