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A-32 - Act respecting insurance

Section 259
Disposition versions

Full text
259. (Repealed).
1974, c. 70, s. 259; 1979, c. 33, s. 18; 1984, c. 22, s. 52; 1987, c. 54, s. 14; 1990, c. 86, s. 30.
259. No insurer shall make a loan to:
(a)  the members of its board of directors, its officers or their spouses or children or, in the case of a professional corporation, members of its Bureau;
(b)  a shareholder holding directly or indirectly more than 10% of the shares of the insurer or, in the case of an individual, his spouse or minor children;
(c)  a shareholder, his spouse or minor children if, together, they hold directly or indirectly more than 10% of the shares of the insurer;
(d)  a corporation in which a person contemplated in paragraph a or in paragraph c holds more than 10% of the share capital;
(e)  a corporation in which a group consisting exclusively of persons contemplated in paragraph a holds more than 50% of the share capital;
(f)  a corporation in direct or indirect dependence upon the persons contemplated in paragraph a, b or c or upon one or more of them.
Notwithstanding the first paragraph, every insurer other than a professional corporation may grant loans to its officers or employees or to the officers or employees of a subsidiary provided that the amount of the loan is less than the annual salary of the officer or employee, subject to a maximum of $25 000, or that the loan is secured by a hypothec on a housing immovable.
1974, c. 70, s. 259; 1979, c. 33, s. 18; 1984, c. 22, s. 52; 1987, c. 54, s. 14.
259. No insurer shall make a loan to:
(a)  the members of its board of directors, its officers or their spouses or children;
(b)  a shareholder holding directly or indirectly more than 10 per cent of the shares of the insurer or, in the case of an individual, his spouse or minor children;
(c)  a shareholder, his spouse or minor children if, together, they hold directly or indirectly more than 10 per cent of the shares of the insurer;
(d)  a corporation in which a person contemplated in paragraph a or in paragraph c holds more than 10 per cent of the share capital;
(e)  a corporation in which a group consisting exclusively of persons contemplated in paragraph a holds more than 50 per cent of the share capital;
(f)  a corporation in direct or indirect dependence upon the persons contemplated in paragraph a, b or c or upon one or more of them.
Notwithstanding the first paragraph, every insurer may grant loans to its officers or employees or to the officers or employees of a subsidiary provided that the amount of the loan is less than the annual salary of the officer or employee, subject to a maximum of $25 000, or that the loan is secured by a hypothec on a housing immovable.
1974, c. 70, s. 259; 1979, c. 33, s. 18; 1984, c. 22, s. 52.
259. No insurer shall make a loan to:
(a)  the members of its board of directors, its officers or their spouses or children;
(b)  a shareholder holding directly or indirectly more than 10 per cent of the shares of the insurer or, in the case of an individual, his spouse or minor children;
(c)  a shareholder, his spouse or minor children if, together, they hold directly or indirectly more than 10 per cent of the shares of the insurer;
(d)  a corporation in which a person contemplated in paragraph a or in paragraph c holds more than 10 per cent of the share capital;
(e)  a corporation in which a group consisting exclusively of persons contemplated in paragraph a holds more than 50 per cent of the share capital;
(f)  a corporation in direct or indirect dependence upon the persons contemplated in paragraph a, b or c or upon one or more of them.
1974, c. 70, s. 259; 1979, c. 33, s. 18.
259. No insurer shall make a loan to:
(a)  the members of its board of directors, its officers or their spouses or children;
(b)  a shareholder holding directly or indirectly more than 10 per cent of the shares of the insurer or, in the case of an individual, his spouse or minor children;
(c)  a shareholder, his spouse or minor children if, together, they hold directly or indirectly more than 10 per cent of the shares of the insurer;
(d)  a corporation not contemplated in section 250, in which a person contemplated in paragraph a or in paragraph c holds more than 10 per cent of the share capital;
(e)  a corporation not contemplated in section 250, in which a group consisting exclusively of persons contemplated in paragraph a holds more than 50 per cent of the share capital;
(f)  a corporation in direct or indirect dependence upon the persons contemplated in paragraph a, b or c or upon one or more of them.
1974, c. 70, s. 259.
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