67(1)Where an insurer has its head office for Canada in another province and there makes a deposit of such amount as may be fixed by the proper authority in that province and under the laws of that province the deposit is held as security pari passu for its New Brunswick contracts and its contracts in every reciprocating province, the Minister, upon receipt of a certified copy of an order of the Lieutenant-Governor in Council of the province in which the deposit is made fixing the amount of the deposit and declaring that New Brunswick is a reciprocating province with respect to that insurer’s deposit, and upon receipt of the consent of the insurer to its deposit being so held, shall exempt the insurer from the provisions of this Act requiring it to make and maintain a deposit.

67(2)Where the insurer ceases to transact business in, or its licence is suspended or cancelled in New Brunswick, the Superintendent shall forthwith give notice thereof to the Superintendent of Insurance of the province in which the reciprocal deposit is held and to the Superintendent of Insurance of each other reciprocating province.

67(3)Where an order is made for the administration of a reciprocal deposit held in another province pursuant to subsection (1), the Superintendent, as soon as is reasonably possible after receipt of notice of the termination date fixed by the receiver, shall proceed pursuant to section 51 to give the notice required by that section to the insured persons under the New Brunswick contracts.

67(4)Where a licensed insurer is exempted under this section, the Minister shall transfer its deposit under this Act to the Minister responsible for the deposit in the province in which the insurer has its head office or to the insurer, as that Minister requests.