A-32.1 - Insurers Act

Section 544 Disposition versions

2019-06-13

544. An insurance company bound by insurance contracts conferring rights to policy dividends may not make a transfer from its participating fund to a surplus account or a retained earnings account unless it has established a participating fund surplus management policy approved by the board of directors.

The policy must provide a method for calculating the surplus to be maintained in the participating fund, including for the purpose of guaranteeing the performance of the company’s obligations toward holders of insurance contracts conferring rights to policy dividends.

The policy must be presented at a members’ meeting.

2018, c. 23, s. 3.

Not in force

In force: 2019-06-13

544. An insurance company bound by insurance contracts conferring rights to policy dividends may not make a transfer from its participating fund to a surplus account or a retained earnings account unless it has established a participating fund surplus management policy approved by the board of directors.

The policy must provide a method for calculating the surplus to be maintained in the participating fund, including for the purpose of guaranteeing the performance of the company’s obligations toward holders of insurance contracts conferring rights to policy dividends.

The policy must be presented at a members’ meeting.

2018, c. 23, s. 3.