Acts and Regulations

I-12 - Insurance Act

Full text
Amendments by majority
292A society incorporated under the laws of the Province may by amendment of its constitution and rules reduce the benefits payable under its contracts of insurance or some of them, or increase the rates of contribution payable by its members as a whole or some class or classes thereof, or make such other changes as are necessary to comply with the requirement of the Superintendent and such amendments when adopted by a majority of the votes duly cast by the members of the supreme legislative body of the society at a general meeting thereof are binding upon the members of the society and upon their beneficiaries and the legal personal representatives of any of them, and upon all persons deriving legal rights from any member or beneficiary.
1968, c.6, s.289; 2013, c.31, s.20
Reports and readjustments of contracts
292A society incorporated under the laws of the Province may by amendment of its constitution and rules reduce the benefits payable under its contracts of insurance or some of them, or increase the rates of contribution payable by its members as a whole or some class or classes thereof, or make such other changes as are necessary to comply with the requirement of the Minister and such amendments when adopted by a majority of the votes duly cast by the members of the supreme legislative body of the society at a general meeting thereof are binding upon the members of the society and upon their beneficiaries and the legal personal representatives of any of them, and upon all persons deriving legal rights from any member or beneficiary.
1968, c.6, s.289