334. An employer who is personally liable for the payment of benefits shall make and keep in force a contract of insurance, of suretyship or of warranty with a legal person, by which the person undertakes to assume payment of benefits to beneficiaries should the employer fail to do so.
The employer shall file with the Commission, within the time determined by the Commission, which shall not be less than 30 days, proof of a contract made by him in accordance with the first paragraph. In the case of a legal person that is not governed by the Act respecting Banks and Banking Law Revision Act (Statutes of Canada, 1980-81-82, chapter 40), the Quebec Savings Banks Act (Revised Statutes of Canada, 1970, chapter B-4), the Savings and Credit Unions Act (chapter C-4), the Act respecting trust companies and savings companies (chapter S-29.01), the Act respecting Insurance (chapter A-32) or the Guarantee Companies Act (chapter C-43), the Commission may also require proof that the solvency of that person is in accordance with generally applicable principles in that regard.
1985, c. 6, s. 334; 1987, c. 95, s. 402.