In force: 2019-06-13
206. An application for the constitution of a mutual company may be filed on the initiative of one or more promoters, if at least 200 persons have undertaken to enter, within the year after the Authority’s authorization is obtained, into an insurance contract or to enroll in a group insurance contract underwritten by the company.
The promoters must be qualified to serve as directors of the mutual company.
The Act respecting the distribution of financial products and services (chapter D-9.2) does not apply to the obtaining of an undertaking referred to in the first paragraph.