33(1)If the Superintendent, upon examination or from annual statements or upon other evidence, finds that the assets of an insurer are insufficient to justify the continuance of the insurer in business or to provide proper security to persons effecting insurance with the insurer in the Province or that the insurer has failed to comply with any provision of law, or its charter, the Superintendent may suspend or cancel the licence of the insurer under subsection (3) or issue a modified, limited or conditional licence under subsection (5).

33(2)In the case of an insurer undertaking contracts of life insurance, if its policy reserves, and in the case of any other insurer if its unearned premiums, in both cases, respecting outstanding contracts made or deemed to be made in the Province, together with any other liabilities in the Province, exceed its assets in the Province, including the deposit in the hands of the Superintendent, the assets of such insurer shall be deemed insufficient to justify its continuance in business within the meaning of subsection (1).

33(3)After a hearing or giving notice of a hearing to the insurer and on any further investigation he or she thinks proper, the Superintendent may suspend or cancel the licence of the insurer.

33(4)Upon the publication of notice of such suspension or cancellation of licence in The Royal Gazette, any person transacting business in the Province on behalf of the insurer except for winding-up purposes is guilty of an offence.

33(5)The Superintendent may issue a modified, limited or conditional licence to an insurer if he or she considers it necessary for the protection of persons in the Province who have effected or effect contracts of insurance with the insurer.

33(1)If the Superintendent, upon examination or from annual statements or upon other evidence, finds that the assets of an insurer are insufficient to justify the continuance of the insurer in business or to provide proper security to persons effecting insurance with the insurer in the Province or that the insurer has failed to comply with any provision of law, or its charter, the Superintendent may suspend or cancel the licence of the insurer under subsection (3) or issue a modified, limited or conditional licence under subsection (5).

33(2)In the case of an insurer undertaking contracts of life insurance, if its policy reserves, and in the case of any other insurer if its unearned premiums, in both cases, respecting outstanding contracts made or deemed to be made in the Province, together with any other liabilities in the Province, exceed its assets in the Province, including the deposit in the hands of the Superintendent, the assets of such insurer shall be deemed insufficient to justify its continuance in business within the meaning of subsection (1).

33(3)After a hearing or giving notice of a hearing to the insurer and on any further investigation he or she thinks proper, the Superintendent may suspend or cancel the licence of the insurer.

33(4)Upon the publication of notice of such suspension or cancellation of licence in The Royal Gazette, any person transacting business in the Province on behalf of the insurer except for winding-up purposes is guilty of an offence.

33(5)The Superintendent may issue a modified, limited or conditional licence to an insurer if he or she considers it necessary for the protection of persons in the Province who have effected or effect contracts of insurance with the insurer.

33(1)If the Superintendent, upon examination or from annual statements or upon other evidence, finds that the assets of an insurer are insufficient to justify the continuance of the insurer in business or to provide proper security to persons effecting insurance with the insurer in the Province or that the insurer has failed to comply with any provision of law, or its charter, he shall so report to the Minister.

33(2)In the case of an insurer undertaking contracts of life insurance, if its policy reserves, and in the case of any other insurer if its unearned premiums, in both cases, respecting outstanding contracts made or deemed to be made in the Province, together with any other liabilities in the Province, exceed its assets in the Province, including the deposit in the hands of the Minister of Finance, the assets of such insurer shall be deemed insufficient to justify its continuance in business within the meaning of subsection (1).

33(3)If the Minister, after consideration of the report and after hearing or giving notice of a hearing to the insurer, and upon any further investigation he thinks proper, reports to the Lieutenant-Governor in Council that he concurs in the report of the Superintendent, the Lieutenant-Governor in Council may suspend or cancel the licence of the insurer.

33(4)Upon the publication of notice of such suspension or cancellation of licence in The Royal Gazette, any person transacting business in the Province on behalf of the insurer except for winding-up purposes is guilty of an offence.

33(5)Where the Superintendent has so reported, the Minister or the Lieutenant-Governor in Council may direct the issue of such modified, limited or conditional licence as is deemed necessary for the protection of persons in the Province who have effected or effect contracts of insurance with the insurer.