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A-32 - Act respecting insurance
Section 406.3
Disposition versions
406.3. (Repealed).
406.3. A creditor who requires an insurance from a debtor in connection with a contract and imposes an insurer or a market intermediary in insurance business or obtains from the debtor that the insurer or intermediary be selected by him is guilty of an offence.
An insurance effected by way of a master policy by a creditor on the life of its debtors or by a financial enterprise on the life of depositors who make deposits or investments with that enterprise is not an insurance to which the first paragraph applies.
Subject to the second paragraph, the debtor is free to make an insurance contract with the insurer or market intermediary in insurance business of his choice notwithstanding any agreement or stipulation to the contrary.
This section does not apply to hypothecary loans exceeding 50 % of the construction cost of a new dwelling within the meaning of the Family Housing Act (chapter H-1).
