Life insurance, service on members and policyholders
346(1)In the case of insurers undertaking life insurance, before such a petition is heard, notice thereof, together with the following documents:
(a)
a statement of the nature and terms of the agreement for reinsurance,
(b)
an abstract containing the material facts embodied in the agreement under which such reinsurance is proposed to be effected, and
(c)
copies of the actuarial or other reports upon which such agreement is founded including a report by an independent actuary approved by the Superintendent,
shall be served on members and policyholders in the Province of each insurer other than holders of industrial policies; but the Superintendent may dispense with service of such documents on the policyholders of the reinsuring insurer.
346(2)Such service shall be effected in each case by forwarding by registered mail such notice and documents directed to the registered or other known address of the member or policyholder, so as to reach him if delivered in due course of mail at least thirty days before the day appointed for the hearing of the petition.
346(3)In case a fraternal society be a party to such agreement, such notice and documents shall be deemed to be served on its members if published in any official publication of the society at least thirty days before the day appointed for the hearing of the petition.
346(4)The agreement shall be open to the inspection of the members and policyholders at the principal offices of the insurers within the Province for a period of thirty days after service of such notice.