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Insurance Companies Act

Version of section 678.5 from 2007-04-20 to 2023-06-21:

Marginal note:Direction to transfer policies or to reinsure risks — society

  •  (1) If the circumstances described in any of paragraphs 679(1.1)(a) to (e) or (g) exist in respect of a society, the Superintendent may, by order, subject to any terms and conditions the Superintendent may specify, direct it to transfer all or any portion of its policies to, or cause itself to be reinsured, against all or any portion of the risks undertaken under its policies, by any company, society, foreign company or body corporate incorporated or formed by or under the laws of a province that is authorized to transact the classes of insurance to be so transferred or reinsured.

  • Marginal note:Compliance

    (2) The society shall comply with the order within the time that the Superintendent specifies in the order or within any further period specified by the Superintendent.

  • Marginal note:Opportunity for representations

    (3) No order shall be issued to a society under subsection (1) unless the society is provided with a reasonable opportunity to make representations in respect of the matter.

  • 2001, c. 9, s. 462
  • 2007, c. 6, s. 304

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