Acts and Regulations

I-12 - Insurance Act

Full text
Repealed
58Repealed: 2013, c.31, s.20
1968, c.6, s.58; 2013, c.31, s.20
Administration of deposit
58(1)The receiver shall prepare a list showing the names of the persons who appear by the books and records of the insurer or otherwise to be entitled to share in the proceeds of the deposit.
58(2)The receiver shall prepare and attach to the list a schedule of approved claims for losses of persons whose names appear on the list showing in respect of each approved claim
(a) the name and address of the claimant,
(b) the particulars of the contract of insurance upon which the claim is based,
(c) whether the claim was reduced to judgment or was adjusted or settled, and
(d) the amount to which the claimant is entitled.
58(3)The receiver shall prepare and attach to the list a schedule of unapproved claims for losses of persons whose names appear on the list showing in respect of each claim
(a) the name and address of the claimant,
(b) the particulars of the contract of insurance upon which the claim is based, and
(c) the amount for which the claim is made or the amount estimated by the receiver as the probable maximum amount that will be payable under the contract in respect of that loss.
58(4)Except in the case of life insurance, the receiver shall prepare and attach to the list a schedule of unearned premiums refundable showing in respect of each person whose name appears on the list and who is entitled to a refund
(a) his name and address,
(b) the particulars of the contract of insurance in respect of which the unearned premium is refundable,
(c) the date on which the policy was terminated either by the receiver pursuant to section 50 or by the provisional liquidator, or was cancelled by the insured person, and
(d) the amount of the unearned premium as calculated by the receiver in accordance with subsection 56(2).
58(5)In the case of life insurance, the receiver shall prepare and attach to the list a schedule of contract legal reserves showing in respect of each person whose name appears on the list and who is entitled to claim for the legal reserve in respect of his contract
(a) his name and address,
(b) the particulars of the contract of insurance in respect of which the legal reserve is payable, and
(c) the amount of the legal reserve calculated by the receiver pursuant to subsection 56(4).
1968, c.6, s.58