A-32.1 - Insurers Act

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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. 32018, c. 23, s. 3.
In force: 2019-06-13
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. 32018, c. 23, s. 3.