Acts and Regulations

I-12 - Insurance Act

Full text
When fraternal society shall not be licensed
278No fraternal society shall be licensed
(a) if it undertakes insurance contracts with persons other than its own members,
(b) if it insures or indemnifies against contingencies other than sickness, accident, disability, or death, or funeral expenses,
(c) if the sum or sums payable by it on the death of any one member, other than a funeral benefit or a double indemnity accident benefit, exceed in all ten thousand dollars, unless the excess over that amount is reinsured,
(d) if it undertakes old age or endowment insurance other than as authorized in this Part, or annuities upon lives other than annuities issued as part of or arising directly from contracts of life or endowment insurance,
(e) if it has upon its books less than seventy-five members in good standing,
(f) if it is in effect the property of its officers or of any other person or persons or is conducted as a mercantile or business enterprise, or for the purpose of mercantile profits, or if its funds are under the control of persons or officers appointed for a period exceeding four years,
(g) if it is a society that has not been authorized to carry on business in the Province before the passing of this Act, unless it files with the Superintendent a declaration of its actuary of its ability to carry out its contracts, or
(h) that undertakes contracts of insurance but is not formed exclusively for that purpose and that does not for the purpose of such contracts keep distinct and separate funds, securities, books and vouchers.
1968, c.6, s.275