A-32.1, r. 1 - Regulation under the Act respecting insurance

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79. Despite sections 76 and 78, a group insurance contract on the life or health of debtors may, at the debtors’ option, provide for an amount payable that is equal to the amount of their loan or, in the case of a contract extending variable credit, equal to the amount of the variable credit authorized by the creditor.
The maximum amount payable to the creditor is limited to the net debt of the debtor, the balance being paid to the designated beneficiary or, if applicable, to that person’s succession.
O.C. 887-2009, s. 79.