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A-32 - Act respecting insurance

Section 285.24
Disposition versions

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285.24. 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 must also be approved by the board of directors of the insurer, which shall obtain the opinion of the ethics committee, except where 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.
1990, c. 86, s. 39; 2002, c. 70, s. 118.
285.24. No insurer may grant a loan to a restricted party or an associate of any of its directors or officers on more favourable terms than those applicable in the ordinary course of its operations, except where that party or associate is one of its employees.
1990, c. 86, s. 39.
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