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A-32 - Act respecting insurance

Section 147
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147. (Repealed).
1974, c. 70, s. 147; 1985, c. 17, s. 20.
147. No mutual fire insurance association incorporated after 20 October 1976 may issue insurance policies before it has received insurance applications for at least $1 000 000, before such applications have been approved by the board of directors and before it has obtained subscription notes for at least $50 000.
The board of directors shall not allow the issue of any policy for an amount exceeding that authorized for one risk by the regulations.
1974, c. 70, s. 147.
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