A-32.1 - Insurers Act

Section 216 Disposition versions

2024-05-09

216. The Authority must prepare a report on the reasons for granting or denying the application to become regulated by this Title in which it assesses consumer interest and the impact of the decision on the insurance market in Québec.

In the case of a business corporation or a mutual company, the report must cover such matters as

(1)  the nature and scope of the financial means gathered for the ongoing financial support of the insurance company;

(2)  if applicable, the grounds for disqualification for office as director of an insurance company that exist

(a)  if the applicant is a business corporation, with respect to a director of, or a holder of a significant interest in, the business corporation, and

(b)  if the applicant is a mutual company, with respect to a promoter of the mutual company;

(3)  the quality and feasibility of the business plan and the financial forecasts for the carrying on and development of the insurance company’s activities; and

(4)  the compliance of the insurance company’s proposed name with this Act.

In the case of a business corporation, the report must also assess the competency and experience of its directors and officers.

In the case of an association, the report must cover such matters as:

(1)  if applicable, the grounds for disqualification of its directors;

(2)  the compliance of the insurance association’s proposed name with this Act;

(3)  the sufficiency of the sums pooled by its members; and

(4)  the quality and feasibility of the planning and the financial forecasts for the carrying on and development of the insurance association’s activities.

2018, c. 23, s. 3; 2024, c. 15, s. 38.

2019-06-13

216. The Authority must prepare a report on the reasons for granting or denying the application to become regulated by this Title in which it assesses consumer interest and the impact of the decision on the insurance market in Québec.

The report must cover such matters as

(1)  the nature and scope of the financial means gathered for the ongoing financial support of the insurance company;

(2)  if applicable, the grounds for disqualification for office as director of an insurance company that exist

(a)  if the applicant is a business corporation, with respect to a director of, or a holder of a significant interest in, the business corporation, and

(b)  if the applicant is a mutual company, with respect to a promoter of the mutual company;

(3)  the quality and feasibility of the business plan and the financial forecasts for the carrying on and development of the insurance company’s activities; and

(4)  the compliance of the insurance company’s proposed name with this Act.

In the case of a business corporation, the report must also assess the competency and experience of its directors and officers.

2018, c. 23, s. 3.

Not in force

In force: 2019-06-13

216. The Authority must prepare a report on the reasons for granting or denying the application to become regulated by this Title in which it assesses consumer interest and the impact of the decision on the insurance market in Québec.

The report must cover such matters as

(1)  the nature and scope of the financial means gathered for the ongoing financial support of the insurance company;

(2)  if applicable, the grounds for disqualification for office as director of an insurance company that exist

(a)  if the applicant is a business corporation, with respect to a director of, or a holder of a significant interest in, the business corporation, and

(b)  if the applicant is a mutual company, with respect to a promoter of the mutual company;

(3)  the quality and feasibility of the business plan and the financial forecasts for the carrying on and development of the insurance company’s activities; and

(4)  the compliance of the insurance company’s proposed name with this Act.

In the case of a business corporation, the report must also assess the competency and experience of its directors and officers.

2018, c. 23, s. 3.