Acts and Regulations

I-12 - Insurance Act

Section 47
Disposition versions

Full text
Repealed
47Repealed: 2013, c.31, s.20
1968, c.6, s.47; 2013, c.31, s.20
Administration of deposit
47(1)With the approval of the Minister, the Superintendent may make application for administration at any time when, in his opinion, it is necessary or desirable for the protection of the insured person entitled to share in the proceeds of the deposit.
47(2)In the case of a reciprocal deposit held in New Brunswick, the Superintendent of Insurance of any reciprocating province may make application for administration of the deposit.
47(3)An insured person entitled to share in the proceeds of a deposit may make application for administration of the deposit upon producing evidence
(a) that he has served the Superintendent with a notice in writing of his intention to make application if the Superintendent or the Superintendent of Insurance of any reciprocating province does not apply, and
(b) that sixty days have elapsed since the service of the notice and that no application for administration of the deposit has been made.
47(4)In the case of a reciprocal deposit, if the Superintendent is served with a notice as provided in subsection (3), he shall forthwith notify the Superintendent of Insurance of each reciprocating province that he has been so served.
1968, c.6, s.47