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Protection of Residential Mortgage or Hypothecary Insurance Act

Version of section 19 from 2014-06-19 to 2023-11-14:

Marginal note:Pre-existing contracts

 If a winding-up order is made in respect of a company, a contract of insurance that the company entered into before the coming into force of this Act is deemed, in respect of a mortgage or hypothecary loan that is the subject of the contract of insurance, to be a policy issued to a qualified mortgage lender in respect of an eligible mortgage loan for the purposes of sections 16, 17 and 20 to 25, if

  • (a) Her Majesty would have been bound to make a payment in respect of the contract of insurance had section 44 not come into force; and

  • (b) the mortgage or hypothecary loan meets the criteria established by regulations made under subsection 42(1) that relate to a guarantee of payment referred to in subsection 14(1) of the National Housing Act.

  • 2011, c. 15, s. 20 “19”
  • 2014, c. 20, s. 314

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