Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
187 Approval of Minister required
dissolution of a provincial company under section 185 may be
taken by a company until an application made by the company in
accordance with section 186 has been approved by the Minister.
RSA 2000
(2) The Minister may approve an application made pursuant to
section 186 where the Minister is satisfied on the basis of the
application that
(a) the circumstances warrant the voluntary liquidation and
dissolution of the provincial company, and
(b) the company, in accordance with the provisions of Division
10,
(i) has transferred or will be tr ansferring all or substantially
all of its policies, or
(ii) has reinsured or will be reinsuring itself against all or
substantially all of the risks undertaken by it.
(3) Where the Minister has approved an application under section
186 with respect to a provincial company, the company must not
carry on business except to the extent necessary to complete its
voluntary liquidation.
(4) Where the Minister has approved an application under section
186 with respect to a provincial company, the company must
(a) cause notice of the approva l to be sent to each known
claimant against and creditor of the company, except
policyholders,
(b) publish notice of the approval in The Alberta Gazette and in
a newspaper having general circulation in the place where
the head office of the company is located and take
reasonable steps to give notice of the approval of the
application in each province or territory in which the
company transacted any business within the preceding 12
months,
(c) proceed to collect its property, dispose of property that is
not to be distributed in kind to its shareholders, discharge or
provide for all its obligations and do all other acts required
to liquidate its business,
(d) transfer its remaining policie s, or reinsure itself against the
remaining risks undertaken by it, and
(e) after giving the notice required under clauses (a) and (b) and
adequately providing for the payment or discharge of all its
obligations, distribute its remaining property, either in
money or in kind, among its shareholders according to their
respective rights.
1999 cI-5.1 s187
RSA 2000