A-32 - Act respecting insurance

Section 62.1 Disposition versions

2003-06-21

62.1. Except in the case of a short-term loan to meet its liquidity needs, no insurer may issue bonds or other evidences of indebtedness unless

(1)  they are unsecured;

(2)  following such issue, the insurer’s total bonds and other evidences of indebtedness do not exceed the limits determined by regulation;

(3)  they comply with the terms and conditions prescribed by regulation.

1984, c. 22, s. 27; 2003, c. 1, s. 3.

1984-06-20

62.1. Except in the case of a short-term loan to meet its liquidity needs, no insurer may issue bonds or other evidences of indebtedness unless

(1)  they are unsecured;

(2)  they stipulate that the indebtedness evidenced by them will, in the event of the insolvency or winding-up of the insurer, rank

(a)  after the other debts;

(b)  equally with the other unsecured evidences of indebtedness issued by it;

(c)  before the subordinated shareholder loans;

(3)  they comply with the terms and conditions prescribed by regulation.

1984, c. 22, s. 27.