50(1)Where a termination date has not been fixed by a provisional liquidator forthwith after his appointment the receiver shall fix a termination date for the subsisting contracts of insurance of the insurer, and on and after that date coverage and protection under the New Brunswick contracts shall cease and determine and the insurer shall not be liable under any such contract for a loss that occurs after that date.

50(2)Where a receiver administering a reciprocal deposit held in another province for the benefit of the insured persons under New Brunswick contracts fixes a termination date for the subsisting contracts of insurance of the insurer, on and after that date coverage and protection under the New Brunswick contracts shall cease and the insurer shall not be liable under any such contract for a loss that occurs after that date.

50(3)The termination date shall not be less than twenty and not more than forty-five days after the date upon which the receiver was appointed.

50(4)The receiver shall forthwith give notice in writing of the termination date to the Superintendent and, in the case of a reciprocal deposit, to the Superintendent of Insurance of each reciprocating province.

50(5)The receiver shall forthwith publish notice of the termination date in The Royal Gazette and in the official gazette of each reciprocating province and in such newspapers circulating in those provinces as the receiver in his opinion deems advisable in order to give reasonable notice of the termination date.