A-32 - Act respecting insurance

Section 245.1 Disposition versions

2003-02-12

245.1. A mutual insurance association may invest in an investment fund of the federation of which it is a member. In addition, the mutual insurance association may invest in the capital of a mutual reinsurance association of which the law provides it is a member.

The participation of a mutual insurance association in a guarantee fund constitutes an investment for an amount equal to the lesser of the two amounts contemplated in subparagraphs 1 and 2 of the second paragraph of section 93.227.

1985, c. 17, s. 33; 1996, c. 63, s. 41, s. 82; 2002, c. 70, s. 102.

1996-12-23

245.1. A mutual insurance association may invest in an investment fund of the federation of which it is a member provided the investment does not cause the book value of the aggregate of its investments in that fund to exceed 25 % of its assets. In addition, the mutual insurance association may invest in the capital of a mutual reinsurance association of which the law provides it is a member.

In no case may an investment made under the first paragraph result in reducing the liquid assets of the association to an amount that is below the amount established in accordance with the written directives of the Inspector General.

The participation of a mutual insurance association in a guarantee fund constitutes an investment for an amount equal to the lesser of the two amounts contemplated in subparagraphs 1 and 2 of the second paragraph of section 93.227.

1985, c. 17, s. 33; 1996, c. 63, s. 41, s. 82.

1985-09-11

245.1. A mutual insurance association may invest in the investment fund of the federation of which it is a member, any amount which exceeds the minimum excess amount of assets over liabilities that it is required to maintain under section 275. It may also participate in the capital of a mutual reinsurance association of which it is a member.

In no case may an investment made under the first paragraph result in reducing the liquid assets of the association to an amount that is below the amount established in accordance with the written directives of the Inspector General.

The participation of a mutual insurance association in a guarantee fund corporation constitutes an investment for an amount equal to the lesser of the two amounts contemplated in subparagraphs 1 and 2 of the second paragraph of section 93.227.

Any other investment by a mutual insurance association shall be made in conformity with the rules governing the investment of the property of others provided in the Civil Code of Lower Canada.

1985, c. 17, s. 33.