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A-32 - Act respecting insurance
Section 399
Disposition versions
399. The liquidator shall, upon his appointment, if it has not been already done, reinsure the contracts of insurance in force established by the legal person by using the current net assets, provided that he has paid all debts other than the value of insurance policies and unearned premiums.
Every reinsurance must be effected with an insurer who holds a licence. It shall replace any claim of the insured for recovery of the value of their policies or for a refund of premiums to the extent that such reinsurance replaces the contract originally underwritten.
399. The liquidator shall, upon his appointment, if it has not been already done, reinsure the contracts of insurance in force established by the corporation by using the reserve fund or surplus fund, provided that he has paid all debts other than the value of insurance policies and unearned premiums.
Every reinsurance must be effected with an insurer who holds a licence. It shall replace any claim of the insured for recovery of the value of their policies or for a refund of premiums to the extent that such reinsurance replaces the contract originally underwritten.
