Acts and Regulations

I-12 - Insurance Act

Section 23
Disposition versions

Full text
Classes of insurers
23(1)Upon due application and upon proof of compliance with this Act, the Superintendent may issue a licence to undertake contracts of insurance and carry on business in the Province to any insurer coming within one of the following classes:
(a) joint stock insurance companies;
(b) mutual insurance corporations;
(c) cash-mutual insurance corporations;
(d) fraternal societies;
(e) mutual benefit societies;
(f) companies duly incorporated to undertake insurance contracts and not within any of the foregoing classes;
(g) reciprocal or inter-insurance exchanges;
(h) underwriters or syndicates of underwriters that are members of the society known as Lloyd’s, incorporated by the Imperial statute, Lloyd’s Act, 1871.
23(2)A licence issued pursuant to this Act shall authorize the insurer named therein to exercise within the Province all rights and powers reasonably incidental to the carrying on of the class or classes of insurance named therein, that are not inconsistent with the provisions of this Act or with the terms of its charter.
1968, c.6, s.23
Licences
23(1)Upon due application and upon proof of compliance with this Act, the Superintendent may issue a licence to undertake contracts of insurance and carry on business in the Province to any insurer coming within one of the following classes:
(a) joint stock insurance companies;
(b) mutual insurance corporations;
(c) cash-mutual insurance corporations;
(d) fraternal societies;
(e) mutual benefit societies;
(f) companies duly incorporated to undertake insurance contracts and not within any of the foregoing classes;
(g) reciprocal or inter-insurance exchanges;
(h) underwriters or syndicates of underwriters that are members of the society known as Lloyd’s, incorporated by the Imperial statute, Lloyd’s Act, 1871.
23(2)A licence issued pursuant to this Act shall authorize the insurer named therein to exercise within the Province all rights and powers reasonably incidental to the carrying on of the class or classes of insurance named therein, that are not inconsistent with the provisions of this Act or with the terms of its charter.
1968, c.6, s.23