A-32 - Act respecting insurance

Section 285.23 Disposition versions

2003-02-12

285.23. Every transaction by an insurer to acquire securities issued by a restricted party or to transfer assets between them must, in addition, be approved by the board of directors of the insurer, which shall obtain the opinion of the ethics committee.

1990, c. 86, s. 39; 1996, c. 63, s. 80; 2002, c. 70, s. 118.

1996-12-23

285.23. Every service contract between an insurer and a restricted party must be made on favourable terms for the insurer, or at least on competitive terms.

Every such contract, except where the amounts involved are minimal, must also be approved by the board of directors of the insurer, which shall, where applicable, obtain the opinion of the ethics committee.

The ethics committee is responsible for determining whether the amounts involved are minimal.

In cases of contestation, the onus is on the insurer to show that the service contract to which it is a party meets the prescribed requirements.

However, notwithstanding the first paragraph, a service contract may be entered into, where the parties thereto include an insurer and an affiliated legal person whose principal activity is an activity referred to in subparagraph d.1 or e of the first paragraph of section 245, provided such a contract is authorized by the Inspector General. The same applies to a contract between a mutual insurance association and a legal person belonging to the same group as its federation, where the principal activity of the legal person is an activity referred to in subparagraph d.1 or e of the first paragraph of section 245.

1990, c. 86, s. 39; 1996, c. 63, s. 80.

1991-03-15

285.23. Every service contract between an insurer and a restricted party must be made on favourable terms for the insurer, or at least on competitive terms.

Every such contract, except where the amounts involved are minimal, must also be approved by the board of directors of the insurer, which shall, where applicable, obtain the opinion of the ethics committee.

The ethics committee is responsible for determining whether the amounts involved are minimal.

In cases of contestation, the onus is on the insurer to show that the service contract to which it is a party meets the prescribed requirements.

However, notwithstanding the first paragraph, a service contract may be entered into, where the parties thereto include an insurer and an affiliated corporation whose principal activity is an activity referred to in subparagraph d.1 or e of the first paragraph of section 245, provided such a contract is authorized by the Inspector General. The same applies to a contract between a mutual insurance association and a corporation belonging to the same group as its federation, where the principal activity of the corporation is an activity referred to in subparagraph d.1 or e of the first paragraph of section 245.

1990, c. 86, s. 39.