Acts and Regulations

I-12 - Insurance Act

Section 21
Disposition versions

Full text
Obtaining a licence
21(1)Every insurer carrying on business in the Province shall obtain from the Superintendent and hold a licence under the provisions of this Act.
21(2)Every insurer carrying on business in the Province without having obtained a licence, as required by this section, is guilty of an offence.
21(2.1)Repealed: 2016, c.36, s.7
21(3)Any person who, within the Province, does or causes to be done any act or thing mentioned in section 20 on behalf of, or as agent of, an insurer not licensed under this Act, or who receives, directly or indirectly, any remuneration for so doing, is guilty of an offence.
21(4)The following shall not be deemed insurers within the meaning of this Act or required or entitled to be licensed as such:
(a) employees mutual benefit societies;
(b) a trade union that, under the authority of its charter, has an assurance or benefit fund for the benefit of its own members exclusively;
(c) an organization the membership of which is limited to those engaged in or who at the time they became members were engaged in a particular trade, calling or profession, that under the authority of its charter has an assurance or benefit fund for the benefit of its own members exclusively;
(d) any other organization prescribed by regulation.
21(5)An insurer incorporated and licensed by the Province, that carries on or solicits business in any foreign jurisdiction without being first authorized so to do under the laws of such foreign jurisdiction, is guilty of an offence.
1968, c.6, s.21; 2008, c.11, s.14; 2016, c.36, s.7; 2021, c.8, s.16
Obtaining a licence
21(1)Every insurer carrying on business in the Province shall obtain from the Superintendent and hold a licence under the provisions of this Act.
21(2)Every insurer carrying on business in the Province without having obtained a licence, as required by this section, is guilty of an offence.
21(2.1)Repealed: 2016, c.36, s.7
21(3)Any person who, within the Province, does or causes to be done any act or thing mentioned in section 20 on behalf of, or as agent of, an insurer not licensed under this Act, or who receives, directly or indirectly, any remuneration for so doing, is guilty of an offence.
21(4)The following shall not be deemed insurers within the meaning of this Act or required or entitled to be licensed as such:
(a) employees mutual benefit societies;
(b) a trade union that, under the authority of its charter, has an assurance or benefit fund for the benefit of its own members exclusively;
(c) an organization the membership of which is limited to those engaged in or who at the time they became members were engaged in a particular trade, calling or profession, that under the authority of its charter has an assurance or benefit fund for the benefit of its own members exclusively;
(d) such other organizations as the Lieutenant-Governor in Council determines.
21(5)An insurer incorporated and licensed by the Province, that carries on or solicits business in any foreign jurisdiction without being first authorized so to do under the laws of such foreign jurisdiction, is guilty of an offence.
1968, c.6, s.21; 2008, c.11, s.14; 2016, c.36, s.7
Licences
21(1)Every insurer carrying on business in the Province shall obtain from the Superintendent and hold a licence under the provisions of this Act.
21(2)Every insurer carrying on business in the Province without having obtained a licence, as required by this section, is guilty of an offence.
21(2.1)If an offence under subsection (2) continues for more than one month,
(a) the minimum fine that may be imposed is the minimum fine set by the Provincial Offences Procedure Act multiplied by the number of months during which the offence continues, and
(b) the maximum fine that may be imposed is the maximum fine set by the Provincial Offences Procedure Act multiplied by the number of months during which the offence continues.
21(3)Any person who, within the Province, does or causes to be done any act or thing mentioned in section 20 on behalf of, or as agent of, an insurer not licensed under this Act, or who receives, directly or indirectly, any remuneration for so doing, is guilty of an offence.
21(4)The following shall not be deemed insurers within the meaning of this Act or required or entitled to be licensed as such:
(a) employees mutual benefit societies;
(b) a trade union that, under the authority of its charter, has an assurance or benefit fund for the benefit of its own members exclusively;
(c) an organization the membership of which is limited to those engaged in or who at the time they became members were engaged in a particular trade, calling or profession, that under the authority of its charter has an assurance or benefit fund for the benefit of its own members exclusively;
(d) such other organizations as the Lieutenant-Governor in Council determines.
21(5)An insurer incorporated and licensed by the Province, that carries on or solicits business in any foreign jurisdiction without being first authorized so to do under the laws of such foreign jurisdiction, is guilty of an offence.
1968, c.6, s.21; 2008, c.11, s.14
Licences
21(1)Every insurer carrying on business in the Province shall obtain from the Superintendent and hold a licence under the provisions of this Act.
21(2)Every insurer carrying on business in the Province without having obtained a licence, as required by this section, is guilty of an offence.
21(3)Any person who, within the Province, does or causes to be done any act or thing mentioned in section 20 on behalf of, or as agent of, an insurer not licensed under this Act, or who receives, directly or indirectly, any remuneration for so doing, is guilty of an offence.
21(4)The following shall not be deemed insurers within the meaning of this Act or required or entitled to be licensed as such:
(a) employees mutual benefit societies;
(b) a trade union that, under the authority of its charter, has an assurance or benefit fund for the benefit of its own members exclusively;
(c) an organization the membership of which is limited to those engaged in or who at the time they became members were engaged in a particular trade, calling or profession, that under the authority of its charter has an assurance or benefit fund for the benefit of its own members exclusively;
(d) such other organizations as the Lieutenant-Governor in Council determines.
21(5)An insurer incorporated and licensed by the Province, that carries on or solicits business in any foreign jurisdiction without being first authorized so to do under the laws of such foreign jurisdiction, is guilty of an offence.
1968, c.6, s.21