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A-32 - Act respecting insurance

Section 41
Disposition versions

Full text
41. Subject to the other applicable legislative provisions, the charter or articles of an insurance company may be annulled:
(a)  by failure to actually transact insurance for two years from the date of constitution;
(b)  if, after having transacted insurance, the company has ceased to act as such for one year or more;
(c)  if its licence remains suspended for one year or more or if, in case of cancellation, a new licence is not issued within three months.
The Authority shall, before dissolving a company, give it at least 60 days’ notice of the omission and the penalty provided. The Authority shall transmit the notice to the enterprise registrar who shall deposit it in the register.
He shall transmit a copy by registered mail to the last directors of the company mentioned in the register, at the last address mentioned therein.
The Authority shall dissolve an insurance company by drawing up an act of dissolution which it shall transmit to the enterprise registrar who shall deposit it in the register. The company is dissolved from the date of the deposit.
However, upon the application of any interested person, the Authority may, on the conditions it determines, retroactively revoke the dissolution of the company by drawing up an order to that effect. The Authority shall transmit the order to the enterprise registrar who shall deposit it in the register. Revocation of the dissolution of the company shall cause the company to resume existence on the date of deposit of the order. Subject to the rights acquired by any person, the company is deemed never to have been dissolved.
1974, c. 70, s. 41; 1993, c. 48, s. 117; 1999, c. 40, s. 33; 2002, c. 70, s. 22; 2002, c. 45, s. 206; 2004, c. 37, s. 90.
41. Subject to the other applicable legislative provisions, the charter or articles of an insurance company may be annulled:
(a)  by failure to actually transact insurance for two years from the date of constitution;
(b)  if, after having transacted insurance, the company has ceased to act as such for one year or more;
(c)  if its licence remains suspended for one year or more or if, in case of cancellation, a new licence is not issued within three months.
The Agency shall, before dissolving a company, give it at least 60 days’ notice of the omission and the penalty provided. The Agency shall transmit the notice to the enterprise registrar who shall deposit it in the register.
He shall transmit a copy by registered mail to the last directors of the company mentioned in the register, at the last address mentioned therein.
The Agency shall dissolve an insurance company by drawing up an act of dissolution which it shall transmit to the enterprise registrar who shall deposit it in the register. The company is dissolved from the date of the deposit.
However, upon the application of any interested person, the Agency may, on the conditions it determines, retroactively revoke the dissolution of the company by drawing up an order to that effect. The Agency shall transmit the order to the enterprise registrar who shall deposit it in the register. Revocation of the dissolution of the company shall cause the company to resume existence on the date of deposit of the order. Subject to the rights acquired by any person, the company is deemed never to have been dissolved.
1974, c. 70, s. 41; 1993, c. 48, s. 117; 1999, c. 40, s. 33; 2002, c. 70, s. 22; 2002, c. 45, s. 206.
41. Subject to the other applicable legislative provisions, the charter or articles of an insurance company may be annulled:
(a)  by failure to actually transact insurance for two years from the date of constitution;
(b)  if, after having transacted insurance, the company has ceased to act as such for one year or more;
(c)  if its licence remains suspended for one year or more or if, in case of cancellation, a new licence is not issued within three months.
The Inspector General shall, before dissolving a company, give it at least 60 days’ notice of the omission and the penalty provided. The Inspector General shall deposit the notice in the register.
He shall transmit a copy by registered mail to the last directors of the company mentioned in the register, at the last address mentioned therein.
The Inspector General shall dissolve an insurance company by drawing up an act of dissolution which he shall deposit in the register. The company is dissolved from the date of the deposit.
However, upon the application of any interested person, the Inspector General may, on the conditions he determines, retroactively revoke the dissolution of the company by drawing up an order to that effect which he shall deposit in the register. Revocation of the dissolution of the company shall cause the company to resume existence on the date of deposit of the order. Subject to the rights acquired by any person, the company is deemed never to have been dissolved.
1974, c. 70, s. 41; 1993, c. 48, s. 117; 1999, c. 40, s. 33; 2002, c. 70, s. 22.
41. Subject to the other applicable legislative provisions, the charter of any insurance company may be annulled:
(a)  by failure to actually transact insurance for two years from the date of constitution;
(b)  if, after having transacted insurance, the company has ceased to act as such for one year or more;
(c)  if its licence remains suspended for one year or more or if, in case of cancellation, it is not renewed within three months.
The Inspector General shall, before dissolving a company, give it at least 60 days’ notice of the omission and the penalty provided. The Inspector General shall deposit the notice in the register.
He shall transmit a copy by registered mail to the last directors of the company mentioned in the register, at the last address mentioned therein.
The Inspector General shall dissolve an insurance company by drawing up an act of dissolution which he shall deposit in the register. The company is dissolved from the date of the deposit.
However, upon the application of any interested person, the Inspector General may, on the conditions he determines, retroactively revoke the dissolution of the company by drawing up an order to that effect which he shall deposit in the register. Revocation of the dissolution of the company shall cause the company to resume existence on the date of deposit of the order. Subject to the rights acquired by any person, the company is deemed never to have been dissolved.
1974, c. 70, s. 41; 1993, c. 48, s. 117; 1999, c. 40, s. 33.
41. Subject to the other applicable legislative provisions, the charter of any insurance company may be annulled:
(a)  by failure to actually transact insurance for two years from the date of incorporation;
(b)  if, after having transacted insurance, the company has ceased to act as such for one year or more;
(c)  if its licence remains suspended for one year or more or if, in case of cancellation, it is not renewed within three months.
The Inspector General shall, before dissolving a company, give it at least 60 days’ notice of the omission and the penalty provided. The Inspector General shall deposit the notice in the register.
He shall transmit a copy by registered mail to the last directors of the company mentioned in the register, at the last address mentioned therein.
The Inspector General shall dissolve an insurance company by drawing up an act of dissolution which he shall deposit in the register. The company is dissolved from the date of the deposit.
However, upon the application of any interested person, the Inspector General may, on the conditions he determines, retroactively revoke the dissolution of the company by drawing up an order to that effect which he shall deposit in the register. Revocation of the dissolution of the company shall cause the company to resume existence on the date of deposit of the order. Subject to the rights acquired by any person, the company is deemed never to have been dissolved.
1974, c. 70, s. 41; 1993, c. 48, s. 117.
41. Subject to the other applicable legislative provisions, the charter of any insurance company may be annulled in accordance with sections 26 and 27 of the Companies Act:
(a)  by failure to actually transact insurance for two years from the date of incorporation;
(b)  if, after having transacted insurance, the company has ceased to act as such for one year or more;
(c)  if its licence remains suspended for one year or more or if, in case of cancellation, it is not renewed within three months.
1974, c. 70, s. 41.
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