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A-32 - Act respecting insurance

Section 62.2
Disposition versions

Full text
62.2. No insurer may borrow by the acceptance of subordinated loans unless
(1)  they are granted for a fixed term;
(2)  the evidence of indebtedness stipulates that the loan will, in the event of the insolvency or winding-up of the insurer, rank with the other similar loans but after all the other debts;
(3)  the evidence of indebtedness complies with the terms and conditions prescribed by regulation.
1984, c. 22, s. 27; 2003, c. 1, s. 4.
62.2. No insurer may borrow by the acceptance of subordinated loans unless
(1)  they are granted by the shareholders for a fixed term;
(2)  the evidence of indebtedness stipulates that the loan will, in the event of the insolvency or winding-up of the insurer, rank with the other similar loans but after all the other debts;
(3)  the evidence of indebtedness complies with the terms and conditions prescribed by regulation.
1984, c. 22, s. 27.
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