Protection of Residential Mortgage or Hypothecary Insurance Act
Marginal note:Pre-existing contracts
19 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
- Date modified: