Acts and Regulations

I-12 - Insurance Act

Section 24
Disposition versions

Full text
Classes of insurance and terms and conditions
2021, c.8, s.17
24(1)Subject to the provisions of Parts of this Act particularly relating to any of the classes of insurers mentioned in the preceding section, a licence may be issued to an insurer to carry on any one or more of the classes of insurance defined in section 1 and such other classes as may be prescribed by the regulations.
24(2)Repealed: 2016, c.36, s.7
24(3)A licence to carry on automobile insurance in the Province is subject to the following conditions:
(a) in any action in the Province against the licensed insurer or its insured arising out of an automobile accident in the Province, the insurer shall appear and shall not set up any defence to a claim under a contract made outside the Province, including any defence as to the limit or limits of liability under the contract, that might not be set up if the contract were evidenced by a motor vehicle liability policy issued in the Province;
(b) in any action in another province or territory of Canada against the licensed insurer, or its insured, arising out of an automobile accident in that province or territory, the insurer shall appear and shall not set up any defence to a claim under a contract evidenced by a motor vehicle liability policy issued in this Province including any defence as to the limit or limits of liability under the contract, that might not be set up if the contract were evidenced by a motor vehicle liability policy issued in the other province or territory;
(c) Repealed: 2008, c.2, s.2
24(3.1)The Superintendent may restrict, at any time, a licence issued to an insurer by imposing any terms and conditions that the Superintendent considers appropriate on the licence.
24(3.2)A holder of a licence issued to an insurer shall comply with the terms and conditions of the licence.
24(3.3)The Superintendent shall not impose terms and conditions on a licence issued to an insurer without giving the applicant for the licence or the holder of the licence an opportunity to be heard.
24(3.4)An applicant for a licence issued to an insurer or a holder of the licence may appeal to the Tribunal a decision of the Superintendent to impose a term and condition on a licence within 30 days after the date of the decision.
24(3.5)Despite subsection (3.4), the Tribunal may extend the period for appealing the imposition of any terms and conditions on a licence, before or after the expiration of the time, if it is satisfied that there are reasonable grounds for an extension.
24(3.6)The Superintendent may accept a written undertaking made by an applicant for an insurer’s licence or the holder of an insurer’s licence or an officer, representative or employee of an insurer.
24(3.7)A person providing an undertaking under subsection (3.6) shall comply with the undertaking.
24(4)The licence of an insurer who commits a breach of any of the conditions of licence set out in subsection (3) may be cancelled.
24(5)Every insurer licensed for the transaction of life insurance may under the authority of its licence, unless the licence expressly provides otherwise, issue annuities and endowments of all kinds and also include in any policy of life insurance, in respect of the same life or lives insured thereby, disability insurance and accidental death insurance.
24(6)Every insurer licensed to carry on fire insurance may, subject to its Act of Incorporation and subject to the restrictions prescribed by the licence, insure or reinsure any property in which the insured has an insurable interest against loss or damage by fire, lightning or explosion and may insure or reinsure the same property against loss or damage from falling aircraft, earthquake, windstorm, tornado, hail, sprinkler leakage, riot, malicious damage, weather, water damage, smoke damage, civil commotion, and impact by vehicles and any one or more perils falling within such other classes of insurance as are prescribed by the regulations.
24(7)An insurer licensed to carry on fire insurance may insure an automobile against loss or damage under a policy falling under Part IV of this Act.
24(8)Where a question arises as to the class of insurance into which any specific contract of insurance or form of policy falls, the Superintendent may determine the question, and his determination is effective and final for the purposes of this Act.
1968, c.6, s.24; 2004, c.36, s.3; 2008, c.2, s.2; 2013, c.31, s.20; 2016, c.36, s.7; 2021, c.8, s.18
Classes of insurance
24(1)Subject to the provisions of Parts of this Act particularly relating to any of the classes of insurers mentioned in the preceding section, a licence may be issued to an insurer to carry on any one or more of the classes of insurance defined in section 1 and such other classes as may be prescribed by the regulations.
24(2)Repealed: 2016, c.36, s.7
24(3)A licence to carry on automobile insurance in the Province is subject to the following conditions:
(a) in any action in the Province against the licensed insurer or its insured arising out of an automobile accident in the Province, the insurer shall appear and shall not set up any defence to a claim under a contract made outside the Province, including any defence as to the limit or limits of liability under the contract, that might not be set up if the contract were evidenced by a motor vehicle liability policy issued in the Province;
(b) in any action in another province or territory of Canada against the licensed insurer, or its insured, arising out of an automobile accident in that province or territory, the insurer shall appear and shall not set up any defence to a claim under a contract evidenced by a motor vehicle liability policy issued in this Province including any defence as to the limit or limits of liability under the contract, that might not be set up if the contract were evidenced by a motor vehicle liability policy issued in the other province or territory;
(c) Repealed: 2008, c.2, s.2
24(4)The licence of an insurer who commits a breach of any of the conditions of licence set out in subsection (3) may be cancelled.
24(5)Every insurer licensed for the transaction of life insurance may under the authority of its licence, unless the licence expressly provides otherwise, issue annuities and endowments of all kinds and also include in any policy of life insurance, in respect of the same life or lives insured thereby, disability insurance and accidental death insurance.
24(6)Every insurer licensed to carry on fire insurance may, subject to its Act of Incorporation and subject to the restrictions prescribed by the licence, insure or reinsure any property in which the insured has an insurable interest against loss or damage by fire, lightning or explosion and may insure or reinsure the same property against loss or damage from falling aircraft, earthquake, windstorm, tornado, hail, sprinkler leakage, riot, malicious damage, weather, water damage, smoke damage, civil commotion, and impact by vehicles and any one or more perils falling within such other classes of insurance as are prescribed by the regulations.
24(7)An insurer licensed to carry on fire insurance may insure an automobile against loss or damage under a policy falling under Part IV of this Act.
24(8)Where a question arises as to the class of insurance into which any specific contract of insurance or form of policy falls, the Superintendent may determine the question, and his determination is effective and final for the purposes of this Act.
1968, c.6, s.24; 2004, c.36, s.3; 2008, c.2, s.2; 2013, c.31, s.20; 2016, c.36, s.7
Licences
24(1)Subject to the provisions of Parts of this Act particularly relating to any of the classes of insurers mentioned in the preceding section, a licence may be issued to an insurer to carry on any one or more of the classes of insurance defined in section 1 and such other classes as may be prescribed by the regulations.
24(2)A licence may be issued subject to such limitations and conditions as the Superintendent may prescribe.
24(3)A licence to carry on automobile insurance in the Province is subject to the following conditions:
(a) in any action in the Province against the licensed insurer or its insured arising out of an automobile accident in the Province, the insurer shall appear and shall not set up any defence to a claim under a contract made outside the Province, including any defence as to the limit or limits of liability under the contract, that might not be set up if the contract were evidenced by a motor vehicle liability policy issued in the Province;
(b) in any action in another province or territory of Canada against the licensed insurer, or its insured, arising out of an automobile accident in that province or territory, the insurer shall appear and shall not set up any defence to a claim under a contract evidenced by a motor vehicle liability policy issued in this Province including any defence as to the limit or limits of liability under the contract, that might not be set up if the contract were evidenced by a motor vehicle liability policy issued in the other province or territory;
(c) Repealed: 2008, c.2, s.2
24(4)The licence of an insurer who commits a breach of any of the conditions of licence set out in subsection (3) may be cancelled.
24(5)Every insurer licensed for the transaction of life insurance may under the authority of its licence, unless the licence expressly provides otherwise, issue annuities and endowments of all kinds and also include in any policy of life insurance, in respect of the same life or lives insured thereby, disability insurance and accidental death insurance.
24(6)Every insurer licensed to carry on fire insurance may, subject to its Act of Incorporation and subject to the restrictions prescribed by the licence, insure or reinsure any property in which the insured has an insurable interest against loss or damage by fire, lightning or explosion and may insure or reinsure the same property against loss or damage from falling aircraft, earthquake, windstorm, tornado, hail, sprinkler leakage, riot, malicious damage, weather, water damage, smoke damage, civil commotion, and impact by vehicles and any one or more perils falling within such other classes of insurance as are prescribed by the regulations.
24(7)An insurer licensed to carry on fire insurance may insure an automobile against loss or damage under a policy falling under Part IV of this Act.
24(8)Where a question arises as to the class of insurance into which any specific contract of insurance or form of policy falls, the Superintendent may determine the question, and his determination is effective and final for the purposes of this Act.
1968, c.6, s.24; 2004, c.36, s.3; 2008, c.2, s.2; 2013, c.31, s.20
Licences
24(1)Subject to the provisions of Parts of this Act particularly relating to any of the classes of insurers mentioned in the preceding section, a licence may be issued to an insurer to carry on any one or more of the classes of insurance defined in section 1 and such other classes as may be prescribed by the regulations.
24(2)A licence may be issued subject to such limitations and conditions as the Minister may prescribe.
24(3)A licence to carry on automobile insurance in the Province is subject to the following conditions:
(a) in any action in the Province against the licensed insurer or its insured arising out of an automobile accident in the Province, the insurer shall appear and shall not set up any defence to a claim under a contract made outside the Province, including any defence as to the limit or limits of liability under the contract, that might not be set up if the contract were evidenced by a motor vehicle liability policy issued in the Province;
(b) in any action in another province or territory of Canada against the licensed insurer, or its insured, arising out of an automobile accident in that province or territory, the insurer shall appear and shall not set up any defence to a claim under a contract evidenced by a motor vehicle liability policy issued in this Province including any defence as to the limit or limits of liability under the contract, that might not be set up if the contract were evidenced by a motor vehicle liability policy issued in the other province or territory;
(c) Repealed: 2008, c.2, s.2
24(4)The licence of an insurer who commits a breach of any of the conditions of licence set out in subsection (3) may be cancelled.
24(5)Every insurer licensed for the transaction of life insurance may under the authority of its licence, unless the licence expressly provides otherwise, issue annuities and endowments of all kinds and also include in any policy of life insurance, in respect of the same life or lives insured thereby, disability insurance and accidental death insurance.
24(6)Every insurer licensed to carry on fire insurance may, subject to its Act of Incorporation and subject to the restrictions prescribed by the licence, insure or reinsure any property in which the insured has an insurable interest against loss or damage by fire, lightning or explosion and may insure or reinsure the same property against loss or damage from falling aircraft, earthquake, windstorm, tornado, hail, sprinkler leakage, riot, malicious damage, weather, water damage, smoke damage, civil commotion, and impact by vehicles and any one or more perils falling within such other classes of insurance as are prescribed by the regulations.
24(7)An insurer licensed to carry on fire insurance may insure an automobile against loss or damage under a policy falling under Part IV of this Act.
24(8)Where a question arises as to the class of insurance into which any specific contract of insurance or form of policy falls, the Superintendent may determine the question, and his determination is effective and final for the purposes of this Act.
1968, c.6, s.24; 2004, c.36, s.3; 2008, c.2, s.2
Licences
24(1)Subject to the provisions of Parts of this Act particularly relating to any of the classes of insurers mentioned in the preceding section, a licence may be issued to an insurer to carry on any one or more of the classes of insurance defined in section 1 and such other classes as may be prescribed by the regulations.
24(2)A licence may be issued subject to such limitations and conditions as the Minister may prescribe.
24(3)A licence to carry on automobile insurance in the Province is subject to the following conditions:
(a) in any action in the Province against the licensed insurer or its insured arising out of an automobile accident in the Province, the insurer shall appear and shall not set up any defence to a claim under a contract made outside the Province, including any defence as to the limit or limits of liability under the contract, that might not be set up if the contract were evidenced by a motor vehicle liability policy issued in the Province;
(b) in any action in another province or territory of Canada against the licensed insurer, or its insured, arising out of an automobile accident in that province or territory, the insurer shall appear and shall not set up any defence to a claim under a contract evidenced by a motor vehicle liability policy issued in this Province including any defence as to the limit or limits of liability under the contract, that might not be set up if the contract were evidenced by a motor vehicle liability policy issued in the other province or territory;
(c) where the licensed insurer offers the standard owner’s policy approved under subsection 226(6), the insurer shall also offer the no frills policy approved under subsection 226(6.2).
24(4)The licence of an insurer who commits a breach of any of the conditions of licence set out in subsection (3) may be cancelled.
24(5)Every insurer licensed for the transaction of life insurance may under the authority of its licence, unless the licence expressly provides otherwise, issue annuities and endowments of all kinds and also include in any policy of life insurance, in respect of the same life or lives insured thereby, disability insurance and accidental death insurance.
24(6)Every insurer licensed to carry on fire insurance may, subject to its Act of Incorporation and subject to the restrictions prescribed by the licence, insure or reinsure any property in which the insured has an insurable interest against loss or damage by fire, lightning or explosion and may insure or reinsure the same property against loss or damage from falling aircraft, earthquake, windstorm, tornado, hail, sprinkler leakage, riot, malicious damage, weather, water damage, smoke damage, civil commotion, and impact by vehicles and any one or more perils falling within such other classes of insurance as are prescribed by the regulations.
24(7)An insurer licensed to carry on fire insurance may insure an automobile against loss or damage under a policy falling under Part IV of this Act.
24(8)Where a question arises as to the class of insurance into which any specific contract of insurance or form of policy falls, the Superintendent may determine the question, and his determination is effective and final for the purposes of this Act.
1968, c.6, s.24; 2004, c.36, s.3