115(1)No licensed insurer shall undertake any contract of fire insurance upon property situate in the Province or described in any contract as situate therein, unless the contract, completed in accordance with this Act, is signed or countersigned by an agent holding a licence under this Act, who is to receive the commission or some part thereof when the premium stipulated in the contract is paid.

115(1.1)Notwithstanding subsection (1), a renewal of a contract of fire insurance need not be signed or countersigned by an agent.

115(2)If the policy is issued upon an application procured and submitted to such insurer and signed by the agent, it need not be signed or countersigned by him.

115(3)“Insurer” in this section shall be deemed to mean and include only a joint-stock insurance company, cash mutual insurance corporation and any insurance company described in paragraph 23(1)(f).

115(4)This section does not apply to insurance covering the rolling stock of railroad corporations or property in transit that is in the possession and custody of railroad corporations or other common carriers nor to moveable property of common carriers used or employed by them in their business as such.

115(5)This section does not apply to insurers with head office in New Brunswick, or to insurers that employ only salaried representatives and accept no applications for insurance from agents on a commission basis.

115(1)No licensed insurer shall undertake any contract of fire insurance upon property situate in the Province or described in any contract as situate therein, unless the contract, completed in accordance with this Act, is signed or countersigned by an agent holding a licence under this Act, who is to receive the commission or some part thereof when the premium stipulated in the contract is paid.

115(1.1)Notwithstanding subsection (1), a renewal of a contract of fire insurance need not be signed or countersigned by an agent.

115(2)If the policy is issued upon an application procured and submitted to such insurer and signed by the agent, it need not be signed or countersigned by him.

115(3)“Insurer” in this section shall be deemed to mean and include only a joint-stock insurance company, cash mutual insurance corporation and any insurance company described in paragraph 23(1)(f).

115(4)This section does not apply to insurance covering the rolling stock of railroad corporations or property in transit that is in the possession and custody of railroad corporations or other common carriers nor to moveable property of common carriers used or employed by them in their business as such.

115(5)This section does not apply to insurers with head office in New Brunswick, or to insurers that employ only salaried representatives and accept no applications for insurance from agents on a commission basis.

115(1)No licensed insurer shall undertake any contract of fire insurance upon property situate in the Province or described in any contract as situate therein, unless the contract, completed in accordance with this Act, is signed or countersigned by an agent holding a licence under this Act, who is to receive the commission or some part thereof when the premium stipulated in the contract is paid.

115(1.1)Notwithstanding subsection (1), a renewal of a contract of fire insurance need not be signed or countersigned by an agent.

115(2)If the policy is issued upon an application procured and submitted to such insurer and signed by the agent, it need not be signed or countersigned by him.

115(3)“Insurer” in this section shall be deemed to mean and include only a joint-stock insurance company, cash mutual insurance corporation and any insurance company described in paragraph 23(1)(f).

115(4)This section does not apply to insurance covering the rolling stock of railroad corporations or property in transit that is in the possession and custody of railroad corporations or other common carriers nor to moveable property of common carriers used or employed by them in their business as such.

115(5)This section does not apply to insurers with head office in New Brunswick, or to insurers that employ only salaried representatives and accept no applications for insurance from agents on a commission basis.

115(6)Any insurer that issues a contract of insurance save as permitted by this section is liable to a penalty of not less than one hundred dollars and not more than three hundred dollars for each contract so issued.