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S-11.011 - Act respecting the Société de l’assurance automobile du Québec
Section 17.4
Disposition versions
17.4. The insurance contributions fixed under sections 151 to 151.3.1 of the Automobile Insurance Act (chapter A-25) must, from the fiscal year ending on 31 December 2015 at the latest, cover the payment of all indemnities resulting from accidents that occurred during the period for which those insurance contributions were fixed and all other costs borne by the Fonds d’assurance for that period.
To fix insurance contributions, the Société may include investment income other than investment income from assets held in connection with actuarial liability. Insurance contributions must also be fixed so that the assets of the Fonds d’assurance, after deducting any debts and reserves, are equal to or greater than the amount, actuarially valued, that is needed to pay all indemnities, present or future, resulting from accidents that occurred up to the date of valuation. The Société shall make the valuation at the end of each fiscal year.
If there is an insufficiency in the assets, the insurance contributions must be fixed so as to correct the insufficiency over a maximum period of 15 years.
17.4. The insurance contributions fixed under sections 151 to 151.3 of the Automobile Insurance Act (chapter A-25) must, from the fiscal year ending on 31 December 2015 at the latest, cover the payment of all indemnities resulting from accidents that occurred during the period for which those insurance contributions were fixed and all other costs borne by the Fonds d’assurance for that period.
To fix insurance contributions, the Société may include investment income other than investment income from assets held in connection with actuarial liability. Insurance contributions must also be fixed so that the assets of the Fonds d’assurance, after deducting any debts and reserves, are equal to or greater than the amount, actuarially valued, that is needed to pay all indemnities, present or future, resulting from accidents that occurred up to the date of valuation. The Société shall make the valuation at the end of each fiscal year.
If there is an insufficiency in the assets, the insurance contributions must be fixed so as to correct the insufficiency over a maximum period of 15 years.
