336(1)The persons constituting the exchange shall at all times maintain with such attorney, as a reserve fund, a sum in cash or approved securities equal to fifty per cent of the annual deposits or advance premiums collected or credited to the accounts of subscribers on contracts in force having one year or less to run, and pro rata on those for longer periods.

336(2)Except as hereinafter provided, the persons constituting the exchange shall also maintain as a guarantee fund or surplus, an additional sum, in excess of all liabilities, in cash or approved securities, amounting to not less than fifty thousand dollars.

336(3)In the case of a fire insurance exchange whose principal office is in the Province, the guarantee fund or surplus referred to in subsection (2) shall not be less than twenty-five thousand dollars.

336(4)In the case of an automobile insurance exchange whose principal office is in the Province, the guarantee fund or surplus referred to in subsection (2) shall, during the first year of operation of the exchange, be maintained at an amount not less than ten thousand dollars, and thereafter not less than twenty-five thousand dollars.

336(5)If at any time the amounts on hand are less than the foregoing requirements, the subscribers or the attorney shall forthwith make up the deficiency.

336(6)Where funds other than those that accrued from premiums or deposits of subscribers are supplied to make up a deficiency as herein provided for, such funds shall be deposited and held by the attorney for the benefit of subscribers under such terms and conditions as the Superintendent requires so long as a deficiency exists and may thereafter be returned to the depositor.

336(7)In this section “approved securities” means securities the investment in which is authorized by section 337.

336(1)There shall at all times be maintained with such attorney, as a reserve fund, a sum in cash or approved securities equal to fifty per cent of the annual deposits or advance premiums collected or credited to the accounts of subscribers on contracts in force having one year or less to run, and pro rata on those for longer periods.

336(2)Except as hereinafter provided, there shall also be maintained as a guarantee fund or surplus, an additional sum, in excess of all liabilities, in cash or approved securities, amounting to not less than fifty thousand dollars.

336(3)In the case of a fire insurance exchange whose principal office is in the Province, the guarantee fund or surplus referred to in subsection (2) shall not be less than twenty-five thousand dollars.

336(4)In the case of an automobile insurance exchange whose principal office is in the Province, the guarantee fund or surplus referred to in subsection (2) shall, during the first year of operation of the exchange, be maintained at an amount not less than ten thousand dollars, and thereafter not less than twenty-five thousand dollars.

336(5)If at any time the amounts on hand are less than the foregoing requirements, the subscribers or the attorney shall forthwith make up the deficiency.

336(6)Where funds other than those that accrued from premiums or deposits of subscribers are supplied to make up a deficiency as herein provided for, such funds shall be deposited and held for the benefit of subscribers under such terms and conditions as the Superintendent requires so long as a deficiency exists and may thereafter be returned to the depositor.

336(7)In this section “approved securities” means securities the investment in which is authorized by section 337.