Insurance Companies Act (S.C. 1991, c. 47)

Act current to 2014-09-15 and last amended on 2014-06-19. Previous Versions

General

Marginal note:Definitions

 In sections 570.25 and 570.26, “member” and “incorporator” include the heirs and personal representatives of a member or incorporator.

  • 1997, c. 15, s. 298.
Marginal note:Continuation of actions
  •  (1) Even if a society has been dissolved under this Part,

    • (a) a civil, criminal or administrative action or proceeding brought by or against the society before its dissolution may be continued as if the society had not been dissolved;

    • (b) a civil, criminal or administrative action or proceeding may be brought against the society within two years after its dissolution as if the society had not been dissolved; and

    • (c) any property that would have been available to satisfy any judgment or order if the society had not been dissolved remains available for that purpose.

  • Marginal note:Service on society

    (2) Service of a document on a society after its dissolution may be effected by serving the document on a person shown as a director in the incorporating instrument of the society or, if applicable, in the latest return sent to the Superintendent under subsection 549(1).

  • 1997, c. 15, s. 298.
Marginal note:Limitations on liability
  •  (1) Even if a society has been dissolved, a member or incorporator to whom any of its property has been distributed is liable to any person claiming under subsection 570.24(1), to the extent of the amount received by that member or incorporator on the distribution.

  • Marginal note:Limitation

    (2) An action to enforce liability under subsection (1) may not be commenced more than two years after the date of the dissolution of the society.

  • Marginal note:Action against class

    (3) A court may order an action referred to in subsections (1) and (2) to be brought against the persons who were members or incorporators as a class, subject to such conditions as the court thinks fit.

  • Marginal note:Reference

    (4) If the plaintiff establishes a claim in an action under subsection (3), the court may refer the proceedings to a referee or other officer of the court who may

    • (a) add as a party to the proceedings each person found by the plaintiff to have been a member or incorporator;

    • (b) determine, subject to subsection (1), the amount that each person who was a member or incorporator must contribute towards satisfaction of the plaintiff’s claim; and

    • (c) direct payment of the amounts so determined.

  • 1997, c. 15, s. 298.
Marginal note:Where creditor cannot be found

 If a creditor, member or incorporator to whom property is to be distributed on the dissolution of a society cannot be found, the portion of the property to be distributed to that creditor, member or incorporator shall be converted into money and paid in accordance with section 570.28.

  • 1997, c. 15, s. 298.