August 27, 2022 — On June 22, 2022, the Government of Quebec published in the Gazette officielle du Québec a regulation amending the Regulation to establish various measures in matters of divided co-ownership insurance. The by-law amends the terms and conditions for establishing the minimum contribution to the self-insurance fund of an immovable held in divided co-ownership so that a contribution bringing the balance of the fund to more than $100,000 may be reduced. Nevertheless, a syndicate of co-owners may always decide to deposit in the auto insurance fund an amount greater than this amount, and this, according to its financial forecasts.
Section 2 of the Regulation establishing various measures for the insurance of divided co-ownerships has been amended by adding, at the end, the following paragraph:
« Despite the foregoing, where the minimum contribution of co-owners to the self-insurance fund determined pursuant to subparagraphs 1 and 2 of the first paragraph increases the capitalization of the fund to over $100,000, that contribution may be lowered in order that the capitalization of that fund is at least $100,000 ».
The RGCQ welcomed the decision of the Ministry of Finance, which responds to a request from this organization and large condominiums, where franchises often exceed this amount. This amendment to the Regulations is scheduled to come into force on April 15, 2022, along with the other measures related to the self-insurance fund.
By Me Yves Joli-Coeur for Condolegal.com
Montreal, August 27, 2022