113(1)Where a contract of fire insurance is given as collateral security to a mortgage or vendor’s lien on property, or where any such contract so given is about to expire and no specific insurer is named in the mortgage or agreement for sale, a term requiring the mortgagor or purchaser to insure is sufficiently satisfied, save as to the amount, by the production by such mortgagor or purchaser of a subsisting policy of insurance in any insurer licensed to carry on its business in the Province.

113(2)A mortgagee shall not accept or receive either directly or through his agent or employee, and no officer or employee of such mortgagee shall accept or receive, any commission or other remuneration or benefit in consideration of effecting a contract of insurance or renewal thereof under which contract loss, if any, is payable to him as mortgagee.

113(3)No agency, agent, insurer, managing general agent or special insurance broker shall pay, allow or give any commission or other remuneration or benefit to a mortgagee or to any person in their employ or on their behalf, in consideration of entering into or renewing a contract of insurance under which contract loss, if any, is payable to the person as mortgagee.

113(1)Where a contract of fire insurance is given as collateral security to a mortgage or vendor’s lien on property, or where any such contract so given is about to expire and no specific insurer is named in the mortgage or agreement for sale, a term requiring the mortgagor or purchaser to insure is sufficiently satisfied, save as to the amount, by the production by such mortgagor or purchaser of a subsisting policy of insurance in any insurer licensed to carry on its business in the Province.

113(2)A mortgagee shall not accept or receive either directly or through his agent or employee, and no officer or employee of such mortgagee shall accept or receive, any commission or other remuneration or benefit in consideration of effecting a contract of insurance or renewal thereof under which contract loss, if any, is payable to him as mortgagee.

113(3)No insurer or agent or broker shall pay, allow or give any commission or other remuneration or benefit to a mortgagee or to any person in his employ or on his behalf, in consideration of effecting a contract of insurance or renewal thereof, under which contract loss, if any, is payable to him as mortgagee.

113(1)Where a contract of fire insurance is given as collateral security to a mortgage or vendor’s lien on property, or where any such contract so given is about to expire and no specific insurer is named in the mortgage or agreement for sale, a term requiring the mortgagor or purchaser to insure is sufficiently satisfied, save as to the amount, by the production by such mortgagor or purchaser of a subsisting policy of insurance in any insurer licensed to carry on its business in the Province.

113(2)A mortgagee shall not accept or receive either directly or through his agent or employee, and no officer or employee of such mortgagee shall accept or receive, any commission or other remuneration or benefit in consideration of effecting a contract of insurance or renewal thereof under which contract loss, if any, is payable to him as mortgagee.

113(3)No insurer or agent or broker shall pay, allow or give any commission or other remuneration or benefit to a mortgagee or to any person in his employ or on his behalf, in consideration of effecting a contract of insurance or renewal thereof, under which contract loss, if any, is payable to him as mortgagee.

113(4)Any insurer or other person who contravenes the provisions of this section is guilty of an offence.