A-32 - Act respecting insurance

Section 177.1 Disposition versions

2018-06-13

177.1. Where an insurance company governed by one of the following private Acts amalgamates, the company resulting from the amalgamation is also governed by that Act:

(1)  An Act respecting “Québec Health Services” “Les Services de Santé du Québec” (1991, chapter 102);

(2)  An Act respecting Mutuelle des Fonctionnaires du Québec (1991, chapter 103);

(3)  An Act respecting the conversion of LS Mutual Life Insurance Company (2012, chapter 33).

Any reference to such an amalgamating company in the private Act governing it is replaced by a reference to the insurance company resulting from the amalgamation. Subject to the third paragraph, the articles of amalgamation may contain any provision departing from the sections of the private Act that apply to the insurance company or may provide that all or some of those sections cease to have effect and replace them by any other provision not contrary to the Business Corporations Act (chapter S-31.1) or this Act.

The amalgamation of an insurance company governed by an Act referred to in the first paragraph does not affect the rights in the company conferred on the mutual management corporation and its members by the Act, nor does it affect that legal person’s obligation to have a controlling interest in the insurance company or to hold any other interest in its capital. Any provision to the contrary in the articles of amalgamation is deemed unwritten.

For the purposes of this section, “mutuelle de gestion” in the French text also means a mutual management corporation.

2018, c. 23, s. 26.