25(1)A licence shall not be issued to a joint stock insurance company not licensed before this section comes into force, unless the company furnishes to the Superintendent satisfactory evidence that of the capital stock not less than three million dollars has been bona fide subscribed for, allotted and paid in and, in addition,

25(2)A licence shall not be issued to an insurer mentioned in paragraph 23(1)(b), (c), or (f), other than a provincial mutual company, except upon proof that the net surplus of assets over all liabilities exceeds the amount fixed by subsection (1) for the paid in capital stock of joint stock insurance companies, and that such net surplus of assets over all liabilities together with the contingent liability of members, if any, exceeds the amount fixed by subsection (1) for the subscribed and allotted capital stock of joint stock insurance companies for the respective classes of insurance mentioned therein.

25(3)No provincial mutual company is entitled to a renewal of a licence except upon proof that during the preceding calendar year the total amount insured under the contracts of the company was at all times not less than one hundred thousand dollars.

25(4)A licence shall not be issued to any insurer except upon proof that such insurer has complied with the provisions of this Act and regulations applicable hereto.

25(5)Where the head office of an applicant for a licence under this Act is situate outside of the Province, a licence shall not be issued except upon proof of the applicant’s ability to provide for the payment at maturity of all its contracts, but the Superintendent may accept as sufficient the fact that such insurer is licensed by any government in Canada.

25(1)A licence shall not be issued to a joint stock insurance company not licensed before this section comes into force, unless the company furnishes to the Superintendent satisfactory evidence that of the capital stock not less than three million dollars has been bona fide subscribed for, allotted and paid in and, in addition,

25(2)A licence shall not be issued to an insurer mentioned in paragraph 23(1)(b), (c), or (f), other than a provincial mutual company, except upon proof that the net surplus of assets over all liabilities exceeds the amount fixed by subsection (1) for the paid in capital stock of joint stock insurance companies, and that such net surplus of assets over all liabilities together with the contingent liability of members, if any, exceeds the amount fixed by subsection (1) for the subscribed and allotted capital stock of joint stock insurance companies for the respective classes of insurance mentioned therein.

25(3)No provincial mutual company is entitled to a renewal of a licence except upon proof that during the preceding calendar year the total amount insured under the contracts of the company was at all times not less than one hundred thousand dollars.

25(4)A licence shall not be issued to any insurer except upon proof that such insurer has complied with the provisions of this Act and regulations applicable hereto.

25(5)Where the head office of an applicant for a licence under this Act is situate outside of the Province, a licence shall not be issued except upon proof of the applicant’s ability to provide for the payment at maturity of all its contracts, but the Superintendent may accept as sufficient the fact that such insurer is licensed by any government in Canada.