A-32.1 - Insurers Act

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408. A mutual company that is a member of a federation may withdraw from the federation only if, in the Authority’s opinion, the federation does not as a result become unable to fulfill its obligations, in particular as regards maintaining the required capital in the guarantee fund.
The Authority rules on the mutual company’s withdrawal at the same time as it conducts a review, in accordance with subparagraph 6 of the first paragraph of section 146, of the authorization granted to the mutual company. Before ruling on the withdrawal, the Authority sends to the federation and the company the notice prescribed under section 166. Sections 167 and 168 apply to the contestation of the Authority’s decision, with the necessary modifications.
2018, c. 23, s. 32018, c. 23, s. 3.
In force: 2019-06-13
408. A mutual company that is a member of a federation may withdraw from the federation only if, in the Authority’s opinion, the federation does not as a result become unable to fulfill its obligations, in particular as regards maintaining the required capital in the guarantee fund.
The Authority rules on the mutual company’s withdrawal at the same time as it conducts a review, in accordance with subparagraph 6 of the first paragraph of section 146, of the authorization granted to the mutual company. Before ruling on the withdrawal, the Authority sends to the federation and the company the notice prescribed under section 166. Sections 167 and 168 apply to the contestation of the Authority’s decision, with the necessary modifications.
2018, c. 23, s. 32018, c. 23, s. 3.