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Insurance Act c t INSURANCE ACT PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to December 15, 2016. It is intended for information and reference purposes only. This document is not the official version of the Act. The Act and the amendments as printed under the authority of the Queen’s Printer for the province should be consulted to determine the authoritative statement of the law. For more information concerning the history of this Act, please see the Table of Public Acts on the Prince Edward Island Government web site (www.princeedwardisland.ca). If you find any errors or omissions in this consolidation, please contact: Legislative Counsel Office Tel: (902) 368-4292 Email: [email protected] Insurance Act Table of Contents c INSURANCE ACT Table of Contents Section Page 1. Definitions.............................................................................................................................................. 15 PART I — SUPERINTENDENT AND HIS DUTIES 20 2. Appointment of Superintendent ............................................................................................................. 20 3. Power to receive affidavit & examine & compel witnesses ................................................................... 20 4. Oaths, administration of ......................................................................................................................... 20 5. Superintendent not to own certain shares ............................................................................................... 20 6. Limitation of action against Superintendent .......................................................................................... 20 BOOKS AND RECORDS 21 7. Superintendent must keep certain .......................................................................................................... 21 8. List of insurers, suspensions etc. published annually ............................................................................. 21 9. Evidence of being licensed, certificate of Superintendent ..................................................................... 21 DUTIES RESPECTING LICENSES ................................................................................................................... 22 10. Determination of right to be licensed ..................................................................................................... 22 11. Decisions of Superintendent, in writing ................................................................................................. 22 12. Appeal to Lt. Gov. in C. ......................................................................................................................... 22 INVESTIGATION OF INSURERS ..................................................................................................................... 22 13. Inquiries re contracts or financial affairs of an insurer .......................................................................... 22 14. Access to books, securities and documents of an insurer ....................................................................... 22 15. Information to be provided..................................................................................................................... 22 16. Annual visit to head office or chief agency of each licensed insurer & report thereon to Minister .................................................................................................................................................. 23 SERVICE OF PROCESS 23 17. Head office of insurer outside province, service .................................................................................... 23 ANNUAL REPORT 24 18. Annual report to Minister, contents & publication ................................................................................. 24 APPEAL FROM SUPERINTENDENT’S DECISION ........................................................................................ 25 19. Request for Superintendent’s decision in writing & time for filing appeal ............................................ 25 PART II — GENERAL PROVISIONS APPLICABLE TO INSURERS IN PRINCE EDWARD ISLAND 26 20. Undertaking insurance in province, when deemed ................................................................................ 26 21. Plan for automobile insurance coverage, including uninsured motorists ............................................... 26 LICENSES 27 22. Insurers must be licensed ....................................................................................................................... 27 23. Reinsuring risk outside province ............................................................................................................ 28 24. Licenses, issuance of to certain classes .................................................................................................. 28 25. License for one or more classes of insurance ......................................................................................... 28 26. Capital requirements .............................................................................................................................. 29 c t Current to: December 15, 2016 Page 3 Table of Contents Insurance Act 27. Publication of notice of application for license ...................................................................................... 30 28. Insurer must file certain documents and information before issuance of license ................................... 30 29. Costs of incorporation & list of unpaid liabilities, statement to accompany application for license ..................................................................................................................................................... 31 30. License issued if security deposited ....................................................................................................... 31 CANCELLATION OF LICENSE 32 31. Where Superintendent to cancel license ................................................................................................. 32 32. Deposit not maintained, where ............................................................................................................... 32 33. Assets of insurer insufficient or insurer failed to comply with law, Superintendent to report to Minister .................................................................................................................................................. 32 34. Suspension etc. in another province or by Canada ................................................................................. 33 35. Reviving a suspended or cancelled license ............................................................................................. 33 36. Violation of Act by insurer, report to Minister, powers of Minister ....................................................... 33 DEPOSITS 33 Sections 37 to 60 are repealed by 1994,c.27,s.4. .................................................................................................. 33 INVESTMENTS 33 61. Permitted investments for surplus funds & reserve ................................................................................ 33 BOOKS OF INSURERS 34 62. Classification of contracts, registers & books to be kept by insurer, & audit by Superintendent ........... 34 63. Stock register open to examination ........................................................................................................ 34 RECORDS AND RETURNS 34 64. Fire insurance insurers, record of premium income ............................................................................... 34 65. Automobile insurance ............................................................................................................................. 35 65.1 Definitions .............................................................................................................................................. 35 66. Bylaws, delivery to Superintendent ........................................................................................................ 36 67. Balance sheet, financial statements, & auditor’s report, delivery to Superintendent .............................. 36 68. Auditor to report to shareholders certain matters ................................................................................... 37 69. Insurer’s statement of condition of affairs for preceding year, contents ................................................ 37 70. Offence for insurer to publish financial statement differing from one filed ........................................... 38 71. Offence to represent license as guarantee of financial standing etc. ...................................................... 38 LIFE INSURANCE RESERVES 38 72. Valuation of contracts of life insurance, method .................................................................................... 38 INSURANCE WITH UNLICENSED INSURERS 39 73. Prohibition from contracting with unlicensed insurer ............................................................................ 39 UNDERWRITERS’ AGENCIES 40 74. Permit required to issue insurance through an underwriters’ agency ..................................................... 40 FORFEITURE FOR NON-USER OR DISCONTINUANCE 40 75. Incorporated insurer does not go into business within two years, discontinues business or has license suspended, corporate powers cease ...........................................................................................
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