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A-32.1 - Insurers Act
Section 192
Disposition versions
192. If the Authority anticipates that the sums that must be pooled by the members of the authorized reciprocal union will not be sufficient to enable the union to meet its liabilities, as and when they become due, the Authority may order the union, after giving the latter at least 10 days to submit observations, to increase, by the amount and for the period the Authority determines, the sums collected from its members.
192. If the Authority anticipates that the sums payable to the mandatary by parties in an authorized reciprocal union will not be sufficient to enable the mandatary to maintain, for the union, adequate assets to meet the liabilities contracted by those parties in their insurer activities, as and when they become due, the Authority may order the mandatary, after giving the latter at least 10 days to submit observations, to increase, by the amount and for the period the Authority determines, the sums collected from the parties in the union.
192. If the Authority anticipates that the sums payable to the mandatary by persons in an authorized reciprocal union will not be sufficient to enable the mandatary to maintain, for the union, adequate assets to meet the liabilities contracted by those persons in their insurer activities, as and when they become due, the Authority may order the mandatary, after giving the latter at least 10 days to submit observations, to increase, by the amount and for the period the Authority determines, the sums collected from the persons in the union.
In force: 2019-06-13
192. If the Authority anticipates that the sums payable to the mandatary by persons in an authorized reciprocal union will not be sufficient to enable the mandatary to maintain, for the union, adequate assets to meet the liabilities contracted by those persons in their insurer activities, as and when they become due, the Authority may order the mandatary, after giving the latter at least 10 days to submit observations, to increase, by the amount and for the period the Authority determines, the sums collected from the persons in the union.
