70.3(1)If an insurer incorporated and licensed under the laws of New Brunswick or a reciprocal or inter-insurance exchange provided for in Part XIII wants to be licensed by another province that requires a deposit, the Superintendent may hold securities as a deposit on a reciprocal basis for the other province.

70.3(2)The Superintendent shall hold and administer a deposit made under subsection (1) as security for the New Brunswick contracts of the insurer and for its contracts in any reciprocating province.

70.3(3)If a reciprocating province requires that the amount of a deposit be in a fixed amount, the Superintendent may, by order, fix the required amount of the deposit and list the reciprocating provinces with respect to the deposit.

70.3(4)If an insurer that has deposited securities with the Superintendent under this section ceases to carry on the business of insurance in New Brunswick or its licence is suspended or revoked under this Act, the Superintendent shall notify each reciprocating province of the cessation, suspension or revocation.

70.3(5)A notice given under subsection (4) shall state that the reciprocating province is entitled to submit to the Superintendent an accounting of all claims and liabilities outstanding in the reciprocating province in respect of the insurer before the deposit is released to the insurer.

70.3(6)If the Superintendent receives notice that an insurer that has deposited securities with the Superintendent has ceased to transact business in a reciprocating province or that the insurer’s licence to transact the business of insurance has been suspended or revoked in that province, at the request of the reciprocating province the Superintendent may take any action that the Superintendent could take if the insurer ceased to carry on the business of insurance in New Brunswick or could take if the licence of the insurer were suspended or revoked in New Brunswick.

70.3(7)If the Superintendent receives notice that an order has been made in another province for the administration of a deposit of an insurer in respect of which New Brunswick is a reciprocating province and that a date has been fixed by the trustee in the other province for the termination of the administration of the deposit, the Superintendent shall give notice of the termination date to persons insured under New Brunswick contracts issued by the insurer.