Acts and Regulations

I-12 - Insurance Act

Section 92.2
Disposition versions

Full text
Member of compensation association
92.2(1)Where a compensation association has been designated by the regulations as a compensation association for
(a) automobile insurance,
(b) boiler and machinery insurance,
(c) fire insurance,
(d) inland transportation insurance,
(e) livestock insurance,
(f) public liability insurance,
(g) plate glass insurance,
(h) property damage insurance,
(i) sprinkler leakage insurance,
(j) theft insurance,
(k) weather insurance,
(l) life insurance,
(m) accident insurance,
(n) sickness insurance, or
(o) any other class of insurance designated in the regulations,
every insurer while licensed to carry on that class of insurance and, with the exception of those classes of insurance referred to in paragraphs (l), (m) and (n), for one hundred and eighty-three days after ceasing to be so licensed, shall be deemed to be a member of the compensation association and shall be bound by the by-laws and articles of incorporation of the compensation association.
92.2(2)A member of a compensation association shall pay to the compensation association all assessments and levies made against the member by the compensation association and, where the member fails to pay the assessment or levy within thirty days after the day the notice of the assessment or levy is mailed to the member,
(a) the compensation association may claim the amount of the assessment or levy, with interest, as a debt due from the member or, if the insurer has ceased to be a member, from the former member, and
(b) the licence of the member to carry on insurance may be cancelled in accordance with the procedure set out in subsection 31(1).
92.2(3)Subsections (1) and (2) do not apply to
(a) a mutual insurance corporation that is a member of the Provincial Mutual Insurance Guarantee Fund or such other insurers designated under the regulations as being adequately covered by some other plan of compensation,
(b) an insurer whose business is limited to that of reinsurance,
(c) an insurer named in an agreement entered into under section 92.3 as an insurer to whom subsections (1) and (2) do not apply, or
(d) a reciprocal or inter-insurance exchange.
1987, c.28, s.1; 1989, c.15, s.1
Compensation associations
92.2(1)Where a compensation association has been designated by the regulations as a compensation association for
(a) automobile insurance,
(b) boiler and machinery insurance,
(c) fire insurance,
(d) inland transportation insurance,
(e) livestock insurance,
(f) public liability insurance,
(g) plate glass insurance,
(h) property damage insurance,
(i) sprinkler leakage insurance,
(j) theft insurance,
(k) weather insurance,
(l) life insurance,
(m) accident insurance,
(n) sickness insurance, or
(o) any other class of insurance designated in the regulations,
every insurer while licensed to carry on that class of insurance and, with the exception of those classes of insurance referred to in paragraphs (l), (m) and (n), for one hundred and eighty-three days after ceasing to be so licensed, shall be deemed to be a member of the compensation association and shall be bound by the by-laws and articles of incorporation of the compensation association.
92.2(2)A member of a compensation association shall pay to the compensation association all assessments and levies made against the member by the compensation association and, where the member fails to pay the assessment or levy within thirty days after the day the notice of the assessment or levy is mailed to the member,
(a) the compensation association may claim the amount of the assessment or levy, with interest, as a debt due from the member or, if the insurer has ceased to be a member, from the former member, and
(b) the licence of the member to carry on insurance may be cancelled in accordance with the procedure set out in subsection 31(1).
92.2(3)Subsections (1) and (2) do not apply to
(a) a mutual insurance corporation that is a member of the Provincial Mutual Insurance Guarantee Fund or such other insurers designated under the regulations as being adequately covered by some other plan of compensation,
(b) an insurer whose business is limited to that of reinsurance,
(c) an insurer named in an agreement entered into under section 92.3 as an insurer to whom subsections (1) and (2) do not apply, or
(d) a reciprocal or inter-insurance exchange.
1987, c.28, s.1; 1989, c.15, s.1