Insurance Companies Act
Version of section 505 from 2007-04-20 to 2024-11-26:
Marginal note:Lending limit — property and casualty companies and marine companies
505 A property and casualty company, or a marine company, shall not, and shall not permit its prescribed subsidiaries to, make or acquire a commercial loan or a loan to a natural person, or acquire control of a permitted entity that holds commercial loans or loans to natural persons, if the aggregate value of all such loans held by the company and its prescribed subsidiaries exceeds, or the making or acquisition of the loan or the acquisition of control of the permitted entity would cause the aggregate value of all such loans held by the company and its prescribed subsidiaries to exceed, the prescribed percentage of the total assets of the company.
- 1991, c. 47, s. 505
- 2001, c. 9, s. 426
- 2007, c. 6, s. 238
- Date modified: