Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
179 Application to Minister
accordance with section 178, a provincial company referred to in
section 177(1) must, within 3 months after the agreement has been
approved in accordance with section 177(5), apply to the Minister
for approval of the agreement.
(2) A Division 10 agreement in which a provincial company is a
party has no force or effect until it has been approved by the
Minister.
(3) The Minister must not approve a Division 10 agreement if the
reinsuring or purchase or sale of assets would cause any provincial
company that would be a party to the agreement to be in
contravention of the capital adequacy or liquidity requirements of
Subpart 10.
1999 cI-5.1 s179
RSA 2000