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A-32.1 - Insurers Act
Section 23
Disposition versions
23. Only Québec insurers and legal persons or reciprocal unions constituted under the laws of a jurisdiction other than Québec that have the capacity to carry on insurer activities may obtain the Authority’s authorization, if they have at least $5,000,000 in capital.
Despite the first paragraph, a self-regulatory organization or a reciprocal union need not have such capital.
23. Only Québec insurers and legal persons constituted under the laws of a jurisdiction other than Québec that have the capacity to carry on insurer activities may obtain the Authority’s authorization, if they have at least $5,000,000 in capital.
The Authority may however grant its authorization to a self-regulatory organization even though it does not have such capital. The same is true for a reciprocal union even though it is not a legal person and does not have such capital.
In force: 2019-06-13
23. Only Québec insurers and legal persons constituted under the laws of a jurisdiction other than Québec that have the capacity to carry on insurer activities may obtain the Authority’s authorization, if they have at least $5,000,000 in capital.
The Authority may however grant its authorization to a self-regulatory organization even though it does not have such capital. The same is true for a reciprocal union even though it is not a legal person and does not have such capital.
