489. No one may, if not covered by the second paragraph, hold themselves out as an insurer or use a name that includes one of the following words or combinations of words:
(1) “insurer” or “reinsurer”; or
(2) “insurance” or “reinsurance” with “company”, “mutual company”, “corporation” or any other word or expression indicating a juridical form.
The following may hold themselves out as an insurer or use a name that includes a word or combination of words listed in the first paragraph:
(1) an authorized insurer;
(2) a legal person constituted under the laws of a jurisdiction other than Québec and carrying on only reinsurer activities in Québec;
(3) an insurer that delivers only damage insurance policies in Québec through a firm acting through a special broker referred to in the Act respecting the distribution of financial products and services (chapter D-9.2), if the insurer does not have an establishment in Québec and does not advertise in Québec;
(4) a regulated company that is not an authorized insurer, during its organization; and
(5) a legal person constituted under the laws of a jurisdiction other than Québec that is authorized under those laws to carry on insurer activities and that exercises rights and performs obligations in Québec without such exercise and performance constituting insurer activities.