38(1)Subject to the provisions of subsection (3), every insurer carrying on the business of insurance in the Province shall, before receiving a licence under this Act, deposit approved securities with the Minister of Finance in the following amounts,
(a)
where the insurer undertakes life insurance - fifty thousand dollars;
(b)
where the insurer undertakes any one or more classes of insurance other than life,
(i)
in the Province only - twenty-five thousand dollars; but the Lieutenant-Governor in Council may make such other regulations as to the amount of deposit as from time to time seems meet,
(ii)
in the Province and elsewhere - fifty thousand dollars.
38(2)The Superintendent may require the deposit referred to in subsection (1) to be increased, either before or after issuing the licence, to such amount as he considers necessary.
38(3)An insurer may voluntarily make a deposit in excess of the amount prescribed by this section, in which case no part of the voluntary deposit shall be withdrawn without the sanction of the Lieutenant-Governor in Council.
38(4)The provisions of this section do not apply, unless the Lieutenant-Governor in Council upon the report of the Superintendent otherwise directs, to
(a)
mutual insurance corporations and reciprocal or inter-insurance exchanges;
(b)
fraternal societies;
(c)
mutual benefit societies;
(d)
underwriters or syndicates of underwriters that are members of the society known as Lloyd’s, incorporated by the Imperial statute, Lloyd’s Act, 1871;
(e)
insurers in respect of the business of marine insurance;
(f)
insurers expressly exempted by the Lieutenant-Governor in Council.