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Canada — Quebec Act or statute

Canada — Quebec legislation

Insurers Act, 2018

This section says the Act applies to supervision and control of insurance business and of activities of authorized insurers.

Source excerpt

Authorityaccess to recordsactuarial qualificationactuarial reportingactuarial/audit resignation disclosuresactuariesactuary appointmentactuary dismissalactuary remunerationadministrative decision-makingadministrative enforcementadministrative ordersadministrative penaltiesadministrative procedureadministrative proceedingsadministrative reviewadvancesagreementamalgamationamendment filingsannual meetingsannual reportannual reportingannual reportsannual statementannual statementsannuity capital exemption from seizureannuity payment calculationannulmentappealsapplicability exemptionsapplication conditionsapplication documentsapplication filingapplication noticeapplication of business corporations rulesapplication of statutory provisionsapplication processingapplication requirementsapplication reviewapplications for permissionarticles amendmentarticles of continuanceassessmentsasset acquisitionasset restraintasset segregationasset transferasset valuationasset-liability matchingassets and liabilitiesassociation contractsassociation governanceauditaudit committeeaudit notificationaudit/actuary declarationsaudited financial statementsauditingauditor and actuary appointmentauditorsauthority approvalauthority financial burdenauthority intervention in proceedingsauthorizationauthorization applicationauthorization exemptionsauthorization processauthorization regulationauthorization reviewauthorization revocationauthorized insurerauthorized insurersauxiliary companiesauxiliary companybank depositsbankingbeneficial ownershipbeneficiary dividendsbeneficiary notificationboard approvalboard committee compositionboard compositionboard functionsboard governanceboard meetingsboard membershipboard policiesboard reportingboard resolutionboard resolutionsbookkeepingbooks and accountsbooks and accounts inspectionborrowingbusiness authorizationbusiness corporation amalgamationbusiness corporation regulationbusiness corporationsbusiness planningby-lawsbylaws/contract provisionscancellation of articlescapital adequacycapital controlcapital maintenancecapital requirementscapital rulescapital sharingcertificate issuancecertificate of discontinuancecertificate requirementcertified copy transmissioncessation of regulationchange of namecivil proceedingsclearing and settlementclient dealingsclient documentationclient treatmentcommencement of legislationcommission paymentscommittee compositioncompany admissioncompany expulsioncompany organizationcompensation bodiescomplaint handlingcomplaint processingcomplaintscomplaints handlingcompliancecompliance programscompliance reportingcompliance verificationconciliationconfidential informationconflict of interestconsolidated articlescontestationcontested decisionscontinuancecontract cancellationcontract conditionscontract continuitycontract renewalcontract reviewcontract scopecontract suspensioncontract underwritingcontraventionscontrolcontrol acquisition notificationcontrol of a groupcorporate amalgamationcorporate authorizationcorporate capitalcorporate compliancecorporate continuancecorporate continuationcorporate controlcorporate disclosurecorporate dissolutioncorporate distributionscorporate filingcorporate filingscorporate formcorporate governancecorporate lawcorporate liabilitycorporate liquidationcorporate namecorporate namingcorporate operationcorporate organizationcorporate reclassificationcorporate recordscorporate regimecorporate registrycorporate reportingcorporate repurchasecorporate restructuringcorporate revocationcorporate structuringcost allocationcost recoverycostscourt authorizationcourt evidencecourt finescourt procedurecredit restrictionscreditor claimscreditor prioritycriminal convictionscriminal penaltiescustomer communicationsdamagesdata sharingdebt obligationsdebt recoverydebt subtractiondefence costsdefence from liabilitydefinitiondefinitionsdelegationdirector certificationdirector electiondirector electionsdirector liabilitydirector qualificationdirector removaldirector residency requirementsdirector resignationdirector/officer restrictionsdirectorsdirectorship eligibilitydisclosure of significant interest holdersdismissaldispute resolutiondissolutiondistribution of assetsdistribution of net revenuedistribution of remaining propertydiversificationdividendsdocument deliverydocument productiondue diligenceemployee benefit plansemployment conflictenforcementenrollment cancellationenterprise registerenterprise registrarenterprise registrationentity namingentrenched provisionsequity capitalethics committeeethics committee dutiesethics complianceevidence useexclusionsexemptionexpense reimbursementextension of periodfalse informationfalse or misleading informationfederationfederation by-lawsfederation constitutionfederation dissolutionfederation governancefederation membershipfederation namingfederation oversightfederation solvencyfederationsfeesfiling requirementsfinal accountingfinancial disclosurefinancial filingfinancial forecastsfinancial groupfinancial institution activitiesfinancial institutionsfinancial managementfinancial regulationfinancial remediationfinancial reportingfinancial sector regulationfinancial statementsfinancial supportfinancial transaction limitsfinancial transactionsfinesfirm registrationfitness for officefraudfund accountingfund administrationfund managementfund transfersfundinggovernance policiesgovernment determinationgovernment regulationgrantsgross income thresholdgroup insurancegroup insurance contractsguarantee fundguarantee fund repaymentguaranteeshead officehearing noticehindering officialsholder protectionhypothecindemnitiesindependent directorsinformation disclosureinformation disclosure to actuary or auditorinformation handlinginjunctionsinspectioninsuranceinsurance acquisitionsinsurance activitiesinsurance administrationinsurance association supervisioninsurance associationsinsurance auditinsurance authorizationinsurance businessinsurance business supervisioninsurance companiesinsurance company formationinsurance company governanceinsurance company organizationinsurance compensation body membershipinsurance complianceinsurance compliance programinsurance continuanceinsurance contract underwritinginsurance contractsinsurance disclosureinsurance distributioninsurance dividendsinsurance fundinsurance fund administrationinsurance fund assetsinsurance fund managementinsurance fund operationsinsurance governanceinsurance liabilityinsurance liquidationinsurance premium incomeinsurance regulationinsurance representativeinsurance sectorinsurance terminologyinsurance undertakingsinsured protectioninsuredsinsurer activitiesinsurer authorizationinsurer complianceinsurer conductinsurer contractsinsurer designationinsurer dissolution/liquidationinsurer financial positioninsurer governanceinsurer lossesinsurer reportinginsurer statusinsurer supervisioninterest on amounts owinginternal complianceinventory of contentsinvestigationinvestigationsinvestment fund designationinvestment fundsinvestment optionsinvestment policyjurisdictionjurisdiction changelegal actslegal person statuslegal personsliabilitiesliability contractingliability coverageliability insolvencylicensinglife insurancelife insurance activitieslife insurance claimsliquidationliquidator reportingliquiditylitigation authorityloansmanagement oversightmanagement practicesmarket entrymediationmeeting callingmeeting noticesmeeting proceduremeeting quorummeeting representationmeetingsmember companiesmember company contributionsmember company governancemember company meetingsmember contributionsmember governancemember meetingsmember registersmembership requirementsmerger approvalmergers and amalgamationsministerial decisionministerial noticeministerial permissionministerial reportingmisrepresentationmonetary administrative penaltiesmotor vehicle insurance policiesmutual companiesmutual companymutual company authorization revocationmutual company constitutionmutual company liquidationmutual company statusmutual insurance companymutual-interest corporationsmutual-interest regulated business corporationname replacementnegotiable instrumentsnoticenotice and observationsnotice of intention to amalgamatenotice of loss processingnotice publicationnotice requirementsnotice to authoritynotices of claimnotification dutiesnotification dutyobservationsoffence attributionoffences and penaltiesorder renewalorganization assetsorganization meetingownership control limitspaid-up sharesparticipating fund managementparticipating fund profitsparticipating policiespartnership contributionspatrimonypayment agreementspayment timingpenaltiesperiodic reportpermission applicationpersonal informationpolicy cancellationpolicy deliverypolicy dividendspolicy riderspremium-based apportionmentpremiumsprincipal establishmentprior noticeprivate act overrideprivilegeprocedural powersprocedureprofessional liability insuranceprofessional membershipprofessional misconductprofessional orderprofessional reportingprofessional secrecypromotersproperty transferproposal submissionprosecutionpublic administration costspublic disclosurepublic offeringpublic registerpublication requirementsquorumreceivershipreciprocal union governancereciprocal unionsrecognition conditionsrecord destructionrecord examinationredemptionregister updateregistrar filingregistrationregulated activitiesregulated business corporationsregulated entitiesregulated namesregulatory applicationregulatory approvalregulatory authorityregulatory authorizationregulatory authorization revocationregulatory commencementregulatory complianceregulatory enforcementregulatory feesregulatory filingregulatory information requestsregulatory limitsregulatory notificationregulatory oversightregulatory proceedingsregulatory reportingregulatory statusreinsurancereinsurer controlremaining property distributionremittancereplacement of legislationreportingreporting obligationsreporting to authorityrepresentationreservesrestricted partiesreview proceduresreview rightsrevival of federationrevocation noticerevocation of authorizationrisk managementsafety deposit boxessanctionssecuritiessecurities intermediarysecurities registersecuritysecurity entitlementsecurity interestssegregated fundssegregated investment fundsseizureself-regulatory organizationself-regulatory organization governanceself-regulatory organizationsservicesshare acquisitionshare capital reductionshare issuanceshare redemptionshare redemptionsshare repurchaseshareholder authorizationshareholder rightsshareholders' rightssharessignificant interestsolvencyspecial resolutionstatutory precedencestatutory substitutionsstay of proceedingssupervisionsuretyshipsurplus managementtemporary insurancetransaction noticetribunal proceedingstribunal reviewtrust accountsunderwritingunsecured loansvoting rightswebsite disclosurewithdrawal from federationwithdrawal rights
Jurisdiction
Canada — Quebec
Structure
577 provisions
Official identity
Year 2018
Dates
Enacted 2018 · Source version 10 Jun 2026
More statute details
Dates
Enacted 2018 · Source version 10 Jun 2026
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01

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“This section says the Act applies to supervision and control of insurance business and of activities of authorized insurers.”

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02

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    Enacted 2018 · Source version 10 Jun 2026. The date shown identifies this source expression and should not be treated as proof that no later change exists.

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Section 1

This section says the Act applies to supervision and control of insurance business and of activities of authorized insurers.

Section 1

Section 51

An authorized insurer must be able to show the Authority that it follows sound commercial practices.

Section 51

Section 98

More than half of an authorized Québec insurer’s board of directors must be made up of people who are not employees of the insurer or of a controlling group.

Section 98

Section 146

The Authority must review an authorization when notified of certain insurer operations.

Section 146

Section 196

This section classifies certain Québec insurance entities into categories such as business corporations, mutual companies, insurance associations, and other insurers subject to specified chapters.

Section 196

04

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Source record view

Source record from www.legisquebec.gouv.qc.ca · Enacted 2018 · Source version 10 Jun 2026

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Official record

Source-indexed provision map

Provisions 1–200

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Showing 200 of 577 provisions

Provision 193Repeal 3Amendment 2Substitution 2
§ 1Section 1Provision

Source excerpt

This section says the Act applies to supervision and control of insurance business and of activities of authorized insurers.

1. This Act applies to the supervision and control of insurance business and of the activities of authorized insurers, in particular, their insurer activities and their other financial institution activities. In addition, it establishes or supplements, through appropriate specific rules, the constitution, operation, dissolution and liquidation regime applicable to Québec insurers regulated by its Title III and, if they have an insurance fund, to that fund, as well as that applicable to federations of mutual companies. 2018, c. 23, s. 3.
Section 1Verify source
§ 2Section 2Provision

Source excerpt

This section defines insurer activities as promising payment under an insurance contract if a covered risk occurs, and includes acting as surety or, for certain annuity contracts, as debtor.

2. Insurer activities consist in undertaking to make a payment under an insurance contract if a risk covered by the insurance occurs. Insurer activities include acting as surety or, for the purposes of a life or fixed-term annuity contract, as debtor. 2018, c. 23, s. 3.
Section 2Verify source
§ 3Section 3Provision

Source excerpt

3. For the purposes of this Act, financial institution activities are, in addition to insurer activities and credit, the activities that a legal person may not carry on without being an authorized financial institution or a bank within the

3. For the purposes of this Act, financial institution activities are, in addition to insurer activities and credit, the activities that a legal person may not carry on without being an authorized financial institution or a bank within the meaning of the Bank Act (S.C. 1991, c. 46). 2018, c. 23, s. 3.
Section 3Verify source
§ 4Section 4Provision

Source excerpt

This section lists the types of entities that are authorized financial institutions.

4. The following are authorized financial institutions: (1) insurers authorized to carry on insurer activities under this Act; (2) deposit institutions authorized under the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2); (3) financial services cooperatives within the meaning of the Act respecting financial services cooperatives (chapter C-67.3); (4) trust companies authorized under the Trust Companies and Savings Companies Act (chapter S-29.02); and (5) legal persons registered as dealers or advisers under the Derivatives Act (chapter I-14.01) or the Securities Act (chapter V-1.1) or registered as investment fund managers under the latter Act. 2018, c. 23, s. 3.
Section 4Verify source
§ 5Section 5Provision

Source excerpt

The Act defines when an insurance contract or a suretyship contract is treated as underwritten by an insurer.

5. For the purposes of this Act, an insurance contract is said to be underwritten by an insurer if it is a party to the contract as insurer. A suretyship contract is said to be underwritten by an insurer if it is a party to the contract as surety. 2018, c. 23, s. 3.
Section 5Verify source
§ 6Section 6Repeal

Source excerpt

This section lists which entities count as Québec insurers.

6. The following are Québec insurers: (1) insurance companies and associations regulated by Title III and any legal person that the law considers to be such a company; (2) if they establish an insurance fund, self-regulatory organizations governed by an Act of Québec, including the professional orders; and (3) legal persons constituted under a private Act of Québec that authorizes them to carry on insurer activities; (4) (paragraph repealed). 2018, c. 23, s. 3; 2024, c. 15, s. 1.
Section 6Verify source
§ 7Section 7Provision

Source excerpt

A group of parties is a reciprocal union if it joins together under the constituting contract to pool sums so members can be reciprocally bound by damage insurance contracts.

7. A group of parties that join together, under the contract by which the reciprocal union is constituted, in order to pool sums enabling them to be reciprocally bound by damage insurance contracts is a reciprocal union. 2018, c. 23, s. 3; 2021, c. 34, s. 5; 2024, c. 15, s. 2.
Section 7Verify source
§ 8Section 8Provision

Source excerpt

This section deems certain non-Québec entities to be a board of directors or a business corporation, and defines “director” and “shares” for those cases.

8. In the case of a legal person or a reciprocal union constituted under the laws of a jurisdiction other than Québec, the organ on which the powers usually conferred on a board of directors are conferred is considered such a board. In that context, “director” means a member of that organ. A legal person constituted under the laws of a jurisdiction other than Québec that, in a manner similar to that of a business corporation, confers voting rights otherwise than on a one member, one vote basis is considered a business corporation. If such rights are conferred through securities that it issues, the securities are considered shares. 2018, c. 23, s. 3; 2024, c. 15, s. 3.
Section 8Verify source
§ 9Section 9Amendment

Source excerpt

This section defines who counts as the “holder of control” for several kinds of groups.

9. For the purposes of this Act, “holder of control” of the following groups means, (1) in the case of a business corporation, the holder of shares conferring more than 50% of the voting rights or whoever can otherwise choose the majority of its directors; (2) in the case of a federation of mutual companies, its member mutual companies; (3) in the case of a partnership that is a limited partnership, the general partner, and in the case of any other partnership, the partner who can determine the outcome of collective decisions, if applicable; (4) in the case of a trust, the trustee; (5) in the case of co-owners in indivision, the manager or, in the absence of a manager, if one of the co-owners can determine the outcome of collective decisions made by majority vote, that co-owner; and (6) in the case of the legal person constituted by the Act respecting Promutuel réassurance (1985, chapter 62), amended by chapter 86 of the statutes of 1995 and by chapter 23 of the statutes of 2018, the federation that appoints its board of directors. No one is the holder of control of a financial services cooperative, of a mutual company or of any other group that confers voting rights on a one member, one vote basis. 2018, c. 23, s. 3.
Section 9Verify source
§ 10Section 10Provision

Source excerpt

This section defines when someone is treated as holding a significant interest in a business corporation.

10. Each of the following is the holder of a significant interest in a business corporation: (1) the holder of a significant interest in the decisions of the corporation, that is, whoever can exercise 10% or more of the voting rights attached to the shares issued by the corporation; and (2) the holder of a significant interest in the corporation’s equity capital, that is, the holder of shares issued by the corporation representing 10% or more of its equity capital. 2018, c. 23, s. 3.
Section 10Verify source
§ 11Section 11Provision

Source excerpt

In certain cases, people who jointly and continuously exercise rights or powers over a controlled group are each deemed to hold control.

11. Control, in cases which allow it, also results from participation in the concerted and ongoing exercise of rights within the group controlled or of powers over that group, even though none of the participants in the exercise of such rights or powers would alone be the holder of control; in such cases, each of the participants is deemed to be the holder of control. The same is true for a significant interest in the decisions of a business corporation; each of the participants in the concerted and ongoing exercise of the voting rights attached to the shares issued by the corporation is deemed to be a holder of a significant interest. 2018, c. 23, s. 3.
Section 11Verify source
§ 12Section 12Provision

Source excerpt

Certain people and entities are deemed to participate together in the exercise of rights or powers and therefore count as holders of control of a group.

12. The following are deemed to participate in the concerted and ongoing exercise of their rights or powers and, consequently, to be the holders of control of a group: (1) the participants that are controlled by a same holder of control as well as that holder, if the holder is a participant; (2) the trustees of a same trust; (3) the member mutual companies of a same federation; and (4) the natural persons between whom family ties are considered to exist. The participants described in the first paragraph are deemed to participate in the concerted and ongoing exercise of their voting rights or of their rights in shares with a view to being the holders of a significant interest in a business corporation. The presumptions under the first and second paragraphs regarding member mutual companies of a same federation also apply to the other member mutual companies of that federation that neither have rights within or powers over the group. 2018, c. 23, s. 3.
Section 12Verify source
§ 13Section 13Provision

Source excerpt

If a group controls another group, the holder of control of the first group is also the holder of control of the other group.

13. The holder of control of a group is also, if that group is the holder of control of another group, the holder of control of that other group. 2018, c. 23, s. 3.
Section 13Verify source
§ 14Section 14Provision

Source excerpt

For this Act, a holder of control of a group is deemed to hold the group’s significant interests, share-acquisition rights, and voting rights.

14. For the purposes of this Act, the holder of control of a group is deemed (1) to hold any significant interest that is held by the group; (2) to hold such rights to acquire shares or other securities as are held by the group itself; and (3) to exercise the voting rights that the group may exercise. 2018, c. 23, s. 3.
Section 14Verify source
§ 15Section 15Provision

Source excerpt

A security entitlement is treated as the underlying share or security, unless the holder is acting as a securities intermediary.

15. For the purposes of this Act, a security entitlement to a share or to another security is considered such a share or security, unless the holder of the security entitlement is a securities intermediary acting in that capacity. “Securities intermediary” and “security entitlement” have the meaning assigned by the Act respecting the transfer of securities and the establishment of security entitlements (chapter T-11.002). 2018, c. 23, s. 3.
Section 15Verify source
§ 16Section 16Provision

Source excerpt

16. Groups that have a common holder of control are affiliates, as is the holder of control, unless the latter is a natural person. If one group among an aggregate of affiliated groups is an authorized insurer, the aggregate of affiliated

16. Groups that have a common holder of control are affiliates, as is the holder of control, unless the latter is a natural person. If one group among an aggregate of affiliated groups is an authorized insurer, the aggregate of affiliated groups is a financial group. 2018, c. 23, s. 3.
Section 16Verify source
§ 17Section 17Provision

Source excerpt

Economic ties are treated as existing only for the listed relationships, and the financial regulator may add other ties by regulation.

17. Economic ties are considered to exist only between (1) natural persons between whom family ties are considered to exist; (2) the holder of a significant interest in a business corporation and the business corporation itself; (3) a partner in a partnership and the partnership; (4) each of the partners in a same partnership; (5) a legal person and its directors and officers; and (6) a person and a succession or trust in which the person has a substantial interest similar to that of a beneficiary or in respect of which the person serves as liquidator of the succession, trustee or other administrator of the property of others, mandatary or depositary. Economic ties include any other ties between persons or groups that the Autorité des marchés financiers may determine by regulation. 2018, c. 23, s. 3.
Section 17Verify source
§ 18Section 18Provision

Source excerpt

18. Family ties are considered to exist only between a person and (1) his or her spouse; (2) his or her children or spouse’s children; and (3) his or her parents or spouse’s parents. 2018, c. 23, s. 3.

18. Family ties are considered to exist only between a person and (1) his or her spouse; (2) his or her children or spouse’s children; and (3) his or her parents or spouse’s parents. 2018, c. 23, s. 3.
Section 18Verify source
§ 19Section 19Provision

Source excerpt

This section defines what counts as contributed capital for certain legal persons and partnerships.

19. The contributed capital of a legal person is composed of the consideration paid to the legal person for, (1) in the case of a business corporation, the shares of its share capital; (2) in the case of a joint-stock company, the shares of its capital stock; and (3) in the case of a cooperative, a financial services cooperative or a mutual company, the shares of its capital stock or share capital. The contributed capital of a partnership is composed, (1) in the case of a general partnership, of the contribution made by each partner to obtain a share in the partnership; and (2) in the case of a limited partnership, of the contribution made by the special partners to the partnership’s common stock. 2018, c. 23, s. 3.
Section 19Verify source
§ 20Section 20Provision

Source excerpt

The Autorité des marchés financiers supervises and controls insurance business in Québec.

20. The Autorité des marchés financiers (the Authority) supervises and controls insurance business in Québec. 2018, c. 23, s. 3.
Section 20Verify source
§ 21Section 21Provision

Source excerpt

The Authority’s authorization is required to carry on insurer activities in Québec when those activities amount to operating an enterprise, unless this Act provides otherwise.

21. Unless otherwise provided by this Act, the Authority’s authorization is required to carry on insurer activities in Québec if such activities constitute the operation of an enterprise, regardless of any other activities that may be carried on by the operator. 2018, c. 23, s. 3; 2021, c. 34, s. 5; 2024, c. 15, s. 4.
Section 21Verify source
§ 22Section 22Provision

Source excerpt

This section says when an insurer is considered to carry on insurer activities in Québec for non-marine insurance, marine insurance, or suretyship contracts.

22. With regard to non-marine insurance, an insurer carries on its insurer activities in Québec if it underwrites a contract governed by an Act of Québec or if its offer or invitation is made with a view to underwriting such a contract, unless that Act applies only by reason of the parties’ consent. With regard to marine insurance contracts or suretyship contracts, the insurer carries on its insurer activities in Québec if its offer or invitation is accepted in Québec by a person resident there, or if it signs or delivers a contract in Québec. 2018, c. 23, s. 3.
Section 22Verify source
§ 23Section 23Provision

Source excerpt

Some Québec insurers and certain out-of-Québec legal persons or reciprocal unions may obtain the Authority’s authorization only if they have at least $5,000,000 in capital; self-regulatory organizations and reciprocal unions are exempt from that capital requirement.

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. 2018, c. 23, s. 3; 2024, c. 15, s. 5.
Section 23Verify source
§ 24Section 24Provision

Source excerpt

24. The authorization granted by the Authority is for the activities included in the classes established by regulation of the Authority that the Authority specifies. 2018, c. 23, s. 3.

24. The authorization granted by the Authority is for the activities included in the classes established by regulation of the Authority that the Authority specifies. 2018, c. 23, s. 3.
Section 24Verify source
§ 25Section 25Provision

Source excerpt

Lloyd’s may obtain the Authority’s authorization, and its designated attorney may exercise certain court rights for Lloyd’s insurance members.

25. Lloyd’s may obtain the Authority’s authorization; for the purposes of this Act, it is considered a legal person constituted under the laws of a jurisdiction other than Québec. The attorney designated by Lloyd’s under section 26 of the Act respecting the legal publicity of enterprises (chapter P-44.1) may, in that capacity and in his or her own name, despite any inconsistent provision of an Act of Québec, exercise before the courts, as plaintiff or defendant, the rights of Lloyd’s members that have underwritten an insurance contract. 2018, c. 23, s. 3.
Section 25Verify source
§ 26Section 26Repeal

Source excerpt

Section 26 is repealed.

26. (Repealed). 2018, c. 23, s. 3; 2024, c. 15, s. 6.
Section 26Verify source
§ 27Section 27Repeal

Source excerpt

Certain listed activities and arrangements do not require the Authority’s authorization under this Act.

27. The following do not require the Authority’s authorization under this Act: (1) a professional syndicate which, in order to carry on insurer activities, establishes and administers a special fund in accordance with subparagraph 1 of the second paragraph of section 9 of the Professional Syndicates Act (chapter S-40); (2) anyone who, in terms of insurance, enters only into contracts of additional warranty under which it gives an undertaking to another party to directly or indirectly assume any portion of the cost of repairing or replacing property or any part of the property in case of defect; (3) an insurer that, in Québec, delivers only damage insurance contracts through a firm acting through a special broker governed by the Act respecting the distribution of financial products and services (chapter D-9.2), if the insurer has no establishment in Québec and does not publicize its business in Québec; and (4) an employer that establishes an uninsured employee benefit plan for the benefit of its employees; (5) (subparagraph repealed). An uninsured employee benefit plan is a plan that is accessory to a contract of employment and by which an employer undertakes to pay a benefit to an employee or a beneficiary designated by the employee if a risk of the nature of risks covered by insurance of persons occurs. 2018, c. 23, s. 3; 2021, c. 34, s. 6; 2024, c. 15, s. 7.
Section 27Verify source
§ 28Section 28Provision

Source excerpt

Two categories of persons do not need the Authority’s authorization to carry on insurer activities in Québec, and the Authority may still grant that authorization if a legal person applies for it.

28. The following persons are not required to obtain the Authority’s authorization to carry on insurer activities: (1) a person constituted under the laws of a jurisdiction other than Québec who carries on only reinsurer activities in Québec; and (2) a person who, without being a Québec insurer, carries on insurer activities in Québec only as surety or as debtor of an annuity. Such an authorization may nevertheless be granted to a legal person that applies for it, as if it were required. 2018, c. 23, s. 3.
Section 28Verify source
§ 29Section 29Provision

Source excerpt

This section says most provisions of the Title apply to a self-regulatory organization and an authorized reciprocal union only as Chapter XIII of the Title or Chapter XVI of Title III provides.

29. The provisions of this Title, other than Chapter I and this chapter, apply to a self-regulatory organization and an authorized reciprocal union only to the extent provided for in Chapter XIII of this Title or Chapter XVI of Title III. 2018, c. 23, s. 3.
Section 29Verify source
§ 30Section 30Provision

Source excerpt

An entity that wants to carry on insurer activities that need the Authority’s authorization must apply to the Authority and provide the required information.

30. A legal person or association that intends to carry on insurer activities, when such activities require the Authority’s authorization, is responsible for filing an application with the Authority for its authorization. An applicant must, in its application, show that it is able to comply with the applicable provisions of this Act. The applicant must also include the following information: (1) its name, the name it intends to use in Québec if different, the address of its head office and, if the latter is not in Québec, the proposed address of its principal establishment in Québec, if any; (2) the classes of activities for which it is applying for the Authority’s authorization and, if applicable, the conditions and restrictions it wishes to have attached to the authorization; (3) the name and address of the actuary and the auditor charged with the functions provided for in Chapter VII; (4) except if the applicant is a self-regulatory organization or an association, (a) a description of its financial structure; and (b) if applicable, the name and address of each holder of a significant interest in its decisions, as well as a description of that interest; (5) if the applicant is not a Québec insurer, the name of the regulatory authority of its domicile (home regulator); (6) if applicable, the name and address of the attorney designated under section 26 of the Act respecting the legal publicity of enterprises (chapter P-44.1); (7) if it belongs to a financial group, the name under which the group is known, if any, and, if applicable, the names of the other financial institutions that belong to the group; and (8) the other information prescribed by regulation of the Authority. 2018, c. 23, s. 3; 2024, c. 15, s. 8.
Section 30Verify source
§ 31Section 31Provision

Source excerpt

The home regulator for an insurer is the competent authority under the law governing the insurer’s constituting act. For a reciprocal union formed outside Québec, the home regulator is the Authority unless the constituting contract names another competent authority and that authority has already licensed or authorized the union.

31. The home regulator of an insurer is the competent authority with respect to the insurer’s insurer activities, under the laws of the jurisdiction whose legislation governs the insurer’s constituting act. However, in the case of a reciprocal union constituted under the laws of a jurisdiction other than Québec, the union’s home regulator is the Authority, unless the contract by which the union is constituted designates another competent authority as such and the latter authority has issued a licence to the union or granted it an authorization similar to that granted by the Authority under this Act. 2018, c. 23, s. 3; 2021, c. 34, s. 7; 2024, c. 15, s. 9.
Section 31Verify source
§ 32Section 32Provision

Source excerpt

When this rule is applied to a reciprocal union, the application must name the representative, and the union’s principal establishment address may be used as the representative’s address.

32. For the purpose of applying subparagraph 1 of the third paragraph of section 30 to a reciprocal union, the name of the representative referred to in subparagraph 3 of the first paragraph of section 188 must be specified in the application, in addition to that of the union; the address of the reciprocal union’s principal establishment may be the representative’s address. 2018, c. 23, s. 3; 2024, c. 15, s. 10.
Section 32Verify source
§ 33Section 33Provision

Source excerpt

If the applicant is already an authorized insurer, only specified information must be provided.

33. If the applicant is already an authorized insurer, only the following information is required: (1) the information required under subparagraph 2 of the third paragraph of section 30; (2) if applicable, the information required under subparagraph 6 of that paragraph; and (3) the information required to update the other information contained in the register provided for in section 176. 2018, c. 23, s. 3; 2024, c. 15, s. 11.
Section 33Verify source
§ 34Section 34Provision

Source excerpt

An applicant must file specified directors, officers, corporate, financial, business-plan, and fee documents with its authorization application.

34. The following must be filed with the application for authorization: (1) a list of the applicant’s directors and officers, including their names and domiciliary addresses; (2) the résumé of each director and officer; (3) a copy of the applicant’s constituting act and by-laws or of any other document established for the same purposes; (4) if applicable, a copy of the applicant’s audited financial statements for its most recent fiscal year ended and the financial statements it is required to file with its home regulator, to the extent and in the manner that may be determined by regulation of the Authority; (5) a three-year business plan that specifies, in particular, the means by which the applicant will deal with clients for the insurance contracts it intends to underwrite, the activities it will carry on and, if applicable, those it carries on or will carry on outside Québec; (6) the other documents prescribed by regulation of the Authority; and (7) the fees and charges prescribed by government regulation. 2018, c. 23, s. 3.
Section 34Verify source
§ 35Section 35Provision

Source excerpt

A self-regulatory organization applicant does not have to file the section 34(1)–(3) documents, but must file specified documents with the application. A professional order applicant has a special rule allowing the section 34(2) act to be a draft regulation pending approval.

35. If the applicant is a self-regulatory organization, the documents required under paragraphs 1, 2 and 3 of section 34 need not be filed with the application. However, the following documents must be filed with it: (1) the organization’s plan of operation in relation to its insurer activities; (2) the act that imposes on persons who are governed by the organization, certain classes of such persons and, if applicable, such persons who carry on their activities within a partnership or company the obligation to be a party to an insurance contract underwritten by the organization; (3) if applicable, the contract entered into with the manager to whom the organization has entrusted the day-to-day operation of its insurance fund; and (4) the résumé of each member of the professional liability insurance decision-making committee referred to in section 361. If the applicant is a professional order, the act described in subparagraph 2 of the first paragraph may be a draft regulation pending approval under the Professional Code (chapter C-26) and the partnership or company referred to in that subparagraph is the organization referred to in Chapter VI.3 of that Code. 2018, c. 23, s. 3; 2022, c. 26, s. 9; 2024, c. 31, s. 38.
Section 35Verify source
§ 36Section 36Provision

Source excerpt

If the applicant is a reciprocal union, a list of its members must be filed with the application.

36. If the applicant is a reciprocal union, a list of its members must also be filed with the application. 2018, c. 23, s. 3; 2021, c. 34, s. 8; 2024, c. 15, s. 12.
Section 36Verify source
§ 37Section 37Provision

Source excerpt

If the applicant is already an authorized insurer, only the documents listed in section 34(4) and, if applicable, 34(5) and 34(6) are required. If the authorized insurer is a self-regulatory organization, the section 34(4) financial statements are those of its insurance fund, and the required documents must be filed with the act described in section 35(1)(2).

37. If the applicant is already an authorized insurer, the only documents required are those referred to in paragraphs 4 and, if applicable, 5 and 6 of section 34. If the authorized insurer is a self-regulatory organization, the financial statements described in paragraph 4 of section 34 are those of its insurance fund, and the required documents must be filed together with the act described in subparagraph 2 of the first paragraph of section 35. 2018, c. 23, s. 3; 2024, c. 15, s. 13.
Section 37Verify source
§ 38Section 38Provision

Source excerpt

If a non-Québec insurer applies for authorization limited to reinsurer activities, the Authority may exempt it from providing certain information and documents.

38. If an insurer is constituted under the laws of a jurisdiction other than Québec and requests that the authorization it is applying for be restricted to reinsurer activities, the Authority may exempt the insurer from providing the information and documents required under sections 30 and 34 that the Authority determines. 2018, c. 23, s. 3.
Section 38Verify source
§ 39Section 39Provision

Source excerpt

The Authority may grant authorization to an applicant only if the applicant meets the stated conditions.

39. The Authority grants its authorization to an applicant that meets the following conditions: (1) the applicant has provided the information and documents required under this Act and has paid the fees and charges payable; and (2) in the Authority’s opinion, (a) the applicant has shown that it is able to comply with the applicable provisions of this Act, (b) there are no serious reasons to believe that a holder of a significant interest in the applicant’s decisions is likely to interfere with the applicant’s adherence to sound commercial practices or sound and prudent management practices, and (c) the applicant’s name is not misleading. 2018, c. 23, s. 3.
Section 39Verify source
§ 40Section 40Provision

Source excerpt

The Authority may attach requirements, conditions, and restrictions when granting authorization.

40. The Authority may, in granting its authorization, require any undertaking it considers necessary to ensure compliance with this Act. The Authority may also, in granting its authorization, attach the conditions and restrictions it considers necessary for that purpose. 2018, c. 23, s. 3.
Section 40Verify source
§ 41Section 41Provision

Source excerpt

The Authority may authorize a self-regulatory organization, on application, to provide certain insurance services beyond the default limit.

41. The authorization granted by the Authority to a self-regulatory organization is limited to professional liability insurance covering persons governed by the organization at the time of the injurious act or omission, unless the Authority authorizes the organization, on its application, to provide the following services: (1) insuring those persons against misappropriations of funds required to be deposited in a trust account, committed without complicity on the insured’s part, and for the legal costs arising out of such misappropriations; or (2) insuring a partnership or a company against liability the partnership or company may incur as a result of professional misconduct by persons who are authorized to engage in their professional activities within the partnership or company and who are governed by the organization. If the self-regulatory organization is a professional order, the partnership or company referred to in subparagraph 2 of the first paragraph is the organization referred to in Chapter VI.3 of the Professional Code (chapter C-26). 2018, c. 23, s. 3; 2022, c. 26, s. 10; 2024, c. 31, s. 39.
Section 41Verify source
§ 42Section 42Provision

Source excerpt

The Authority’s authorization for a reciprocal union is limited to insuring the union’s own members.

42. The authorization granted by the Authority to a reciprocal union allows it only to insure its members. 2018, c. 23, s. 3; 2021, c. 34, s. 9; 2024, c. 15, s. 14.
Section 42Verify source
§ 43Section 43Provision

Source excerpt

An authorized insurer must maintain its existence until the authorization is fully and finally revoked.

43. The authorization granted by the Authority entails, for the authorized insurer, the obligation to maintain its existence until the full and final revocation of that authorization. 2018, c. 23, s. 3; 2024, c. 15, s. 15.
Section 43Verify source
§ 44Section 44Provision

Source excerpt

The Authority must notify the applicant in writing of its decision, and before refusing authorization or granting it with conditions or restrictions, it must give prior notice and at least 10 days to submit observations unless the conditions or restrictions were requested by the applicant.

44. The Authority notifies the applicant in writing of its decision. Before refusing to grant its authorization or granting an authorization with conditions or restrictions attached, the Authority must notify the prior notice prescribed by section 5 of the Act respecting administrative justice (chapter J-3) to the applicant in writing and grant the latter at least 10 days to submit observations, unless the conditions or restrictions are attached at the applicant’s request. 2018, c. 23, s. 3.
Section 44Verify source
§ 45Section 45Provision

Source excerpt

An authorized insurer’s obligations under this Act do not change just because it hires a third person to do part of a governed activity.

45. The obligations of an authorized insurer under the provisions of this Act remain unchanged by the mere fact that the insurer entrusts a third person to carry on any part of an activity governed by those provisions. 2018, c. 23, s. 3.
Section 45Verify source
§ 46Section 46Provision

Source excerpt

An authorized insurer must make sure controlled groups comply with the Act’s prohibitions that apply to the insurer.

46. An authorized insurer must ensure that any group in respect of which the insurer is the holder of control complies with the prohibitions imposed on the insurer by this Act. A prohibition imposed on such an insurer applies to the groups in respect of which it is the holder of control not only when each of them is acting alone, but also when the acts or omissions of all or some of them would have contravened that prohibition had they been done or made by only one of them. This section does not prohibit a group in respect of which an authorized insurer is the holder of control from carrying on activities the group is permitted to carry on by the Act governing it even though the insurer is not permitted to carry on those activities, provided the group is a financial institution or a federation of mutual companies subject to the supervision of a regulatory authority. 2018, c. 23, s. 3.
Section 46Verify source
§ 47Section 47Provision

Source excerpt

An authorized insurer is liable, as if it were its own, for failures to comply with the Act by a controlled group or by a group controller acting for the insurer.

47. An authorized insurer is liable for failures to comply with this Act by a group in respect of which the insurer is the holder of control or by whoever is the holder of control of the group and performs an obligation of the insurer on the insurer’s behalf, as if those failures to comply were the insurer’s own. 2018, c. 23, s. 3.
Section 47Verify source
§ 48Section 48Provision

Source excerpt

The Authority’s inspection functions and powers for an authorized insurer can extend to an affiliated group when the inspector considers that necessary to verify the insurer’s compliance.

48. The Authority’s inspection functions and powers, provided for by the Act respecting the regulation of the financial sector (chapter E-6.1), that may be exercised in relation to an authorized insurer extend to any affiliated group if the person authorized to inspect the insurer considers it necessary to inspect the group in order to complete the verification of the insurer’s compliance with this Act, even though the group does not carry on activities governed by an Act referred to in section 7 of that Act. 2018, c. 23, s. 3.
Section 48Verify source
§ 49Section 49Provision

Source excerpt

The Authority may stop an authorized insurer from using a third person to perform the insurer’s obligations under this Act if that would make the Act hard or ineffective to apply.

49. The Authority may prohibit that an authorized insurer’s obligations under this Act be performed by a third person on the insurer’s behalf if, in the Authority’s opinion, such performance would render the application of this Act difficult or ineffective. Before rendering its decision, the Authority must notify the prior notice prescribed by section 5 of the Act respecting administrative justice (chapter J-3) to the insurer in writing and grant the latter at least 15 days to submit observations. 2018, c. 23, s. 3.
Section 49Verify source
§ 50Section 50Provision

Source excerpt

An authorized insurer must follow sound commercial practices.

50. An authorized insurer must adhere to sound commercial practices. In carrying on its financial institution activities, such practices include providing fair treatment to its clientele, in particular by (1) providing appropriate information; (2) adopting a policy for processing complaints filed by members of that clientele and resolving disputes with them; and (3) keeping a complaints register. 2018, c. 23, s. 3.
Section 50Verify source
§ 51Section 51Provision

Source excerpt

An authorized insurer must be able to show the Authority that it follows sound commercial practices.

51. An authorized insurer must be able to show to the Authority that it adheres to sound commercial practices. 2018, c. 23, s. 3.
Section 51Verify source
§ 52Section 52Provision

Source excerpt

The insurer must publish and disseminate a summary of its complaint processing and dispute resolution policy.

52. The complaint processing and dispute resolution policy adopted under subparagraph 2 of the second paragraph of section 50 must, in particular, (1) set out the characteristics that make a communication to the insurer a complaint that must be registered in the complaints register kept under subparagraph 3 of the second paragraph of section 50; and (2) provide for a record to be opened for each complaint and prescribe rules for keeping such records. The insurer must make a summary of the policy, including the elements specified in subparagraphs 1 and 2 of the first paragraph, publicly available on its website and disseminate it by any appropriate means to reach the clientele concerned. 2018, c. 23, s. 3.
Section 52Verify source
§ 53Section 53Provision

Source excerpt

The authorized insurer must send the complainant a notice within 10 days after the complaint is registered.

53. Within 10 days after a complaint is registered in the complaints register, the authorized insurer must send the complainant a notice stating the complaint registration date and the complainant’s right, under section 54, to have the complaint record examined. 2018, c. 23, s. 3.
Section 53Verify source
§ 54Section 54Provision

Source excerpt

54. A complainant whose complaint has been registered in the complaints register may, if dissatisfied with the authorized insurer’s processing of the complaint or the outcome, request the insurer to have the complaint record examined by

54. A complainant whose complaint has been registered in the complaints register may, if dissatisfied with the authorized insurer’s processing of the complaint or the outcome, request the insurer to have the complaint record examined by the Authority. If the authorized insurer belongs to the financial group of a federation, the record is examined by the federation rather than the Authority. The authorized insurer is required to comply with the complainant’s request and send the record to the Authority or, as the case may be, to the federation. 2018, c. 23, s. 3; 2025, c. 16, s. 53.
Section 54Verify source
§ 55Section 55Provision

Source excerpt

The Authority must examine complaint records sent to it, and it may act as conciliator or mediator, or appoint someone to do so, if the parties consent.

55. The Authority examines the complaint records that are sent to it. It may, with the parties’ consent, act as conciliator or mediator or designate a person to act as such. Conciliation or mediation may not, alone or in combination, continue for more than 60 days after the date of the first conciliation or mediation session, as the case may be, unless the parties consent to it. Conciliation and mediation are free of charge. 2018, c. 23, s. 3.
Section 55Verify source
§ 56Section 56Provision

Source excerpt

Statements made in conciliation or mediation are generally not admissible in evidence, and conciliators or mediators cannot be compelled to disclose what they learned or to produce related documents. There is also no right of access to documents in the conciliation or mediation record.

56. Unless the parties agree otherwise, nothing that is said or written in the course of a conciliation or mediation session may be admitted into evidence before a court of justice or before a person or body of the administrative branch exercising adjudicative functions. A conciliator or mediator may not be compelled to disclose anything revealed or learned in the exercise of conciliation or mediation functions or to produce a document prepared or obtained in the course of such functions before a court of justice or before a person or body of the administrative branch exercising adjudicative functions. Despite section 9 of the Act respecting Access to documents held by public bodies and the Protection of personal information (chapter A-2.1), no one has a right of access to a document contained in the conciliation or mediation record. 2018, c. 23, s. 3.
Section 56Verify source
§ 57Section 57Provision

Source excerpt

The Authority may not communicate a complaint record unless the insurer that sent it authorizes the communication.

57. Despite sections 9 and 83 of the Act respecting Access to documents held by public bodies and the Protection of personal information (chapter A-2.1), the Authority may not communicate a complaint record without the authorization of the insurer that has sent it. 2018, c. 23, s. 3.
Section 57Verify source
§ 58Section 58Provision

Source excerpt

An authorized insurer must send the Authority a report on its complaint processing and dispute resolution policy, including the number and nature of complaints registered.

58. On the date set by the Authority, an authorized insurer must send it a report on the complaint processing and dispute resolution policy adopted under subparagraph 2 of the second paragraph of section 50 stating the number of complaints that the insurer has registered in the complaints register and their nature. The report must cover the period determined by the Authority. 2018, c. 23, s. 3.
Section 58Verify source
§ 59Section 59Amendment

Source excerpt

59. To underwrite an insurance contract, an authorized insurer must deal with the client concerned either through a natural person, whether employed by the insurer or not, or without the intermediary of such a person. If the insurer deals

59. To underwrite an insurance contract, an authorized insurer must deal with the client concerned either through a natural person, whether employed by the insurer or not, or without the intermediary of such a person. If the insurer deals with the client through a natural person, that person must be an insurance representative holding a certificate issued by the Authority in accordance with the Act respecting the distribution of financial products and services (chapter D-9.2) and must be authorized to act with respect to the contract. However, the insurer may deal with the client for a damage insurance contract or an individual insurance of persons contract through a natural person who is not an insurance representative if (1) the natural person is a distributor within the meaning of the second paragraph of section 408 of the Act respecting the distribution of financial products and services or has been assigned that task by such a distributor; and (2) the insurance contract is an insurance product subject to Title VIII of that Act. This section does not apply to the renewal of an insurance contract the only amendment to which is the premium. 2018, c. 23, s. 3.
Section 59Verify source
§ 60Section 60Provision

Source excerpt

For this division, a natural person is treated as an insurance representative holding an Authority certificate if specified provisions of the referenced Act apply.

60. For the purposes of this division, a natural person is considered an insurance representative holding a certificate issued by the Authority under the Act respecting the distribution of financial products and services (chapter D-9.2) if any of the following provisions of that Act apply to him or her: (1) subparagraph 1 or 2 of the third paragraph of section 3; (2) the second paragraph of section 4; and (3) section 7. 2018, c. 23, s. 3.
Section 60Verify source
§ 61Section 61Provision

Source excerpt

This division does not apply to maritime insurance contracts or suretyship contracts.

61. This division does not apply to maritime insurance contracts or suretyship contracts, even if, in the latter case, they are designated as surety insurance contracts. 2018, c. 23, s. 3.
Section 61Verify source
§ 62Section 62Provision

Source excerpt

An authorized insurer must provide the client or participant, in time, with information needed for an informed decision and contract performance in the listed cases.

62. An authorized insurer must see that the client or the participant, as the case may be, is provided in sufficient time with the information necessary to make an enlightened decision and for contract performance purposes (1) if the insurer deals with the client otherwise than through a firm, independent representative or independent partnership registered for an insurance sector; or (2) if the insurer has underwritten a group insurance of persons contract in which a person may enroll as a participant without interacting with an insurance representative at the time of enrollment. Such information includes (1) the extent of the coverage considered and the exclusions; (2) the time limits, in accordance with the Civil Code, within which a loss must be reported and within which the insurer is required to pay the sums insured or the indemnity provided for; and (3) the information required to communicate to the insurer a complaint to be registered in the complaints register provided for in subparagraph 3 of the second paragraph of section 50, including the time limit within which a complaint must be communicated. 2018, c. 23, s. 3.
Section 62Verify source
§ 63Section 63Provision

Source excerpt

An authorized insurer must make temporary insurance available in this underwriting situation, and the client must reply to an information request within 30 days.

63. If, for the purpose of underwriting an individual insurance of persons contract, an authorized insurer receives a proposal that was completed without an insurance representative interacting with the client at the time it was completed, the insurer must see that the client can be temporarily insured until a final contract is made or until one of the parties is informed of the other party’s decision not to make a contract. The temporary insurance contract must provide the broadest coverage in return for which the client agrees to pay the premium for that contract. The client is required to reply within 30 days after receiving a request for information from the insurer for the purpose of making the final contract. If the client fails to reply within that time limit, the insurer may cancel the temporary contract. 2018, c. 23, s. 3.
Section 63Verify source
§ 64Section 64Provision

Source excerpt

A client or participant may cancel an insurance arrangement within 10 days after receiving the policy or insurance certificate if no insurance representative dealt with them at consent or enrollment, subject to listed exceptions.

64. The client for an insurance contract may, if no insurance representative interacted with the client at the time the latter consented to the contract, cancel the contract within 10 days after receiving the policy, unless the contract has already expired at that time or, in the case of a travel insurance contract, unless a trip that falls under the coverage has already started. A participant may also, if no insurance representative interacted with the participant at the time he or she enrolled, cancel his or her enrollment on the same condition and within the same time limit after receiving the insurance certificate. In the case of an individual insurance of persons contract, the policy referred to in the first paragraph is the one that evidences the existence of the final contract. If an insurance contract is made or a participant enrolls under that contract at the same time another contract is entered into, the other contract retains all its effects despite the cancellation of the insurance contract or of the enrollment, as the case may be. The first and second paragraphs do not apply to insurance expiring within 10 days after the client’s consent or the participant’s enrollment, as the case may be. 2018, c. 23, s. 3; 2021, c. 34, s. 11.
Section 64Verify source
§ 64.1Section 64.1Provision

Source excerpt

No one may cancel an insurance contract if the cancellation would leave the client or an insured without legally required coverage.

64.1. Despite section 64, no one may cancel an insurance contract if doing so causes the client or an insured to be in default of being covered by such a contract where the law requires it. 2021, c. 34, s. 12.
Section 64.1Verify source
§ 65Section 65Provision

Source excerpt

An authorized insurer is liable for acts done by distributors, or by natural persons they assigned to deal with clients or participants, when those acts relate to underwriting an insurance contract or enrolling a participant.

65. An authorized insurer is liable for the acts done by distributors, or natural persons to whom the latter have assigned the task of dealing with clients or participants, toward underwriting an insurance contract or enrolling a participant. 2018, c. 23, s. 3.
Section 65Verify source
§ 66Section 66Provision

Source excerpt

An authorized insurer must, without delay, send the Authority two lists: one of relevant contracts and one of distributors, and must notify the Authority without delay of any change to either list.

66. An authorized insurer must, without delay, send the Authority a list of the contracts with respect to which a distributor will be dealing with clients or participants and a list of such distributors. The list of distributors must include the names and addresses of the distributors and the insurance contracts for which the insurer is doing business with them. The list of contracts must include a description of the insurance coverage provided by those contracts. The insurer must, without delay, inform the Authority of any change to either list. 2018, c. 23, s. 3.
Section 66Verify source
§ 67Section 67Provision

Source excerpt

If an insurer offers a non-paper, non-intermediated way to submit a proposal, it must give the client a document describing that proposal with the policy.

67. If a means of formulating and submitting a proposal without the intermediary of a natural person or a firm and otherwise than by an application in writing referred to in article 2400 of the Civil Code is made available to a client, the insurer must deliver to the client, together with the policy, a document describing any proposal submitted by such means. The document delivered by the insurer is equivalent to an application in writing referred to in article 2400 of the Civil Code. 2018, c. 23, s. 3.
Section 67Verify source
§ 68Section 68Provision

Source excerpt

The Authority may issue an order under section 465 or 467 requiring an authorized insurer to stop dealing directly with clients for contracts it chooses.

68. The Authority may issue an order provided for in section 465 or 467 to require an authorized insurer to cease dealing, without the intermediary of a representative, with clients for the contracts it determines. 2018, c. 23, s. 3.
Section 68Verify source
§ 69Section 69Provision

Source excerpt

In an annuity contract, an authorized insurer may offer investment choices and still control the capital accumulated for the annuity. A withdrawal right for all or part of that capital may be included, but using it reduces the insurer’s obligations. The annuity amount must be determinable when the contract is made.

69. In an annuity contract, the fact that an authorized insurer offers a choice of investments does not preclude the insurer from controlling the capital accumulated for the payment of the annuity. The right to withdraw all or part of the capital accumulated for the payment of an annuity may be stipulated, but the exercise of that right reduces the insurer’s obligations correlatively. In addition, the amount of the annuity to be paid periodically must, at the time the contract is entered into, be determinate, or at least determinable according to variables and a computation method specified in the contract. 2018, c. 23, s. 3.
Section 69Verify source
§ 70Section 70Provision

Source excerpt

Capital accumulated for an annuity is exempt from seizure only if a person is designated under article 2457 or 2458 of the Civil Code to receive the capital or annuity after the death of the annuitant or the person who provided the capital.

70. For the capital accumulated for the payment of an annuity to be exempt from seizure, a person must be designated, in accordance with article 2457 or 2458 of the Civil Code, as qualified to receive the capital or the related annuity following the death of the annuitant or of the person who furnishes the capital. 2018, c. 23, s. 3.
Section 70Verify source
§ 71Section 71Provision

Source excerpt

The Authority determines the form and terms of motor vehicle insurance policies and related riders, and authorized insurers may add certain riders if conditions are met.

71. The form and terms of insurance policies relating to the ownership or use of motor vehicles must be determined by the Authority. The same is true for any riders that may be attached to those policies. If those policies concern a contract to be entered into by an operator or enterprise referred to in the second or third paragraph of section 84 of the Automobile Insurance Act (chapter A-25) or if those riders are attached to such a contract, the Authority must send them to the Minister 15 days before they are determined. An authorized insurer may attach a rider whose form and terms are not determined by the Authority to such a policy if the rider (1) provides for terms stipulated solely for the benefit of the insureds; and (2) has been sent to the Authority and, in the case of a rider attached to a contract to be entered into by an operator or enterprise referred to in the second or third paragraph of section 84 of the Automobile Insurance Act, to the Minister. The Authority may attach conditions or restrictions to a rider attached to a contract to be entered into by an operator or enterprise referred to in the second or third paragraph of section 84 of the Automobile Insurance Act. It must send the conditions or restrictions to the Minister 15 days before attaching them to such a rider. 2018, c. 23, s. 3; 2021, c. 34, s. 13.
Section 71Verify source
§ 72Section 72Provision

Source excerpt

Government regulation sets the conditions for group insurance contracts underwritten by an authorized insurer.

72. The conditions applicable to group insurance contracts underwritten by an authorized insurer are prescribed by government regulation. 2018, c. 23, s. 3.
Section 72Verify source
§ 72.1Section 72.1Provision

Source excerpt

An insurer with an individual life insurance contract must gather the information needed to determine when the sum becomes payable, and if the sum is payable, inform unclaimed beneficiaries for three years and help them justify their claim.

Not in force 72.1. An insurer that binds itself to pay a sum under an individual life insurance contract must take the means necessary to obtain the information enabling it to know whether the sum is payable because of the insured’s death or, where the contract provides that this payment is due during the lifetime of the insured, because of the insured’s surviving a specific period or because of the occurrence of an event related to the insured’s existence. An insurer that knows that the sum is payable must, for a period of three years from the date the sum is payable, take the necessary means so that the beneficiaries who have not claimed the sum may be informed that the sum is payable. The insurer must also provide them with support in justifying their claim. The Government may, by regulation, determine the means to be taken by insurers for the purposes of this section, the intervals at which they are to be taken or the situations in which they need not be taken. Such a regulation may provide for rules that differ according to the insurance contract concerned. 2024, c. 15, s. 75.
Section 72.1Verify source
§ 72.2Section 72.2Provision

Source excerpt

An authorized insurer may collect certain civil-status information to identify an insured under an individual life insurance contract and inform unclaimed beneficiaries, subject to privacy-law rules and a written agreement.

72.2. An authorized insurer may, for the purpose of identifying an insured under an individual life insurance contract, collect from the registrar of civil status the personal information determined by government regulation that is necessary to identify a deceased person so that the beneficiaries who have not claimed payment of the sum payable under that contract may be so informed. The provisions of the Act respecting the protection of personal information in the private sector (chapter P-39.1) apply to the information referred to in the first paragraph. In addition, the insurer must (1) use the information only for the purposes for which it was collected; (2) not communicate to a third person any information the insurer cannot associate with any of its insureds, unless it is a communication made in accordance with section 18.3 of the Act respecting the protection of personal information in the private sector; and (3) destroy without delay any information it cannot associate with any of its insureds, with no possibility of anonymizing such information. The collection of information referred to in the first paragraph must be carried out under a written agreement between the insurer and the registrar of civil status. That agreement must include (1) measures to ensure the protection of personal information and its destruction; (2) the obligation for the insurer’s person in charge of the protection of personal information to declare under oath that the information the insurer was not able to associate with any of its insureds was destroyed; and (3) the terms and conditions for sending to the registrar of civil status the declaration under oath referred to in subparagraph 2. The agreement may be unilaterally resiliated by the registrar of civil status. 2025, c. 32, s. 99.
Section 72.2Verify source
§ 73Section 73Provision

Source excerpt

This chapter does not apply to an authorized insurer’s client that is a bank or another financial institution, except for the first paragraph of section 50 and Division IV; it also does not apply to reinsurer activities.

73. Except for the first paragraph of section 50 and Division IV, this chapter does not apply if the authorized insurer’s client is a bank or another financial institution. Nor does this chapter apply to reinsurer activities. 2018, c. 23, s. 3.
Section 73Verify source
§ 74Section 74Provision

Source excerpt

An authorized insurer must follow sound and prudent management practices, including good governance and compliance with the laws that apply to its activities.

74. An authorized insurer must adhere to sound and prudent management practices ensuring, in particular, good governance and compliance with the laws governing its activities. With respect to the insurer’s financial management, such practices must, in particular, provide that the insurer maintain (1) adequate assets to meet its liabilities, as and when they become due; and (2) adequate capital to ensure its sustainability. 2018, c. 23, s. 3.
Section 74Verify source
§ 75Section 75Provision

Source excerpt

An authorized insurer must be able to show the Authority that it follows sound and prudent management practices.

75. An authorized insurer must be able to show to the Authority that it adheres to sound and prudent management practices. 2018, c. 23, s. 3.
Section 75Verify source
§ 76Section 76Provision

Source excerpt

An authorized insurer must not contract liabilities that vary with the market value of property it is bound to hold, unless life-insurance conditions are met and the property is a segregated fund used first to meet those liabilities.

76. No authorized insurer may contract liabilities that vary according to the market value of property that, through those liabilities, it binds itself to hold, unless (1) it is an insurer authorized to carry on life insurance activities; and (2) the property constitutes a segregated fund to be used to meet the liabilities for which the property is held before any of the insurer’s other liabilities. Except for this division, the provisions of this chapter do not apply to segregated funds. 2018, c. 23, s. 3.
Section 76Verify source
§ 77Section 77Provision

Source excerpt

The Authority may order an authorized insurer to adopt a compliance program if the insurer’s capital is not adequate for sustainability, after giving notice and at least 10 days for observations.

77. The Authority may, if it considers that an authorized insurer’s capital is not adequate to ensure the insurer’s sustainability, order the insurer to adopt a compliance program within the time it prescribes and for the reasons it specifies. Before exercising the power provided for in the first paragraph, the Authority must notify the insurer and give it at least 10 days to submit observations. The Authority may not order an authorized insurer other than a Québec insurer to adopt such a program if it may hinder measures taken by the insurer’s home regulator. 2018, c. 23, s. 3.
Section 77Verify source
§ 78Section 78Provision

Source excerpt

An authorized insurer must implement the measures described in its compliance program within the time limits set by that program.

78. The compliance program describes the measures that must be implemented by the authorized insurer within the time limits specified in it. 2018, c. 23, s. 3.
Section 78Verify source
§ 79Section 79Provision

Source excerpt

An authorized insurer’s compliance program is submitted to the Authority for approval.

79. The compliance program adopted by the authorized insurer is submitted for approval to the Authority. 2018, c. 23, s. 3.
Section 79Verify source
§ 80Section 80Provision

Source excerpt

The authorized insurer must implement the compliance program approved by the Authority.

80. The authorized insurer is required to implement the compliance program approved by the Authority. 2018, c. 23, s. 3.
Section 80Verify source
§ 81Section 81Provision

Source excerpt

An authorized insurer required to implement a compliance program must give the Authority any report it requires about the program’s implementation.

81. An authorized insurer that is required to implement a compliance program must provide the Authority with any report the Authority may require on the implementation of the program at such intervals, in such form and with such content as the Authority determines. 2018, c. 23, s. 3.
Section 81Verify source
§ 82Section 82Provision

Source excerpt

An authorized insurer must adopt a board-approved investment policy and, on the Authority’s request, send that policy to the Authority.

82. An authorized insurer must adopt an investment policy approved by its board of directors. The investment policy must, in particular, (1) provide for the matching of the respective maturities of the insurer’s investments with the insurer’s liabilities; (2) provide for the appropriate diversification of those investments; and (3) include a description of the types of investments and other financial transactions that it authorizes and the limits applicable to them. The insurer must send its investment policy to the Authority at the Authority’s request. 2018, c. 23, s. 3.
Section 82Verify source
§ 83Section 83Provision

Source excerpt

An authorized insurer must follow the investment policy approved by its board of directors.

83. An authorized insurer must follow the investment policy approved by its board of directors. 2018, c. 23, s. 3.
Section 83Verify source
§ 84Section 84Provision

Source excerpt

An authorized Québec insurer may not exceed the stated ownership and voting-rights limits in certain securities, trust participations, or property co-ownership.

84. No authorized Québec insurer may acquire or hold contributed capital securities issued by a legal person or a partnership or participations in a trust in excess of (1) 30% of the value of those securities or participations; or (2) the number of those securities or participations allowing it to exercise more than 30% of the voting rights. Nor may an authorized Québec insurer be the co-owner of property if its share of the right of ownership is greater than 30% without exceeding 50%, alone or together with the shares of groups affiliated with it. 2018, c. 23, s. 3.
Section 84Verify source
§ 85Section 85Provision

Source excerpt

An authorized Québec insurer may acquire certain ownership interests above the section 84 limit in specified control situations, and section 84 also does not apply in one damage-insurance-sector scenario if section 150 limits are met. Some mutual-company-related entities may not make an acquisition under this section without federation authorization.

85. Despite section 84, an authorized Québec insurer may acquire and hold up to all the contributed capital securities issued by a legal person or a partnership, up to all the participations in a trust or a share of a right of ownership in cases where the insurer will be the holder of control of the person, partnership, trust or property after the acquisition or, in the case of a share of a right of ownership in an immovable, at least 50% of that right, and in the cases determined by government regulation. Similarly, section 84 does not apply where an authorized Québec insurer acquires and holds contributed capital securities in a firm registered for the damage insurance sector to the extent that the insurer, its financial group or the legal persons that are related to the insurer or financial group comply with the limits prescribed by section 150 of the Act respecting the distribution of financial products and services (chapter D-9.2). Neither a mutual company that is a member of a federation nor a business corporation of which such a mutual company is the holder of control and which is authorized to carry on activities in the same class as that mutual company may make an acquisition under this section without the federation’s authorization. 2018, c. 23, s. 3; 2021, c. 34, s. 14.
Section 85Verify source
§ 86Section 86Provision

Source excerpt

An authorized Québec insurer may own or hold property contrary to section 84 only to obtain or preserve an accessory guarantee for an investment or other financial transaction.

86. An authorized Québec insurer may become the owner or holder of property in contravention of section 84 only if it does so to obtain or preserve an accessory guarantee for one of its investments or for any other financial transaction. 2018, c. 23, s. 3.
Section 86Verify source
§ 87Section 87Provision

Source excerpt

An authorized Québec insurer that holds or owns property in contravention of section 84 must dispose of that property as soon as market conditions permit.

87. If an authorized Québec insurer holds or owns property, as the case may be, in contravention of section 84, it must dispose of that property as soon as market conditions permit. 2018, c. 23, s. 3.
Section 87Verify source
§ 88Section 88Provision

Source excerpt

Directors of an authorized Québec insurer who agree to a contravention of section 84 are jointly liable for resulting losses, unless they acted with reasonable prudence and diligence.

88. Directors of an authorized Québec insurer who agree to a contravention of section 84 are held solidarily liable for any resulting losses to the insurer. A director cannot be held liable under the first paragraph if the director acted with a reasonable degree of prudence and diligence in the circumstances. Furthermore, for the purposes of the first paragraph, the court may, after considering all the circumstances and on the terms the court considers appropriate, relieve a director, either wholly or partly, from the liability the director would otherwise incur if it appears to the court that the director has acted reasonably, honestly and loyally, and ought fairly to be excused. 2018, c. 23, s. 3.
Section 88Verify source
§ 89Section 89Provision

Source excerpt

An authorized insurer must be a member of a compensation body recognized by the Authority for the relevant class, unless the exception for certain mutual-company activities or reinsurer activities applies.

89. An authorized insurer must be a member, for the classes for which it is authorized to carry on an activity, of a compensation body recognized by the Authority for that class. The first paragraph does not apply to the activities carried on by a mutual company that is a member of a federation for which the federation stands surety. Neither does that paragraph apply to reinsurer activities. For the purposes of this Act, a compensation body is a body whose members are insurers and whose purpose is to protect the holders of insurance contracts underwritten by one of those insurers from excessive financial loss in the event of that insurer’s insolvency. 2018, c. 23, s. 3.
Section 89Verify source
§ 90Section 90Provision

Source excerpt

The Authority may recognize a compensation body if it considers the body sufficiently protects insureds and can assume its obligations.

90. The Authority may recognize a compensation body if it considers that the body offers sufficient protection to the insureds and is able to assume its obligations. The Authority may, by regulation, determine the conditions that a body must meet in order to be recognized. 2018, c. 23, s. 3.
Section 90Verify source
§ 91Section 91Provision

Source excerpt

The Authority must post a list of recognized compensation bodies on its website.

91. The Authority must post a list of the recognized compensation bodies on its website. 2018, c. 23, s. 3.
Section 91Verify source
§ 92Section 92Provision

Source excerpt

An authorized insurer must have a board of directors with at least seven members.

92. An authorized insurer must have a board of directors composed of at least seven members. 2018, c. 23, s. 3.
Section 92Verify source
§ 93Section 93Provision

Source excerpt

A resigning director of an authorized insurer must give written reasons to the insurer and the Authority.

93. A director of an authorized insurer who resigns must declare his or her reasons to the insurer and to the Authority in writing. 2018, c. 23, s. 3.
Section 93Verify source
§ 94Section 94Provision

Source excerpt

The board of directors must ensure the authorized insurer follows sound commercial and prudent management practices.

94. The board of directors must ensure that the authorized insurer adheres to sound commercial practices and sound and prudent management practices. To that end, it must entrust certain directors it designates or a committee of such directors with the responsibility of seeing that such practices are adhered to and situations contrary to such practices are detected. Within three months after the closing date of the insurer’s fiscal year, the directors or the committee, as the case may be, report to the board of directors on the performance of the responsibility entrusted to them or it and, if applicable, on the other activities they or it carries on for the insurer. 2018, c. 23, s. 3.
Section 94Verify source
§ 95Section 95Provision

Source excerpt

A designated director or the section 94 committee must notify the board in writing when aware of certain adverse or improper situations affecting an authorized insurer, and the board must promptly remedy the situation.

95. A director designated in accordance with section 94 or the committee provided for in that section, as the case may be, must, on becoming aware of a situation that is likely to appreciably deteriorate the authorized insurer’s financial position, of another situation that is contrary to sound and prudent management practices or of a situation that is contrary to sound commercial practices, notify the board of directors in writing. The board of directors must then see to it that the situation is promptly remedied. 2018, c. 23, s. 3.
Section 95Verify source
§ 96Section 96Provision

Source excerpt

The director or committee that gave the section 95 notice must send the Authority a copy of that notice if the situation has not been corrected.

96. The director or committee that notified the board of directors in accordance with section 95 must, on finding that the situation mentioned in the notice has not been corrected, send the Authority a copy of the notice given under that section. A description of any relevant events that have occurred since the notice was drafted and any other information the director or committee considers relevant must be sent with the notice. 2018, c. 23, s. 3.
Section 96Verify source
§ 97Section 97Provision

Source excerpt

Certain directors and other people who act in good faith are protected from civil liability when they give notices, information, documents, or a declaration under the cited sections.

97. A director designated in accordance with section 94 or a director on the committee provided for in that section, as the case may be, who, in good faith, notifies the board of directors or the Authority in accordance with section 95 or 96 incurs no civil liability for doing so. The same is true for any person who, in good faith, provides information or documents to one or more of those directors and for a director who makes a declaration under section 93. 2018, c. 23, s. 3.
Section 97Verify source
§ 98Section 98Provision

Source excerpt

More than half of an authorized Québec insurer’s board of directors must be made up of people who are not employees of the insurer or of a controlling group.

98. More than half of the board of directors of an authorized Québec insurer must be composed of persons other than employees of that insurer or of a group of which it is the holder of control. 2018, c. 23, s. 3.
Section 98Verify source
§ 99Section 99Provision

Source excerpt

An authorized Québec insurer must adopt a policy to promote independence, competence, and diversity on its board and board committees.

99. An authorized Québec insurer must implement a policy aimed at fostering, in particular, the independence, competence and diversity of the members of its board of directors and of the members of the committees of the board. 2018, c. 23, s. 3.
Section 99Verify source
§ 100Section 100Provision

Source excerpt

The board of directors of an authorized Québec insurer must establish both an audit committee and an ethics committee from among its members.

100. The board of directors of an authorized Québec insurer must establish an audit committee and an ethics committee from among its members. 2018, c. 23, s. 3.
Section 100Verify source
§ 101Section 101Provision

Source excerpt

The audit and ethics committees of an authorized Québec insurer must each have at least three directors.

101. The audit committee and the ethics committee of an authorized Québec insurer are each composed of at least three directors, a majority of whom are not (1) officers or employees of the insurer; (2) members of both the ethics committee and the audit committee; (3) directors, officers or other mandataries or employees of a group of which the insurer is the holder of control; or (4) holders of a significant interest in the insurer or in a business corporation affiliated with the insurer. 2018, c. 23, s. 3.
Section 101Verify source
§ 102Section 102Provision

Source excerpt

The Authority may authorize certain committee arrangements if an authorized Québec insurer shows the committee’s functions will not be adversely affected.

102. The Authority may, if an authorized Québec insurer shows that the exercise of the committee’s functions will not be adversely affected, authorize (1) the establishment of a committee whose composition does not comply with section 101; or (2) the exercise by one of the committees mentioned in that section of the functions usually assigned to the other committee, in addition to its own functions. The Authority may, in granting such an authorization, require any undertaking it considers necessary to ensure compliance with this Act. 2018, c. 23, s. 3.
Section 102Verify source
§ 103Section 103Provision

Source excerpt

103. The audit committee must examine all financial statements intended for the board of directors before they are submitted to the board. The audit committee may be convened by one of its members or by the auditor. The auditor must be

103. The audit committee must examine all financial statements intended for the board of directors before they are submitted to the board. The audit committee may be convened by one of its members or by the auditor. The auditor must be notified of every committee meeting and attend every meeting to which he or she is convened. The committee must give the auditor an opportunity to be heard. The committee must cause any error or misstatement in financial statements to be corrected and, if the financial statements were sent to the shareholders or mutual members, as the case may be, inform the meeting of shareholders or mutual members accordingly. 2018, c. 23, s. 3.
Section 103Verify source
§ 104Section 104Provision

Source excerpt

An authorized Québec insurer must have rules of ethics.

104. An authorized Québec insurer must have rules of ethics; they must be adopted by its ethics committee and be sent to the Authority. Those rules must pertain to such subjects as (1) the conduct of the insurer’s directors and officers; (2) the conduct of the insurer with natural persons or groups that are restricted parties with respect to it; and (3) the formalities and conditions governing contracts with such persons or groups. 2018, c. 23, s. 3.
Section 104Verify source
§ 105Section 105Provision

Source excerpt

An authorized Québec insurer must follow the rules of ethics adopted by its ethics committee.

105. An authorized Québec insurer must follow the rules of ethics adopted by its ethics committee; they are binding on the board of directors. 2018, c. 23, s. 3.
Section 105Verify source
§ 106Section 106Provision

Source excerpt

The ethics committee of an authorized Québec insurer must ensure the rules of ethics are followed and must notify the board of directors in writing without delay if there is any violation.

106. The ethics committee of an authorized Québec insurer must see that the rules of ethics are complied with and notify the board of directors, in writing and without delay, of any violation of those rules. 2018, c. 23, s. 3.
Section 106Verify source
§ 107Section 107Provision

Source excerpt

The ethics committee of an authorized Québec insurer must send the Authority an annual activities report within two months after the insurer’s fiscal year ends.

107. Each year, the ethics committee of an authorized Québec insurer must send the Authority, within two months after the closing date of the insurer’s fiscal year, a report on the committee’s activities in that fiscal year. The report must include or describe (1) the committee members’ names and addresses; (2) any change among the committee members; (3) the list of conflict of interest situations and contracts with natural persons or groups that are restricted parties with respect to the insurer which have come to the committee’s notice; (4) the measures taken to see that the rules of ethics are complied with; and (5) violations of the rules of ethics. 2018, c. 23, s. 3.
Section 107Verify source
§ 108Section 108Provision

Source excerpt

An authorized Québec insurer must deal with restricted parties as it would at arm’s length.

108. An authorized Québec insurer must, when doing business with natural persons or groups that are restricted parties with respect to it, act in the same manner as it would when dealing at arm’s length. Consequently, a contract entered into between the insurer and a natural person or group that is a restricted party with respect to it may not be less advantageous for the insurer than if it had been entered into at arm’s length. 2018, c. 23, s. 3.
Section 108Verify source
§ 109Section 109Provision

Source excerpt

Section 108 does not apply to directors’ remuneration or other matters connected with an employment contract.

109. Section 108 does not apply to the remuneration of directors or any other matter connected with a contract of employment. 2018, c. 23, s. 3.
Section 109Verify source
§ 110Section 110Provision

Source excerpt

This section identifies which persons and groups are restricted parties in relation to an authorized Québec insurer, and states an exception for certain authorized financial institutions.

110. The following natural persons and groups are restricted parties with respect to an authorized Québec insurer: (1) the insurer’s directors and officers; (2) the directors and officers of the group that is the holder of control of the insurer or, if the insurer is a mutual company that is a member of a federation, the federation’s directors and officers; (3) the holder of a significant interest in the insurer; (4) natural persons and groups having economic ties with the persons described in subparagraphs 1 to 3, except a group of which the insurer is the holder of control; (5) a group whose board of directors is composed, in the majority, of members of the insurer’s board of directors; and (6) any other person or group designated under section 112. An authorized financial institution is not a group that is a restricted party with respect to an insurer if the financial institution is the holder of exclusive control of the insurer, or if it is the holder of control of the insurer and both the authorized financial institution and the insurer have the same holder of exclusive control. 2018, c. 23, s. 3.
Section 110Verify source
§ 111Section 111Provision

Source excerpt

This section defines when a holder of control, or member mutual companies in a federation, are considered to have exclusive control of a business corporation.

111. For the purposes of section 110, the holder of control of a business corporation has exclusive control of the corporation if that holder alone can choose all the directors and exercise the voting rights attached to all the shares issued by the corporation, provided that, if applicable, the holder holds all the securities that are convertible into such shares carrying voting rights and all the rights to acquire such shares. Similarly, the member mutual companies of a federation are considered to have exclusive control of a business corporation if only member mutual companies of the federation can choose all the directors of the corporation and exercise the voting rights attached to all the shares issued by the corporation, provided that, if applicable, they hold all the securities that are convertible into such shares carrying voting rights and all the rights to acquire such shares. 2018, c. 23, s. 3.
Section 111Verify source
§ 112Section 112Provision

Source excerpt

The Authority may designate a natural person or group as a restricted party, review a designation on request, give the affected person or insurer a chance to make observations before deciding, and notify them of the decision.

112. The Authority may designate a natural person or a group as a restricted party if, in its opinion, that person or group is likely to receive preferential treatment to the detriment of the authorized insurer. The Authority may review a designation at the request of the person or group designated or the insurer concerned. Before making or refusing to review a designation, the Authority must give the natural person or group and the insurer concerned an opportunity to submit observations. The Authority notifies the person or group designated and the insurer concerned of its decision on the designation or the review request, as applicable. 2018, c. 23, s. 3.
Section 112Verify source
§ 113Section 113Provision

Source excerpt

If an authorized Québec insurer’s contract obligations are not minimal, the contracts must go to the board of directors for approval.

113. Unless the obligations of an authorized Québec insurer under the following contracts are minimal, such contracts must be submitted to its board of directors for approval: (1) a contract for the acquisition, by the insurer, of securities issued by a natural person or group that is a restricted party with respect to the insurer or for the transfer of assets between them; and (2) a service contract between the insurer and a natural person or group that is a restricted party with respect to the insurer. Before approving such contracts, the board of directors must obtain the opinion of the ethics committee. 2018, c. 23, s. 3.
Section 113Verify source
§ 114Section 114Provision

Source excerpt

An authorized Québec insurer may not extend credit to its directors or officers, or to related natural persons, groups, or affiliated legal person directors or officers, unless its rules of ethics authorize it.

114. Except to the extent authorized by its rules of ethics, no authorized Québec insurer may extend credit to its directors or officers, to natural persons or groups having economic ties with them or to the directors or officers of a legal person affiliated with the insurer. 2018, c. 23, s. 3.
Section 114Verify source
§ 115Section 115Provision

Source excerpt

An actuary and an auditor must be charged with the functions set out in this chapter for each authorized insurer. A mutual company may not charge an actuary or auditor with those functions if it is a federation member that already provides those services.

115. An actuary and an auditor must, for each authorized insurer, be charged with the functions provided for in this chapter. A mutual company may not charge an actuary or auditor with such functions if the company is a member of a federation that provides it with the services of persons charged with those functions. 2018, c. 23, s. 3.
Section 115Verify source
§ 116Section 116Provision

Source excerpt

An actuary under this chapter must be a Fellow of the Canadian Institute of Actuaries, and an auditor under this chapter must be a member of the Quebec professional accountants order and hold a public accountancy permit.

116. An actuary charged with the functions provided for in this chapter must be a Fellow of the Canadian Institute of Actuaries. An auditor charged with the functions provided for in this chapter must be a member of the Ordre professionnel des comptables professionnels agréés du Québec and hold a public accountancy permit. However, in the case of an authorized insurer, other than a Québec insurer, that carries on its activities in Québec and elsewhere in Canada, the auditor is not required to be a member of that order or to hold that permit if he or she holds an authorization of the same nature issued elsewhere in Canada. 2018, c. 23, s. 3.
Section 116Verify source
§ 117Section 117Provision

Source excerpt

The insurer’s auditor must be the auditor chosen by the authorized insurer, or by an authorized reciprocal union under the referenced contract rules. If that auditor does not meet section 116 conditions, another auditor must be appointed for those functions.

117. The auditor charged with the functions provided for in this chapter is the auditor elected, appointed or otherwise determined by the authorized insurer in accordance with the Act under which it is constituted or, in the case of an authorized reciprocal union, in accordance with a contract referred to in section 188. If the auditor does not meet the conditions set out in section 116, another auditor must be charged with those functions. 2018, c. 23, s. 3.
Section 117Verify source
§ 118Section 118Provision

Source excerpt

An actuary’s or auditor’s term ends when a successor is appointed, or earlier if death, resignation, dismissal, bankruptcy, certain incapacity measures, or loss of required qualifications occurs.

118. The term of an actuary or auditor ends on the appointment of his or her successor, unless it ends as a result of his or her death, resignation, dismissal or bankruptcy or tutorship to a person of full age being instituted or a protection mandate homologated for him or her or if he or she no longer has the qualifications required under this division. 2018, c. 23, s. 3; 2020, c. 11, s. 173.
Section 118Verify source
§ 119Section 119Provision

Source excerpt

An authorized insurer must notify the Authority within 10 days after the actuary’s or auditor’s term ends.

119. The authorized insurer must, within 10 days after the actuary’s or auditor’s term has ended, notify the Authority of the fact. 2018, c. 23, s. 3.
Section 119Verify source
§ 120Section 120Provision

Source excerpt

If an authorized insurer does not appoint an actuary or auditor within the time set by the Authority, the Authority may appoint one and set the remuneration the insurer must pay.

120. If an authorized insurer fails to charge an actuary or an auditor with the functions provided for in this chapter within the time specified by the Authority, the Authority may appoint one and determine the remuneration that the insurer must pay him or her. 2018, c. 23, s. 3.
Section 120Verify source
§ 121Section 121Provision

Source excerpt

An authorized insurer must give at least 10 days’ written notice, and send a copy to the Authority, before dismissing an actuary or auditor from office, unless the Authority allows earlier action.

121. An authorized insurer must, before dismissing an actuary or auditor from office, give him or her at least 10 days’ prior notice in writing and send a copy of the notice to the Authority, unless the latter authorizes it to proceed earlier. The prior notice must give the reasons for the dismissal. 2018, c. 23, s. 3.
Section 121Verify source
§ 122Section 122Provision

Source excerpt

An actuary or auditor who resigns, or who believes they were dismissed for certain work-related reasons, must state those reasons in writing to the Authority.

122. An actuary or auditor who resigns or who believes he or she was dismissed for reasons connected with his or her functions or with the conduct of the authorized insurer’s business or the business of a member of its financial group must declare those reasons to the Authority in writing. The author of the declaration must send a copy of it to the authorized insurer’s secretary or, in the case of an authorized reciprocal union, its representative. The author must send those documents within 10 days after tendering his or her letter of resignation or learning of his or her dismissal, as the case may be. 2018, c. 23, s. 3; 2024, c. 15, s. 16.
Section 122Verify source
§ 123Section 123Provision

Source excerpt

Before taking office as an actuary or auditor, a person must ask the authorized insurer’s secretary whether the former actuary or auditor made the required declaration; for an authorized reciprocal union, the question goes to its representative.

123. Before accepting the office of actuary or auditor provided for by this chapter, a person must ask the authorized insurer’s secretary whether the former actuary or auditor made the declaration required under section 122. In the case of an authorized reciprocal union, the question is directed to its representative. The secretary or representative, as the case may be, must provide the person with a copy of the declaration, if applicable. 2018, c. 23, s. 3; 2024, c. 15, s. 17.
Section 123Verify source
§ 124Section 124Provision

Source excerpt

An authorized insurer must ensure its directors, officers, employees, and anyone holding the documents send requested information or documents to the actuary or auditor.

124. An authorized insurer is required to see that its directors, officers and employees send the actuary or auditor the information or documents regarding the insurer, the groups of which the insurer is the holder of control and any other group whose financial information is consolidated with its own that the actuary or auditor requests in the course of his or her functions. The insurer is also required to see that persons having custody of such documents do so as well. 2018, c. 23, s. 3.
Section 124Verify source
§ 125Section 125Provision

Source excerpt

Actuaries and auditors must report certain insurer-related situations, and the report must be sent to the board of directors.

125. An actuary who, in the course of his or her functions, becomes aware of a situation that, in his or her opinion, has or is likely to have material adverse effects on the authorized insurer’s financial condition must draft a detailed report on the situation. An auditor who becomes aware of a situation that is likely to appreciably limit the insurer’s ability to fulfill its obligations must report on the situation in the ordinary course of his or her audit. The same is true for an actuary or auditor who believes that a refusal or failure to provide information or a document requested by him or her is hindering the exercise of his or her functions. The author of the report must send the report to the board of directors. If applicable, he or she must also send a copy of it to the attorney designated under section 26 of the Act respecting the legal publicity of enterprises (chapter P-44.1). If the author of the report is the actuary, he or she must send a copy of it to the auditor, and vice versa. The board of directors must then see to it that the situation is remedied. 2018, c. 23, s. 3.
Section 125Verify source
§ 126Section 126Provision

Source excerpt

If the report’s author finds the situation has not been corrected, they must send a copy of the report to the Authority, together with a description of relevant later events and any other relevant information.

126. If the author of the report submitted under section 125 finds that the situation that justified its being drafted has not been corrected, he or she must send a copy of it to the Authority. A description of any relevant events that have occurred since the report was drafted and any other information the author considers relevant must be sent with the report. 2018, c. 23, s. 3.
Section 126Verify source
§ 127Section 127Provision

Source excerpt

Actuaries, auditors, and persons who act in good faith and make certain declarations, reports, copies, or disclosures under specified sections incur no civil liability.

127. An actuary or auditor who, in good faith, makes a declaration under section 122, submits a report under section 125 or sends a copy of the latter to the Authority under section 126 incurs no civil liability for doing so. The same is true for a person who, in good faith, provides information or documents under section 124. 2018, c. 23, s. 3.
Section 127Verify source
§ 128Section 128Provision

Source excerpt

The actuary must prepare specified reports and a certificate about an authorized insurer, by dates set by the Authority, and must send and present the study and report to the board of directors and the auditor.

128. The actuary must prepare, on the dates determined by the Authority, a study concerning the authorized insurer’s financial position, a report on the state of the actuarial reserves and a certificate attesting that state. The study must also include a forecast of the authorized insurer’s financial position and must describe the potential financial repercussions of the insurer’s activities. The report must also include any other information determined by the Authority. The actuary must send a copy of the study and the report to the board of directors and the auditor. The actuary must present the study and the report to the board of directors, unless the board asks him or her to present them to the audit committee. 2018, c. 23, s. 3.
Section 128Verify source
§ 129Section 129Provision

Source excerpt

The actuary must apply generally accepted actuarial standards or another standard established by the Authority when exercising the actuary’s functions.

129. In exercising his or her functions, the actuary must apply generally accepted actuarial standards or any other standard established by the Authority. 2018, c. 23, s. 3.
Section 129Verify source
§ 130Section 130Provision

Source excerpt

The auditor must audit the authorized insurer’s books and accounts for this Act.

130. The auditor is to audit the authorized insurer’s books and accounts for the purposes of this Act. If the authorized insurer is neither an authorized Québec insurer nor another insurer constituted under an Act of another jurisdiction in Canada, the scope of the audit is limited to the activities carried on in Québec. However, the audit may, at the insurer’s choice, examine the insurer’s activities across Canada. 2018, c. 23, s. 3.
Section 130Verify source
§ 131Section 131Provision

Source excerpt

The Authority may require an actuarial study or expanded audit measures for an authorized insurer, and may designate an actuary or auditor for that work.

131. If it considers it necessary, the Authority may (1) order the preparation, in the manner and within the time it specifies, of an actuarial study regarding any matter, in particular, an assessment of an authorized insurer’s actuarial reserves and financial position; or (2) order that the annual audit of an authorized insurer’s books and accounts be continued, that its scope be broadened or that a special audit be conducted. The Authority may designate an actuary or an auditor, other than the one appointed by the insurer, to be charged with the study or audit. The expenses incurred in such a case are payable by the insurer after approval by the Authority. 2018, c. 23, s. 3.
Section 131Verify source
§ 132Section 132Provision

Source excerpt

An authorized insurer must prepare an annual statement with audited financial statements, and two directors must certify it.

132. An authorized insurer must prepare an annual statement of the position of its affairs as at the date determined by the Authority and include financial statements audited under section 130. The annual statement must be certified by two of the insurer’s directors; its form and content and the date on which it must be sent to the Authority are determined by the Authority. If the authorized insurer is neither an authorized Québec insurer nor an insurer constituted under an Act applicable in Canada, the additional financial statements referred to in the first paragraph may include only the information relating to the activities examined by the audit conducted under the second paragraph of section 130. 2018, c. 23, s. 3.
Section 132Verify source
§ 133Section 133Substitution

Source excerpt

133. Each year, on the dates determined by the Authority, an authorized insurer must send the Authority (1) the financial statements prepared for the purposes of the Act under which the insurer is constituted; (2) the auditors’

133. Each year, on the dates determined by the Authority, an authorized insurer must send the Authority (1) the financial statements prepared for the purposes of the Act under which the insurer is constituted; (2) the auditors’ reports; (3) the study of the insurer’s financial position, the report on the state of the actuarial reserves and the certificate attesting that state prepared under section 128; and (4) the résumé of each director and officer if it has not already been sent to the Authority. If the authorized insurer is a self-regulatory organization, the résumé of each member of the decision-making committee referred to in section 361 is substituted for the résumé referred to in subparagraph 4 of the first paragraph. 2018, c. 23, s. 3.
Section 133Verify source
§ 134Section 134Provision

Source excerpt

The Authority may order an appraisal when it thinks an insurer’s asset is overvalued, and may then require bookkeeping and financial statement changes if the appraisal supports it.

134. If the Authority is of the opinion that an asset considered in the financial statements sent to it by an authorized insurer is overvalued, it may either require the insurer to cause an appraiser the choice of whom is approved by it to appraise that asset or appraise the asset itself. If the asset is a loan the repayment of which is guaranteed by property, the property is appraised. If the results of the appraisal justify it, the Authority may require the insurer to modify its books and accounts as well as the financial statements referred to in the first paragraph to reflect the market value of the asset or, in the case of a loan, the value of the realization of the property guaranteeing the repayment. If a loan or another asset is that of a group of which the insurer is the holder of control, the Authority may, for those same purposes, require that the value of the insurer’s investment in the group be modified. The Authority notifies the auditor charged with the functions provided for in Chapter VII of the modification requested. 2018, c. 23, s. 3.
Section 134Verify source
§ 135Section 135Provision

Source excerpt

Before using its section 134 power, the Authority must give the authorized insurer at least 10 days to submit observations.

135. Before exercising a power conferred on it by section 134, the Authority must give the authorized insurer concerned at least 10 days to submit observations. 2018, c. 23, s. 3.
Section 135Verify source
§ 136Section 136Provision

Source excerpt

The appraisal cost for an overvalued asset must be paid by the authorized insurer concerned, unless the Authority decides otherwise.

136. The cost of the appraisal of an overvalued asset further to a decision of the Authority under section 134 is to be borne by the authorized insurer concerned, unless the Authority decides otherwise. 2018, c. 23, s. 3.
Section 136Verify source
§ 136.1Section 136.1Provision

Source excerpt

An authorized insurer must notify the Authority about certain control groups on the prescribed reporting date and again six months later, if the operation has no significant effect on the insurer.

136.1. An authorized insurer must, on the date prescribed in the second paragraph of section 132 for sending the statement of the position of its affairs and on the date that is six months after that date, notify the Authority of the names and addresses of the groups of which it has become the holder of control in accordance with subparagraph 1, if the operation does not have a significant effect on the authorized insurer, and subparagraphs 2 to 6 of the first paragraph of section 9 during the last six months of the period covered by that statement or, as the case may be, during the six months following the period covered by that statement. 2024, c. 15, s. 76.
Section 136.1Verify source
§ 137Section 137Provision

Source excerpt

Authorized insurers must provide useful compliance documents to the Authority as required, and Lloyd’s and authorized reciprocal unions must keep their Québec membership/underwriter lists up to date.

137. An authorized insurer must send the Authority, according to the content and form and at the time or intervals it determines, the documents it considers useful to determine whether the insurer is complying with this Act. Lloyd’s must send the Authority a list of its underwriters in Québec and see that it is kept up-to-date. The same is true for an authorized reciprocal union with regard to the list of its members. 2018, c. 23, s. 3; 2021, c. 34, s. 15; 2024, c. 15, s. 18.
Section 137Verify source
§ 138Section 138Provision

Source excerpt

138. The Authority may require an authorized insurer, the holder of control of the authorized insurer or a member of the authorized insurer’s financial group to provide the documents or information the Authority considers useful for the

138. The Authority may require an authorized insurer, the holder of control of the authorized insurer or a member of the authorized insurer’s financial group to provide the documents or information the Authority considers useful for the purposes of this Act or that it or he or she otherwise provide access to those documents and information. In the case of an authorized reciprocal union, the Authority may require the union’s attorney, its representative or each of its members to do the same. The Authority may likewise require the actuary or auditor of an authorized insurer to provide the documents or information he or she holds regarding the insurer. The person to whom such a request is made is required to reply by not later than the date determined by the Authority. 2018, c. 23, s. 3; 2021, c. 34, s. 16; 2024, c. 15, s. 19.
Section 138Verify source
§ 139Section 139Provision

Source excerpt

An authorized insurer must notify the Authority about control changes and, if it is a business corporation, about significant-interest holders, within 10 days of becoming aware; it must also notify the Authority when those holders cease to be such.

139. An authorized insurer must notify the Authority of the name and address of whoever has become or intends to become the holder of its control within 10 days from the time it becomes aware of either situation. If the authorized insurer is a business corporation, it must also, within the same time, send such a notice to the Authority regarding whoever has become or intends to become the holder of a significant interest in its decisions. The insurer must, within the same time, notify the Authority whenever the holder of control or of a significant interest ceases to be so. 2018, c. 23, s. 3.
Section 139Verify source
§ 140Section 140Provision

Source excerpt

The Authority reviews an authorization granted to an authorized insurer in specified circumstances.

140. The Authority, on its own initiative, on the authorized insurer’s application in the cases provided for in Division III or when it is informed of certain operations described in Division IV, reviews the authorization it has granted to an authorized insurer. 2018, c. 23, s. 3.
Section 140Verify source
§ 141Section 141Provision

Source excerpt

After reviewing an authorization, the Authority may keep it unchanged, add or remove conditions or restrictions, or revoke or suspend it.

141. After reviewing an authorization, the Authority may maintain it as is, attach certain conditions or restrictions to it, withdraw existing conditions or restrictions, or revoke or suspend it. 2018, c. 23, s. 3.
Section 141Verify source
§ 142Section 142Provision

Source excerpt

The Authority may review an authorization it has granted and, unless it is maintained as is, may revoke or suspend it or attach conditions or restrictions, in accordance with Chapter X.

142. The Authority may, on its own initiative, review an authorization it has granted whenever it considers it necessary to do so in order to ensure compliance with this Act. Unless the authorization is maintained as is, the Authority, in accordance with Chapter X, revokes or suspends it or attaches conditions or restrictions to it. 2018, c. 23, s. 3.
Section 142Verify source
§ 143Section 143Provision

Source excerpt

The Authority must review an insurer’s authorization if the insurer asks for review to remove an attached condition or restriction.

143. The Authority is required to review the authorization it has granted to an insurer if the latter applies for such a review to have an attached condition or restriction withdrawn. 2018, c. 23, s. 3.
Section 143Verify source
§ 144Section 144Provision

Source excerpt

An application for review must state the condition or restriction to be withdrawn and the reasons, include any other information prescribed by the Authority, and be filed with prescribed costs and fees.

144. The application for review must specify the condition or restriction the insurer wishes to have withdrawn and the reasons for the withdrawal. The application must also include any other information prescribed by regulation of the Authority. The costs and fees prescribed by government regulation must be filed with the application. 2018, c. 23, s. 3.
Section 144Verify source
§ 145Section 145Provision

Source excerpt

The Authority reviews certain applications and may require undertakings when withdrawing a condition or restriction.

145. On receipt of the application and the required information, costs and fees, the Authority reviews the authorization to determine whether or not it may grant the application. The Authority may, in withdrawing a condition or restriction, require any undertaking it considers necessary to ensure compliance with this Act. When the Authority rules on an application for review filed by an authorized insurer, it sends the insurer a document justifying its decision. 2018, c. 23, s. 3.
Section 145Verify source
§ 146Section 146Provision

Source excerpt

The Authority must review an authorization when notified of certain insurer operations.

146. The Authority is required to review an authorization on being notified of any of the following operations: (1) the amalgamation of the authorized insurer with another legal person; (2) a change as to the authorized insurer’s home regulator, in particular as a result of a continuance or another operation of the same nature; (3) an operation not referred to in subparagraph 1 or 2 where the authorized insurer changes its juridical form or transmits its patrimony or part of it due to its division; (4) a change of name of the authorized insurer; and (5) in the case of an authorized Québec insurer, where the following operations have a significant effect on it: (a) an acquisition of assets by the insurer or by a group of which it is the holder of control, (b) the transfer of any part of the insurer’s assets or of the assets of such a group, or (c) its becoming the holder of control of a group in accordance with subparagraph 1 of the first paragraph of section 9; and (6) in the case of a mutual company that is a member of a federation, the mutual company’s withdrawal from the federation. An authorized Québec insurer’s ceasing to be the holder of control of a group is deemed to be a transfer, by the group, of all its assets. 2018, c. 23, s. 3; 2024, c. 15, s. 77.
Section 146Verify source
§ 147Section 147Provision

Source excerpt

For certain related provisions, an insurer’s acquisition or transfer of assets, or becoming the holder of control of a group, is deemed not to have a significant effect if the asset-value change does not exceed 5%.

147. For the purposes of section 136.1 and subparagraph 5 of the first paragraph of section 146, an insurer’s becoming the holder of control of a group or an acquisition or transfer of assets is deemed to not have a significant effect on the insurer if the variation that the operation entails in the value of its assets does not exceed 5%. The variation in the value of the insurer’s assets is established in relation to the value of those assets at the end of the fiscal year preceding any of the operations referred to in the first paragraph. 2018, c. 23, s. 3; 2024, c. 15, s. 78.
Section 147Verify source
§ 148Section 148Provision

Source excerpt

An authorized insurer must notify the Authority before certain review-triggering operations and file the notice in the Authority’s required form.

148. An authorized insurer must inform the Authority of its intention to carry out one or more operations giving rise to a review not later than the 30th day before the operation or, in the case of more than one operation, before the first operation, by filing a notice with the Authority in the form determined by the Authority. The costs and fees prescribed by government regulation must be filed with the notice. 2018, c. 23, s. 3.
Section 148Verify source
§ 149Section 149Provision

Source excerpt

A notice of intention to amalgamate must contain specified information and related filings.

149. A notice of intention to amalgamate must include (1) the name and address of each of the legal persons proposing to amalgamate; (2) the proposed name of the legal person resulting from the amalgamation; (3) the juridical form of the legal person resulting from the amalgamation; (4) the classes of activities carried on by all the authorized insurers proposing to amalgamate; (5) a statement specifying that the legal person resulting from the amalgamation will carry on activities in the same classes as the authorized insurers proposing to amalgamate or specifying the classes of activities for which the legal person resulting from the amalgamation intends to apply for the Authority’s authorization or those for which it intends to apply to have the authorization revoked; (6) the location of the proposed head office of the legal person resulting from the amalgamation; and (7) any other information required by the Authority. A document including the same information as that required to be included in an initial application for authorization and the documents that must be filed with such an application must be filed with the notice of intention to amalgamate for the legal person resulting from the amalgamation. In the case of an amalgamation involving more than one authorized insurer, a joint notice may be filed. 2018, c. 23, s. 3.
Section 149Verify source
§ 150Section 150Provision

Source excerpt

A notice to change the authorized insurer’s home regulator must include specified information.

150. A notice of intention to change the authorized insurer’s home regulator must include (1) a description of the operation from which the change results; (2) the insurer’s name and address; (3) the title of and exact reference to the Act of the jurisdiction of the home regulator that will govern the insurer’s insurance activities following the change and the title of and exact reference to the Act of the jurisdiction that will govern the insurer’s affairs, if different; (4) the location of the insurer’s proposed head office following the change, if different from that of its head office at the time the notice is sent; and (5) any other information required by the Authority. 2018, c. 23, s. 3.
Section 150Verify source
§ 151Section 151Provision

Source excerpt

A notice of intention for this type of operation must include specified details, and certain supporting documents must be filed with it for each resulting legal person carrying on insurer activities in Québec.

151. A notice of intention to carry out an operation described in subparagraph 3 of the first paragraph of section 146 must include (1) a description of the proposed operation; (2) if applicable, the authorized insurer’s new juridical form following the operation as well as the title of and exact reference to the Act that will govern its affairs; (3) if applicable, the names and addresses of all the groups, other than the authorized insurer, involved in the operation; (4) the location of the authorized insurer’s proposed head office following the operation, if different from that of its head office at the time the notice is sent; and (5) any other information required by the Authority. A document including the same information as that required to be included in an initial application for authorization and, if required by the Authority, the documents that must be filed with such an application must be filed with the notice of intention for each legal person resulting from the operation that will carry on insurer activities in Québec. 2018, c. 23, s. 3.
Section 151Verify source
§ 152Section 152Provision

Source excerpt

A notice of intention to change names must include the authorized insurer’s name and address, as well as its proposed name.

152. A notice of intention to change names must include the name and address of the authorized insurer, in addition to its proposed name. 2018, c. 23, s. 3.
Section 152Verify source
§ 153Section 153Provision

Source excerpt

A notice of intention for the specified operation must include a description of the proposed acquisition or transfer, the parties’ names and addresses, and any other information required by the Authority.

153. A notice of intention to carry out an operation referred to in subparagraph 5 of the first paragraph of section 146 must include (1) a description of the proposed acquisition or transfer, in particular, a description of the assets to be acquired or transferred by the insurer or the group of which it is the holder of control; (2) the names and addresses of the parties to the acquisition or transfer; and (3) any other information required by the Authority. 2018, c. 23, s. 3; 2024, c. 15, s. 79.
Section 153Verify source
§ 154Section 154Provision

Source excerpt

A notice of intention to withdraw from a federation must include the mutual company’s name and address, the federation’s name and head office address, and any other information required by the Authority.

154. A notice of intention to withdraw from a federation must include, in addition to the name and address of the mutual company that wishes to withdraw from the federation, the name of the federation and the address of its head office as well as any other information required by the Authority. 2018, c. 23, s. 3.
Section 154Verify source
§ 155Section 155Provision

Source excerpt

The Authority must publish certain notices and review the insurer’s authorization, and it may require undertakings to maintain that authorization.

155. On receipt of a notice referred to in the first paragraph of section 148 or, if the Authority receives it before the expiry of the time limit specified in that section, not later than the 30th day before an operation provided for in the first paragraph of that section, the Authority publishes the notice in its bulletin and reviews the authorization it has granted to the insurer to determine whether it can be maintained. The Authority may, to maintain its authorization, require any undertaking it considers necessary to ensure compliance with this Act. A notice of intention to carry out an operation referred to in subparagraph 5 of the first paragraph of section 146 is not published. 2018, c. 23, s. 3; 2021, c. 34, s. 17; 2024, c. 15, s. 80.
Section 155Verify source
§ 156Section 156Provision

Source excerpt

An insurer’s authorization continues as the authorization of the insurer resulting from the operation, unless the Authority considers that it must revoke or suspend it.

156. Unless the Authority considers that it must revoke or suspend an insurer’s authorization, that authorization becomes the authorization of the insurer resulting from the operation, with any conditions and restrictions the Authority may attach to it. 2018, c. 23, s. 3.
Section 156Verify source
§ 157Section 157Provision

Source excerpt

A notice by an authorized insurer does not remove the insurer’s duty to file a revocation application in a voluntary-revocation review, or to file an authorization application when carrying on an activity that requires the Authority’s authorization and the insurer does not have it.

157. The sending of a notice by an authorized insurer in accordance with this chapter does not relieve the insurer of its obligation to file an application for revocation if the operation giving rise to a review involves the voluntary revocation of an authorization, nor does it relieve the insurer of its obligation to file an application for authorization, if the operation involves the carrying on of an activity requiring the Authority’s authorization, when the insurer does not have it. 2018, c. 23, s. 3.
Section 157Verify source
§ 158Section 158Provision

Source excerpt

This section says Chapter II governs the granting of the Authority’s authorization, and Chapter X governs its revocation, suspension, conditions, or restrictions.

158. The granting of the Authority’s authorization is governed by Chapter II; the revocation or suspension of, and the attachment of conditions or restrictions to, the authorization are governed by Chapter X. 2018, c. 23, s. 3.
Section 158Verify source
§ 159Section 159Provision

Source excerpt

The Authority may revoke an insurer’s authorization, and may suspend it or add conditions and restrictions where allowed by law.

159. The authorization granted by the Authority to an insurer is revoked by operation of law, by the Authority acting on its own initiative or on an application by the authorized insurer. Revocation is said to be voluntary if it is ordered by the Authority on an application by an insurer; it is said to be forced in all other cases. The Authority may also, where provided for by law, suspend an authorization or attach the conditions and restrictions it considers necessary to ensure compliance with this Act. 2018, c. 23, s. 3.
Section 159Verify source
§ 160Section 160Provision

Source excerpt

160. Revocation by operation of law is full, that is, it has effect with regard to all the classes authorized. The same is true for a revocation ordered by the Authority, unless it is partial, that is, unless it applies to only some of the

160. Revocation by operation of law is full, that is, it has effect with regard to all the classes authorized. The same is true for a revocation ordered by the Authority, unless it is partial, that is, unless it applies to only some of the classes authorized. 2018, c. 23, s. 3.
Section 160Verify source
§ 161Section 161Provision

Source excerpt

A revocation of an authorization, including a partial revocation, becomes final when the insurer is no longer bound by the contracts made under that authorization.

161. The revocation of an authorization, even a partial revocation, becomes final when the insurer concerned ceases to be bound by the contracts entered into in accordance with the authorization. 2018, c. 23, s. 3.
Section 161Verify source
§ 162Section 162Provision

Source excerpt

An insurer remains authorized until a revocation is final, but after the revocation date it must not bind itself to certain contracts or solicit them, except to honour existing rights under a contract already in force.

162. An insurer continues to be an authorized insurer as long as a revocation is not final. However, it may not bind itself under a contract included in a class to which the revocation applies if the contract is entered into after the revocation date, or offer to enter into a contract or invite a proposal with a view to so binding itself, except to honour a right conferred on a policyholder or participant under a contract in force on that date. Suspension produces the same effects for its duration. 2018, c. 23, s. 3.
Section 162Verify source
§ 163Section 163Provision

Source excerpt

If an insurer is dissolved or liquidated due to an external cause, its authorization is revoked by operation of law, and the insurer must notify the Authority without delay.

163. The authorization granted by the Authority to an insurer is revoked by operation of law if the insurer is dissolved or liquidated due to any external cause. The insurer must notify the Authority, without delay, of its dissolution or liquidation. 2018, c. 23, s. 3.
Section 163Verify source
§ 164Section 164Provision

Source excerpt

The Authority may revoke or suspend an authorized insurer’s authorization if the public interest test is met and one of several listed grounds applies.

164. The Authority may, if it considers that it is in the public interest, revoke or suspend the authorization it has granted to an authorized insurer if, (1) in its opinion, (a) the insurer is failing or is about to fail to comply with its obligations under an Act administered by the Authority, (b) the insurer often fails to perform, in full, properly and without delay, its obligations under an insurance contract, or (c) there are serious reasons to believe that the holder of control of the insurer or of another significant interest in the insurer’s decisions is likely to interfere with the insurer’s adherence to sound commercial practices or sound and prudent management practices; (2) the insurer has not carried on an authorized activity in Québec for at least three years, whether as an insurer or a reinsurer; (3) the Authority is informed by a competent authority that the insurer has failed to comply with an Act that is not administered by the Authority and is of the opinion that the failure is contrary to sound and prudent management practices; or (4) the insurer fails to adopt or implement a compliance program or to provide the Authority with any report the latter requires on the implementation of such a program. 2018, c. 23, s. 3.
Section 164Verify source
§ 165Section 165Provision

Source excerpt

165. In the cases described in section 164, instead of revoking or suspending the authorization granted to the authorized insurer and in order to allow the insurer to remedy the situation, the Authority may attach such conditions or

165. In the cases described in section 164, instead of revoking or suspending the authorization granted to the authorized insurer and in order to allow the insurer to remedy the situation, the Authority may attach such conditions or restrictions to the authorization as it considers necessary to ensure compliance with this Act. 2018, c. 23, s. 3.
Section 165Verify source
§ 166Section 166Provision

Source excerpt

Before ordering forced revocation, suspension, or a condition/restriction on an authorization, the Authority must give the authorized insurer written prior notice and at least 10 days to make observations.

166. Before ordering the forced revocation or the suspension of an authorization or attaching a condition or restriction to it, the Authority must notify the prior notice prescribed by section 5 of the Act respecting administrative justice (chapter J-3) to the authorized insurer in writing and grant the latter at least 10 days to submit observations. 2018, c. 23, s. 3.
Section 166Verify source
§ 167Section 167Provision

Source excerpt

A decision under section 164 or 165 may be contested before the Financial Markets Administrative Tribunal within 30 days after notification.

167. A decision under section 164 or 165 may, within 30 days of its notification, be contested before the Financial Markets Administrative Tribunal. The Tribunal may only confirm or quash a contested decision. 2018, c. 23, s. 3.
Section 167Verify source
§ 168Section 168Provision

Source excerpt

The Authority must publish a notice in its bulletin when an insurer’s authorization is revoked, once the time to contest under section 167 has expired; if the revocation is by operation of law, the notice must be published without delay.

168. The Authority publishes in its bulletin a notice of any revocation of the authorization granted to an insurer on the expiry of the time within which the latter was entitled, under section 167, to contest the revocation. The Authority publishes the notice without delay in the case of a revocation by operation of law. 2018, c. 23, s. 3.
Section 168Verify source
§ 169Section 169Provision

Source excerpt

The Authority may not revoke an authorized insurer’s authorization if the insurer asked for revocation and still has contracts underwritten under that authorization, unless one of the stated conditions is met.

169. The Authority may not revoke the authorization of an authorized insurer that applies for its revocation and that, at the time of the application, is bound by contracts underwritten in accordance with the authorization, unless the insurer (1) continues to be bound by those contracts; or (2) has made the necessary arrangements to have at least one other authorized financial institution or a bank succeed it in its financial institution activities as of the date on which it plans to cease to be bound by those contracts. 2018, c. 23, s. 3.
Section 169Verify source
§ 170Section 170Provision

Source excerpt

To voluntarily revoke an authorization, an application must be filed with the Authority.

170. The voluntary revocation of an authorization requires the filing of an application with the Authority for that purpose. In addition, a written notice concerning the application, the documents prescribed by regulation of the Authority and the costs and fees prescribed by government regulation must be filed with the application. 2018, c. 23, s. 3.
Section 170Verify source
§ 171Section 171Provision

Source excerpt

An application for revocation must say whether the revocation is full or partial, and if partial it must list the classes it covers.

171. An application for revocation must specify whether the revocation is to be full or partial; if a partial revocation is being sought, the application must list the classes to which it would apply. The application must also describe any arrangements made to have an authorized financial institution or a bank succeed the applicant. The application must include any other information determined by regulation of the Authority. 2018, c. 23, s. 3.
Section 171Verify source
§ 172Section 172Provision

Source excerpt

A notice for an application for revocation must include the activities the insurer plans to stop, the date it plans to stop them, and, if applicable, the names and addresses of the financial institutions or banks that will succeed it.

172. A notice concerning an application for revocation must state the authorized activities the insurer intends to cease, the date on which it intends to do so, and the names and addresses of the authorized financial institutions or banks that will succeed it, if applicable. 2018, c. 23, s. 3.
Section 172Verify source
§ 173Section 173Provision

Source excerpt

The Authority must publish a revocation notice in its bulletin, and if an authorized financial institution or bank will succeed the applicant, the applicant must send that notice to specified insurance and segregated-fund holders.

173. The Authority publishes a notice concerning an application for revocation in its bulletin. If an authorized financial institution or a bank is to succeed the applicant, the latter must send the published notice to each holder of an insurance contract and to each participant in a group insurance contract as well as to each holder of rights relating to an investment in a segregated fund for which there will be a successor insurer. 2018, c. 23, s. 3.
Section 173Verify source
§ 174Section 174Provision

Source excerpt

The Authority may grant a revocation application only if the applicant proves one of the stated conditions, and it must refuse one kind of application if the federation would be unable to meet its obligations.

174. The Authority grants an application for revocation only if the applicant shows that (1) it is not bound by any contract underwritten in accordance with the authorization whose revocation it is applying for; (2) it can continue to be bound, until the date of maturity, by the contracts entered into in accordance with the authorization whose revocation it is applying for, while complying with this Act; or (3) the arrangements made to have an authorized financial institution or a bank succeed the applicant are adequate and ensure the protection of holders of contracts or rights, and that it has sent the latter the notice of application required under the second paragraph of section 173. The Authority refuses to grant the application for revocation of a mutual company that is a member of a federation if, in its opinion, the federation would thereby become unable to meet its obligations, in particular, with respect to compliance with guarantee fund capital requirements. Sections 166 and 167 apply to that decision, whether the Authority grants or denies the application. 2018, c. 23, s. 3.
Section 174Verify source
§ 175Section 175Provision

Source excerpt

The Authority must send the insurer a document attesting its decision and publish that document in its bulletin.

175. The Authority must send the insurer a document attesting its decision and publish the document in its bulletin. 2018, c. 23, s. 3.
Section 175Verify source
§ 176Section 176Provision

Source excerpt

The Authority must keep an up-to-date public register of authorized insurers and include specified information for each insurer.

176. The Authority must establish and keep up to date a register of authorized insurers that contains the following information for each of them: (1) its name, the name it uses in Québec if different, the address of its head office and, if its head office is not in Québec, the address of its principal establishment in Québec, or, in the case of an authorized reciprocal union, its name and the name and address of the representative referred to in subparagraph 3 of the first paragraph of section 188; (2) if applicable, the name and address of the attorney designated under section 26 of the Act respecting the legal publicity of enterprises (chapter P-44.1); (3) the classes of activities to which the authorization granted to it by the Authority pertains, as well as the restrictions attached, if any; (4) the recognized compensation bodies, referred to in section 89, of which it is a member; (5) the name and address of the actuary and the auditor charged with the functions provided for in Chapter VII; (6) the name of the financial group it belongs to or, if the group does not have a name, the names of the financial institutions that are members of it; and (7) any other information considered by the Authority to be useful to the public. The information contained in the register of authorized insurers is public information; it may be set up against third persons as of the date it is entered and is proof of its contents for the benefit of third persons in good faith. 2018, c. 23, s. 3; 2024, c. 15, s. 20.
Section 176Verify source
§ 177Section 177Provision

Source excerpt

An authorized insurer must tell the Authority about certain changes to its register information, unless the Authority already received notice in another document, and the declaration must be filed within 30 days after the event causing the change.

177. An authorized insurer must declare to the Authority any change required to be made to the information concerning itself that is contained in the register, unless the Authority was otherwise informed by a notice or other document sent in accordance with this Act. The declaration must be filed within 30 days of the date of the event giving rise to the change. 2018, c. 23, s. 3.
Section 177Verify source
§ 178Section 178Provision

Source excerpt

Information determined by regulation and held by an authorized insurer for the Authority’s supervision is confidential.

178. Such information as is determined by the Minister by regulation that is held by an authorized insurer in relation to the Authority’s supervision of the insurer is confidential. It may not be used as evidence in any civil or administrative proceedings and is privileged for that purpose. No one may be compelled, in any civil or administrative proceedings, to testify or to produce a document relating to that information. 2018, c. 23, s. 3.
Section 178Verify source
§ 179Section 179Provision

Source excerpt

Section 179 allows specified authorities, the authorized insurer, and some compelled witnesses to use confidential information from section 178 as evidence in certain proceedings.

179. Despite section 178, (1) the Attorney General, the Minister, the Authority or, if the authorized insurer is a professional order, the Office des professions du Québec may use the information made confidential by that section as evidence; (2) the authorized insurer concerned may, in accordance with the regulation made by the Minister, use that information as evidence in any proceedings concerning the administration or enforcement of this Act or the Business Corporations Act (chapter S-31.1) that are brought by the insurer, the Minister, the Authority or the Attorney General; and (3) anyone who may be compelled to testify or to produce a document relating to that information in any proceedings regarding the application of this Act or any other Act administered by the Authority to an authorized insurer or of the Business Corporations Act may use that information provided the proceedings are brought by the insurer concerned, the Attorney General, the Minister or the Authority. 2018, c. 23, s. 3; 2021, c. 34, s. 18.
Section 179Verify source
§ 180Section 180Provision

Source excerpt

Sharing the covered information does not by itself waive confidentiality or related protection.

180. The communication of information referred to in this chapter otherwise than in the cases provided for by its provisions does not entail a waiver of the confidentiality conferred by those provisions. Likewise, the communication to the Authority of information protected by professional secrecy, by litigation privilege or by another communication restriction under the rules of evidence does not entail a waiver of the protection conferred on that information. 2018, c. 23, s. 3; 2021, c. 34, s. 19.
Section 180Verify source
§ 181Section 181Provision

Source excerpt

This chapter does not apply to information that must be made public by law, or to information held by an authorized insurer in a document sent under another Act.

181. This chapter does not apply to information that must be made public by law. Nor does it apply to information held by an authorized insurer if the information is contained in a document that was sent in accordance with another Act. 2018, c. 23, s. 3.
Section 181Verify source
§ 182Section 182Provision

Source excerpt

A self-regulatory organization must follow sound and prudent financial management practices for its insurance business.

182. A self-regulatory organization must, in the financial management of its insurance business, adhere to sound and prudent management practices to ensure that its insurance fund maintains (1) adequate assets to meet the liabilities charged against the fund, as and when they become due; and (2) adequate capital to guarantee the sustainability of the organization’s insurance business. 2018, c. 23, s. 3.
Section 182Verify source
§ 183Section 183Provision

Source excerpt

A self-regulatory organization must be able to show the Authority that it uses sound and prudent management practices for the financial management of its insurance business.

183. A self-regulatory organization must be able to show to the Authority that it adheres to sound and prudent management practices in the financial management of its insurance business. 2018, c. 23, s. 3.
Section 183Verify source
§ 184Section 184Provision

Source excerpt

If the Authority thinks the insurance fund or capital is insufficient, it may order the organization to increase premiums and other sums, after giving at least 10 days for observations.

184. If the Authority anticipates that the sums payable by holders of insurance contracts underwritten by a self-regulatory organization will no longer be sufficient to maintain adequate assets in its insurance fund to meet the liabilities charged against the fund, as and when they become due, or adequate capital to guarantee the sustainability of the organization’s insurance business, the Authority may order the organization, after giving it at least 10 days to submit observations, to increase, by the amount and for the period the Authority determines, the premiums and other sums collected in the course of its insurer activities. 2018, c. 23, s. 3.
Section 184Verify source
§ 185Section 185Provision

Source excerpt

A receivership order for an authorized self-regulatory organization may apply only to its insurance business.

185. An order placing an authorized self-regulatory organization under receivership, issued under the Act respecting the regulation of the financial sector (chapter E-6.1), may only apply to its insurance business. Despite section 19.2 of that Act, the receivership order only empowers the receiver to take possession of the fund and of any other property held for the organization’s insurance business and to liquidate the fund. 2018, c. 23, s. 3.
Section 185Verify source
§ 186Section 186Provision

Source excerpt

Several specified parts of the Act apply to the insurance business of authorized self-regulatory organizations.

186. Chapter III, Division II of Chapter V, section 112, Chapters VII and VIII, Divisions I to III of Chapter IX and Chapters X to XII apply to the insurance business of authorized self-regulatory organizations. 2018, c. 23, s. 3.
Section 186Verify source
§ 187Section 187Provision

Source excerpt

Only regulations and guidelines made applicable to authorized self-regulatory organizations count, and they must relate only to sound and prudent management practices in the financial management of their insurance business.

187. The only regulations and guidelines applicable to authorized selfregulatory organizations are those established to be applicable to those organizations only and pertaining only to the maintenance of sound and prudent management practices in the financial management of their insurance business. 2018, c. 23, s. 3.
Section 187Verify source
§ 188Section 188Provision

Source excerpt

A reciprocal union’s constituting contract must include specified governance, membership, representation, audit, actuarial, funding, and other regulatory provisions.

188. The contract by which a reciprocal union is constituted must, in particular, contain provisions for (1) determining the union’s name; (2) constituting the union’s organs, such as a board of directors or a meeting of its members, and providing for their mode of operation; (3) establishing the procedure for designating a person for the purpose of representing the union; (4) determining rules (a) governing how members may join or quit the union or be excluded from it, and (b) governing the dissolution and liquidation of the union; (5) providing for the appointment of an auditor and an actuary; (6) providing for the pooling by its members of the sums necessary to carry out its insurer activities and establishing a procedure for determining and collecting the contribution, the assessments and the additional assessments payable by those members; and (7) (subparagraph replaced); (8) providing for any other measure determined by regulation of the Authority. 2018, c. 23, s. 3; 2021, c. 34, s. 20; 2024, c. 15, s. 21.
Section 188Verify source
§ 189Section 189Provision

Source excerpt

The pooled sums of an authorized reciprocal union’s members must be sufficient to cover its liabilities when they become due.

189. The sums pooled by the authorized reciprocal union’s members must enable it to meet its liabilities, as and when they become due. 2018, c. 23, s. 3; 2021, c. 34, s. 21; 2024, c. 15, s. 22.
Section 189Verify source
§ 190Section 190Substitution

Source excerpt

If the contract in section 188 is amended, the Authority must review its authorization, and the union must send the amended contract to the Authority without delay.

190. An amendment to the contract referred to in section 188 entails a review of the authorization granted by the Authority to the authorized reciprocal union. The union must, without delay, send the amended contract to the Authority. The contract sent to the Authority is substituted for the notice of intention required under sections 146 to 158, but is not published by the Authority in its bulletin. 2018, c. 23, s. 3; 2024, c. 15, s. 23.
Section 190Verify source
§ 191Section 191Provision

Source excerpt

A designated representative or attorney may exercise the reciprocal union’s rights in court, as plaintiff or defendant, in that capacity and in their own name.

191. The representative or the attorney designated under section 26 of the Act respecting the legal publicity of enterprises (chapter P-44.1) may, in that capacity and in the representative’s or attorney’s own name, despite any inconsistent provision of an Act of Québec, exercise before the courts, as plaintiff or defendant, the rights of the reciprocal union. 2018, c. 23, s. 3; 2021, c. 34, s. 21; 2024, c. 15, s. 24.
Section 191Verify source
§ 192Section 192Provision

Source excerpt

If the Authority anticipates a funding shortfall in an authorized reciprocal union, it may order the union to increase the sums collected from members, after giving the union at least 10 days to submit observations.

192. If the Authority anticipates that the sums that must be pooled by the members of the authorized reciprocal union will not be sufficient to enable the union to meet its liabilities, as and when they become due, the Authority may order the union, after giving the latter at least 10 days to submit observations, to increase, by the amount and for the period the Authority determines, the sums collected from its members. 2018, c. 23, s. 3; 2021, c. 34, s. 21; 2024, c. 15, s. 25.
Section 192Verify source
§ 193Section 193Provision

Source excerpt

A receivership order for an authorized reciprocal union applies only to the union, its directors, representative, organs, and members, and only for the union’s insurer activities.

193. An order placing an authorized reciprocal union under receivership, issued under the Act respecting the regulation of the financial sector (chapter E-6.1), may only apply to that union, its directors, its representative, its organs and its members. The order has effect only in relation to the union’s insurer activities. Despite section 19.2 of that Act, the receivership order only empowers the receiver to take possession of the union’s property and to liquidate it. 2018, c. 23, s. 3; 2021, c. 34, s. 21; 2024, c. 15, s. 26.
Section 193Verify source
§ 194Section 194Provision

Source excerpt

This section says Chapters I to III and VII to XII apply to authorized reciprocal unions.

194. Chapters I to III and Chapters VII to XII apply to authorized reciprocal unions. 2018, c. 23, s. 3; 2024, c. 15, s. 27.
Section 194Verify source
§ 195Section 195Provision

Source excerpt

Only regulations and guidelines that are established for authorized reciprocal unions and relate only to maintaining sufficient sums to meet liabilities as they become due apply to those unions.

195. The only regulations and guidelines applicable to authorized reciprocal unions are those established to be applicable to those unions only and relating only to the maintenance, by the unions, of sufficient sums to enable them to meet their liabilities, as and when they become due. 2018, c. 23, s. 3; 2021, c. 34, s. 21; 2024, c. 15, s. 28.
Section 195Verify source
§ 196Section 196Provision

Source excerpt

This section classifies certain Québec insurance entities into categories such as business corporations, mutual companies, insurance associations, and other insurers subject to specified chapters.

196. Insurance companies are either business corporations constituted, continued or amalgamated under the Business Corporations Act (chapter S-31.1) or mutual companies. Insurance associations are associations whose contracts binding each of their members are established in writing under the provisions of the Civil Code concerning contracts of association. The other Québec insurers to which this Title applies are self-regulatory organizations, to which only Chapter XVI applies, and authorized insurers constituted under a private Act of Québec, to which Chapter XIII applies for the purpose of entitling them to apply for continuance as an insurance company and to which the other provisions of this Title apply to the extent provided for in section 535. 2018, c. 23, s. 3; 2024, c. 15, s. 30.
Section 196Verify source

Legislative relationships

7 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

A–F

5 instruments

  • Automobile Insurance Act

    Section 71

  • Bank Act

    Section 3

  • Business Corporations Act

    Section 179

  • Canadian Institute of Act

    Section 116

  • Civil Code

    Sections 67, 70, 196

N–S

2 instruments

  • Professional Code

    Section 41

  • Professional Syndicates Act

    Section 27

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  • 10 Jun 2026 · currentEnglish

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