303. The following legal persons may be continued as insurance companies:
(1) a legal person constituted under the laws of a jurisdiction other than Québec, if the Act governing the legal person confers on it the capacity to carry on insurer activities; and
(2) an authorized insurer constituted under a private Act of Québec.
An insurer is continued as a business corporation if it is of the nature of such a corporation; otherwise, it is continued as a mutual company.