Acts and Regulations

I-12 - Insurance Act

Section 94
Disposition versions

Full text
Application fees and assessments against licensed insurers
2021, c.8, s.22
94(1)An insurer applying for a licence or renewal of a licence under this Act shall pay a fee prescribed by regulation before the licence or renewal of the licence is issued.
94(2)Repealed: 2021, c.8, s.23
94(3)As soon as possible after the close of each fiscal year, the Financial and Consumer Services Commission shall ascertain and certify the total amount of the expenditure incurred by it and the Province for or in connection with the administration of this Act during the last preceding fiscal year, and that amount is final and conclusive for all purposes of this section.
94(3.1)The total amount of the expenditure ascertained and certified under subsection (3) includes the following costs:
(a) the costs incurred by the Financial and Consumer Services Commission with respect to the following:
(i) a hearing before the Tribunal;
(ii) the administration of the Tribunal; and
(iii) an intervention before the Board.
(b) the costs incurred by the Province with respect to an intervention before the Board.
94(4)The Superintendent shall also ascertain from the annual statements filed by insurers under this Act and from such other information as may be necessary or available the total amount of gross premiums received in the Province during the last preceding calendar year by each licensed insurer and deduct therefrom the amount of the dividends paid or allowed, if any, by each insurer to its policyholders in the Province during the said calendar year and the finding of the Superintendent as to the amount of the net receipts resulting from the said deductions and as to the amounts of income received as aforesaid, when certified by his hand, is final and conclusive.
94(5)The total amount of the expenditure incurred by the Financial and Consumer Services Commission and the Province for or in connection with the administration of this Act ascertained and certified under the provisions of subsection (3) shall be assessed against licensed insurers as follows:
(a) each licensed insurer shall be assessed the amount prescribed by the regulations;
(b) if any portion of the total amount of the expenditure, as determined by the Financial and Consumer Services Commission, was expended directly or indirectly with respect to a class of insurance, each licensed insurer providing insurance of that class shall be assessed an amount of that portion that its net receipts with respect to that class of insurance are of the total net receipts with respect to that class of insurance of all licensed insurers providing insurance of that class; and
(c) where a balance remains of the total amount of the expenditure incurred by the Financial and Consumer Services Commission and the Province for or in connection with the administration of this Act after the assessments referred to in paragraphs (a) and (b) have been made and the total amount of those assessments has been deducted, each licensed insurer shall be further assessed such amount of that balance as his net receipts with respect to all classes of insurance are of the total net receipts with respect to all classes of insurance of all licensed insurers;
and the assessments made in paragraphs (a), (b) and (c), when certified by the Financial and Consumer Services Commission, are binding upon the said insurers and each of them and are final and conclusive.
94(6)The amount so assessed against each insurer constitutes a debt payable to the Financial and Consumer Services Commission and is payable on its demand and may be recovered as a debt in any court of competent jurisdiction.
94(6.1)The Financial and Consumer Services Commission shall remit to the Minister the amount paid by an insurer under this section that relates to expenditures incurred by the Province for or in connection with the administration of this Act.
94(7)The annual report of the Superintendent made pursuant to section 18 of this Act shall show the total amount assessed against licensed insurers pursuant to this section and the amount paid by each insurer.
94(8)Subsections (5), (6) and (7) do not apply to the expenditure incurred by the Board in carrying out its duties under sections 267.2 to 267.9.
1968, c.6, s.94; 1976, c.34, s.4; 1978, c.30, s.3; 1992, c.38, s.18; 1993, c.8, s.5; 2004, c.36, s.5; 2005, c.7, s.36; 2008, c.2, s.3; 2013, c.31, s.20; 2015, c.30, s.1; 2017, c.20, s.83; 2019, c.29, s.74; 2021, c.8, s.23
Fees
94(1)The Lieutenant-Governor in Council may prescribe the fees payable by any insurer, agent, broker or adjuster applying for licence or renewal of licence under this Act, and such fees shall be payable before a licence or renewal of licence is issued.
94(2)The holder of an agent’s, broker’s or adjuster’s licence shall not be liable to pay any licence fee or special tax for the transacting of business authorized by the licence, imposed by a local government within the Province but this subsection does not exempt an agent from payment of any licence fee or tax validly imposed by a local government upon an insurer represented by the agent.
94(3)As soon as possible after the close of each fiscal year, the Financial and Consumer Services Commission shall ascertain and certify the total amount of the expenditure incurred by it and the Province for or in connection with the administration of this Act during the last preceding fiscal year, and that amount is final and conclusive for all purposes of this section.
94(3.1)The total amount of the expenditure ascertained and certified under subsection (3) includes the following costs:
(a) the costs incurred by the Financial and Consumer Services Commission with respect to the following:
(i) a hearing before the Tribunal;
(ii) the administration of the Tribunal; and
(iii) an intervention before the Board.
(b) the costs incurred by the Province with respect to an intervention before the Board.
94(4)The Superintendent shall also ascertain from the annual statements filed by insurers under this Act and from such other information as may be necessary or available the total amount of gross premiums received in the Province during the last preceding calendar year by each licensed insurer and deduct therefrom the amount of the dividends paid or allowed, if any, by each insurer to its policyholders in the Province during the said calendar year and the finding of the Superintendent as to the amount of the net receipts resulting from the said deductions and as to the amounts of income received as aforesaid, when certified by his hand, is final and conclusive.
94(5)The total amount of the expenditure incurred by the Financial and Consumer Services Commission and the Province for or in connection with the administration of this Act ascertained and certified under the provisions of subsection (3) shall be assessed against licensed insurers as follows:
(a) each licensed insurer shall be assessed the amount prescribed by the regulations;
(b) if any portion of the total amount of the expenditure, as determined by the Financial and Consumer Services Commission, was expended directly or indirectly with respect to a class of insurance, each licensed insurer providing insurance of that class shall be assessed an amount of that portion that its net receipts with respect to that class of insurance are of the total net receipts with respect to that class of insurance of all licensed insurers providing insurance of that class; and
(c) where a balance remains of the total amount of the expenditure incurred by the Financial and Consumer Services Commission and the Province for or in connection with the administration of this Act after the assessments referred to in paragraphs (a) and (b) have been made and the total amount of those assessments has been deducted, each licensed insurer shall be further assessed such amount of that balance as his net receipts with respect to all classes of insurance are of the total net receipts with respect to all classes of insurance of all licensed insurers;
and the assessments made in paragraphs (a), (b) and (c), when certified by the Financial and Consumer Services Commission, are binding upon the said insurers and each of them and are final and conclusive.
94(6)The amount so assessed against each insurer constitutes a debt payable to the Financial and Consumer Services Commission and is payable on its demand and may be recovered as a debt in any court of competent jurisdiction.
94(6.1)The Financial and Consumer Services Commission shall remit to the Minister the amount paid by an insurer under this section that relates to expenditures incurred by the Province for or in connection with the administration of this Act.
94(7)The annual report of the Superintendent made pursuant to section 18 of this Act shall show the total amount assessed against licensed insurers pursuant to this section and the amount paid by each insurer.
94(8)Subsections (5), (6) and (7) do not apply to the expenditure incurred by the Board in carrying out its duties under sections 267.2 to 267.9.
1968, c.6, s.94; 1976, c.34, s.4; 1978, c.30, s.3; 1992, c.38, s.18; 1993, c.8, s.5; 2004, c.36, s.5; 2005, c.7, s.36; 2008, c.2, s.3; 2013, c.31, s.20; 2015, c.30, s.1; 2017, c.20, s.83; 2019, c.29, s.74; 2021, c.8, s.23
Fees
94(1)The Lieutenant-Governor in Council may prescribe the fees payable by any insurer, agent, broker or adjuster applying for licence or renewal of licence under this Act, and such fees shall be payable before a licence or renewal of licence is issued.
94(2)The holder of an agent’s, broker’s or adjuster’s licence shall not be liable to pay any licence fee or special tax for the transacting of business authorized by the licence, imposed by a local government within the Province but this subsection does not exempt an agent from payment of any licence fee or tax validly imposed by a local government upon an insurer represented by the agent.
94(3)As soon as possible after the close of each fiscal year, the Financial and Consumer Services Commission shall ascertain and certify the total amount of the expenditure incurred by it and the Province for or in connection with the administration of this Act during the last preceding fiscal year, and that amount is final and conclusive for all purposes of this section.
94(3.1)The total amount of the expenditure ascertained and certified under subsection (3) includes the following costs:
(a) the costs incurred by the Financial and Consumer Services Commission with respect to the following:
(i) a hearing before the Tribunal;
(ii) the administration of the Tribunal; and
(iii) an intervention before the Board.
(b) the costs incurred by the Province with respect to an intervention before the Board.
94(4)The Superintendent shall also ascertain from the annual statements filed by insurers under this Act and from such other information as may be necessary or available the total amount of gross premiums received in the Province during the last preceding calendar year by each licensed insurer and deduct therefrom the amount of the dividends paid or allowed, if any, by each insurer to its policyholders in the Province during the said calendar year and the finding of the Superintendent as to the amount of the net receipts resulting from the said deductions and as to the amounts of income received as aforesaid, when certified by his hand, is final and conclusive.
94(5)The total amount of the expenditure incurred by the Financial and Consumer Services Commission and the Province for or in connection with the administration of this Act ascertained and certified under the provisions of subsection (3) shall be assessed against licensed insurers as follows:
(a) each licensed insurer shall be assessed the amount prescribed by the regulations;
(b) if any portion of the total amount of the expenditure, as determined by the Financial and Consumer Services Commission, was expended directly or indirectly with respect to a class of insurance, each licensed insurer providing insurance of that class shall be assessed an amount of that portion that its net receipts with respect to that class of insurance are of the total net receipts with respect to that class of insurance of all licensed insurers providing insurance of that class; and
(c) where a balance remains of the total amount of the expenditure incurred by the Financial and Consumer Services Commission and the Province for or in connection with the administration of this Act after the assessments referred to in paragraphs (a) and (b) have been made and the total amount of those assessments has been deducted, each licensed insurer shall be further assessed such amount of that balance as his net receipts with respect to all classes of insurance are of the total net receipts with respect to all classes of insurance of all licensed insurers;
and the assessments made in paragraphs (a), (b) and (c), when certified by the Financial and Consumer Services Commission, are binding upon the said insurers and each of them and are final and conclusive.
94(6)The amount so assessed against each insurer constitutes a debt payable to the Financial and Consumer Services Commission and is payable on its demand and may be recovered as a debt in any court of competent jurisdiction.
94(6.1)The Financial and Consumer Services Commission shall remit to the Minister of Finance and Treasury Board the amount paid by an insurer under this section that relates to expenditures incurred by the Province for or in connection with the administration of this Act.
94(7)The annual report of the Superintendent made pursuant to section 18 of this Act shall show the total amount assessed against licensed insurers pursuant to this section and the amount paid by each insurer.
94(8)Subsections (5), (6) and (7) do not apply to the expenditure incurred by the Board in carrying out its duties under sections 267.2 to 267.9.
1968, c.6, s.94; 1976, c.34, s.4; 1978, c.30, s.3; 1992, c.38, s.18; 1993, c.8, s.5; 2004, c.36, s.5; 2005, c.7, s.36; 2008, c.2, s.3; 2013, c.31, s.20; 2015, c.30, s.1; 2017, c.20, s.83; 2019, c.29, s.74
Fees and regulations
94(1)The Lieutenant-Governor in Council may prescribe the fees payable by any insurer, agent, broker or adjuster applying for licence or renewal of licence under this Act, and such fees shall be payable before a licence or renewal of licence is issued.
94(2)The holder of an agent’s, broker’s or adjuster’s licence shall not be liable to pay any licence fee or special tax for the transacting of business authorized by the licence, imposed by a local government within the Province but this subsection does not exempt an agent from payment of any licence fee or tax validly imposed by a local government upon an insurer represented by the agent.
94(3)As soon as possible after the close of each fiscal year, the Financial and Consumer Services Commission shall ascertain and certify the total amount of the expenditure incurred by it and the Province for or in connection with the administration of this Act during the last preceding fiscal year, and that amount is final and conclusive for all purposes of this section.
94(3.1)The total amount of the expenditure ascertained and certified under subsection (3) includes the following costs:
(a) the costs incurred by the Financial and Consumer Services Commission with respect to the following:
(i) a hearing before the Tribunal;
(ii) the administration of the Tribunal; and
(iii) an intervention before the Board.
(b) the costs incurred by the Province with respect to an intervention before the Board.
94(4)The Superintendent shall also ascertain from the annual statements filed by insurers under this Act and from such other information as may be necessary or available the total amount of gross premiums received in the Province during the last preceding calendar year by each licensed insurer and deduct therefrom the amount of the dividends paid or allowed, if any, by each insurer to its policyholders in the Province during the said calendar year and the finding of the Superintendent as to the amount of the net receipts resulting from the said deductions and as to the amounts of income received as aforesaid, when certified by his hand, is final and conclusive.
94(5)The total amount of the expenditure incurred by the Financial and Consumer Services Commission and the Province for or in connection with the administration of this Act ascertained and certified under the provisions of subsection (3) shall be assessed against licensed insurers as follows:
(a) each licensed insurer shall be assessed the amount prescribed by the regulations;
(b) if any portion of the total amount of the expenditure, as determined by the Financial and Consumer Services Commission, was expended directly or indirectly with respect to a class of insurance, each licensed insurer providing insurance of that class shall be assessed an amount of that portion that its net receipts with respect to that class of insurance are of the total net receipts with respect to that class of insurance of all licensed insurers providing insurance of that class; and
(c) where a balance remains of the total amount of the expenditure incurred by the Financial and Consumer Services Commission and the Province for or in connection with the administration of this Act after the assessments referred to in paragraphs (a) and (b) have been made and the total amount of those assessments has been deducted, each licensed insurer shall be further assessed such amount of that balance as his net receipts with respect to all classes of insurance are of the total net receipts with respect to all classes of insurance of all licensed insurers;
and the assessments made in paragraphs (a), (b) and (c), when certified by the Financial and Consumer Services Commission, are binding upon the said insurers and each of them and are final and conclusive.
94(6)The amount so assessed against each insurer constitutes a debt payable to the Financial and Consumer Services Commission and is payable on its demand and may be recovered as a debt in any court of competent jurisdiction.
94(6.1)The Financial and Consumer Services Commission shall remit to the Minister of Finance the amount paid by an insurer under this section that relates to expenditures incurred by the Province for or in connection with the administration of this Act.
94(7)The annual report of the Superintendent made pursuant to section 18 of this Act shall show the total amount assessed against licensed insurers pursuant to this section and the amount paid by each insurer.
94(8)Subsections (5), (6) and (7) do not apply to the expenditure incurred by the Board in carrying out its duties under sections 267.2 to 267.9.
1968, c.6, s.94; 1976, c.34, s.4; 1978, c.30, s.3; 1992, c.38, s.18; 1993, c.8, s.5; 2004, c.36, s.5; 2005, c.7, s.36; 2008, c.2, s.3; 2013, c.31, s.20; 2015, c.30, s.1; 2017, c.20, s.83
Fees and regulations
94(1)The Lieutenant-Governor in Council may prescribe the fees payable by any insurer, agent, broker or adjuster applying for licence or renewal of licence under this Act, and such fees shall be payable before a licence or renewal of licence is issued.
94(2)The holder of an agent’s, broker’s or adjuster’s licence shall not be liable to pay any licence fee or special tax for the transacting of business authorized by the licence, imposed by a municipality or rural community within the Province but this subsection does not exempt an agent from payment of any licence fee or tax validly imposed by a municipality or rural community upon an insurer represented by the agent.
94(3)As soon as possible after the close of each fiscal year, the Financial and Consumer Services Commission shall ascertain and certify the total amount of the expenditure incurred by it and the Province for or in connection with the administration of this Act during the last preceding fiscal year, and that amount is final and conclusive for all purposes of this section.
94(3.1)The total amount of the expenditure ascertained and certified under subsection (3) includes the following costs:
(a) the costs incurred by the Financial and Consumer Services Commission with respect to the following:
(i) a hearing before the Tribunal;
(ii) the administration of the Tribunal; and
(iii) an intervention before the Board.
(b) the costs incurred by the Province with respect to an intervention before the Board.
94(4)The Superintendent shall also ascertain from the annual statements filed by insurers under this Act and from such other information as may be necessary or available the total amount of gross premiums received in the Province during the last preceding calendar year by each licensed insurer and deduct therefrom the amount of the dividends paid or allowed, if any, by each insurer to its policyholders in the Province during the said calendar year and the finding of the Superintendent as to the amount of the net receipts resulting from the said deductions and as to the amounts of income received as aforesaid, when certified by his hand, is final and conclusive.
94(5)The total amount of the expenditure incurred by the Financial and Consumer Services Commission and the Province for or in connection with the administration of this Act ascertained and certified under the provisions of subsection (3) shall be assessed against licensed insurers as follows:
(a) each licensed insurer shall be assessed the amount prescribed by the regulations;
(b) if any portion of the total amount of the expenditure, as determined by the Financial and Consumer Services Commission, was expended directly or indirectly with respect to a class of insurance, each licensed insurer providing insurance of that class shall be assessed an amount of that portion that its net receipts with respect to that class of insurance are of the total net receipts with respect to that class of insurance of all licensed insurers providing insurance of that class; and
(c) where a balance remains of the total amount of the expenditure incurred by the Financial and Consumer Services Commission and the Province for or in connection with the administration of this Act after the assessments referred to in paragraphs (a) and (b) have been made and the total amount of those assessments has been deducted, each licensed insurer shall be further assessed such amount of that balance as his net receipts with respect to all classes of insurance are of the total net receipts with respect to all classes of insurance of all licensed insurers;
and the assessments made in paragraphs (a), (b) and (c), when certified by the Financial and Consumer Services Commission, are binding upon the said insurers and each of them and are final and conclusive.
94(6)The amount so assessed against each insurer constitutes a debt payable to the Financial and Consumer Services Commission and is payable on its demand and may be recovered as a debt in any court of competent jurisdiction.
94(6.1)The Financial and Consumer Services Commission shall remit to the Minister of Finance the amount paid by an insurer under this section that relates to expenditures incurred by the Province for or in connection with the administration of this Act.
94(7)The annual report of the Superintendent made pursuant to section 18 of this Act shall show the total amount assessed against licensed insurers pursuant to this section and the amount paid by each insurer.
94(8)Subsections (5), (6) and (7) do not apply to the expenditure incurred by the Board in carrying out its duties under sections 267.2 to 267.9.
1968, c.6, s.94; 1976, c.34, s.4; 1978, c.30, s.3; 1992, c.38, s.18; 1993, c.8, s.5; 2004, c.36, s.5; 2005, c.7, s.36; 2008, c.2, s.3; 2013, c.31, s.20; 2015, c.30, s.1
Fees and regulations
94(1)The Lieutenant-Governor in Council may prescribe the fees payable by any insurer, agent, broker or adjuster applying for licence or renewal of licence under this Act, and such fees shall be payable before a licence or renewal of licence is issued.
94(2)The holder of an agent’s, broker’s or adjuster’s licence shall not be liable to pay any licence fee or special tax for the transacting of business authorized by the licence, imposed by a municipality or rural community within the Province but this subsection does not exempt an agent from payment of any licence fee or tax validly imposed by a municipality or rural community upon an insurer represented by the agent.
94(3)As soon as possible after the close of each fiscal year, the Financial and Consumer Services Commission shall ascertain and certify the total amount of the expenditure incurred by it and the Province for or in connection with the administration of this Act during the last preceding fiscal year, and that amount is final and conclusive for all purposes of this section.
94(3.1)The total amount of the expenditure ascertained and certified under subsection (3) includes the following costs:
(a) the costs incurred by the Financial and Consumer Services Commission with respect to the following:
(i) a hearing before the Tribunal;
(ii) the administration of the Tribunal; and
(iii) an intervention before the Board.
(b) the costs incurred by the Province with respect to an intervention before the Board.
94(4)The Superintendent shall also ascertain from the annual statements filed by insurers under this Act and from such other information as may be necessary or available the total amount of gross premiums received in the Province during the last preceding calendar year by each licensed insurer and deduct therefrom the amount of the dividends paid or allowed, if any, by each insurer to its policyholders in the Province during the said calendar year and the finding of the Superintendent as to the amount of the net receipts resulting from the said deductions and as to the amounts of income received as aforesaid, when certified by his hand, is final and conclusive.
94(5)The total amount of the expenditure incurred by the Financial and Consumer Services Commission and the Province for or in connection with the administration of this Act ascertained and certified under the provisions of subsection (3) shall be assessed against licensed insurers as follows:
(a) each licensed insurer shall be assessed the amount prescribed by the regulations;
(b) if any portion of the total amount of the expenditure, as determined by the Financial and Consumer Services Commission, was expended directly or indirectly with respect to a class of insurance, each licensed insurer providing insurance of that class shall be assessed an amount of that portion that its net receipts with respect to that class of insurance are of the total net receipts with respect to that class of insurance of all licensed insurers providing insurance of that class; and
(c) where a balance remains of the total amount of the expenditure incurred by the Financial and Consumer Services Commission and the Province for or in connection with the administration of this Act after the assessments referred to in paragraphs (a) and (b) have been made and the total amount of those assessments has been deducted, each licensed insurer shall be further assessed such amount of that balance as his net receipts with respect to all classes of insurance are of the total net receipts with respect to all classes of insurance of all licensed insurers;
and the assessments made in paragraphs (a), (b) and (c), when certified by the Financial and Consumer Services Commission, are binding upon the said insurers and each of them and are final and conclusive.
94(6)The amount so assessed against each insurer constitutes a debt payable to the Financial and Consumer Services Commission and is payable on its demand and may be recovered as a debt in any court of competent jurisdiction.
94(6.1)The Financial and Consumer Services Commission shall remit to the Minister of Finance the amount paid by an insurer under this section that relates to expenditures incurred by the Province for or in connection with the administration of this Act.
94(7)The annual report of the Superintendent made pursuant to section 18 of this Act shall show the total amount assessed against licensed insurers pursuant to this section and the amount paid by each insurer.
94(8)Subsections (5), (6) and (7) do not apply to the expenditure incurred by the Board in carrying out its duties under sections 267.2 to 267.9.
1968, c.6, s.94; 1976, c.34, s.4; 1978, c.30, s.3; 1992, c.38, s.18; 1993, c.8, s.5; 2004, c.36, s.5; 2005, c.7, s.36; 2008, c.2, s.3; 2013, c.31, s.20
Fees and regulations
94(1)The Lieutenant-Governor in Council may prescribe the fees payable by any insurer, agent, broker or adjuster applying for licence or renewal of licence under this Act, and such fees shall be payable before a licence or renewal of licence is issued.
94(2)The holder of an agent’s, broker’s or adjuster’s licence shall not be liable to pay any licence fee or special tax for the transacting of business authorized by the licence, imposed by a municipality or rural community within the Province but this subsection does not exempt an agent from payment of any licence fee or tax validly imposed by a municipality or rural community upon an insurer represented by the agent.
94(3)As soon as possible after the close of each fiscal year, the Financial and Consumer Services Commission shall ascertain and certify the total amount of the expenditure incurred by it and the Province for or in connection with the administration of this Act during the last preceding fiscal year, and that amount is final and conclusive for all purposes of this section.
94(3.1)The total amount of the expenditure ascertained and certified under subsection (3) includes the following costs:
(a) the costs incurred by the Financial and Consumer Services Commission with respect to the following:
(i) a hearing before the Tribunal;
(ii) the administration of the Tribunal; and
(iii) an intervention before the Board.
(b) the costs incurred by the Province with respect to an intervention before the Board.
94(4)The Superintendent shall also ascertain from the annual statements filed by insurers under this Act and from such other information as may be necessary or available the total amount of gross premiums received in the Province during the last preceding calendar year by each licensed insurer and deduct therefrom the amount of the dividends paid or allowed, if any, by each insurer to its policyholders in the Province during the said calendar year and the finding of the Superintendent as to the amount of the net receipts resulting from the said deductions and as to the amounts of income received as aforesaid, when certified by his hand, is final and conclusive.
94(5)The total amount of the expenditure incurred by the Financial and Consumer Services Commission and the Province for or in connection with the administration of this Act ascertained and certified under the provisions of subsection (3) shall be assessed against licensed insurers as follows:
(a) each licensed insurer shall be assessed the amount prescribed by the regulations;
(b) if any portion of the total amount of the expenditure, as determined by the Financial and Consumer Services Commission, was expended directly or indirectly with respect to a class of insurance, each licensed insurer providing insurance of that class shall be assessed an amount of that portion that its net receipts with respect to that class of insurance are of the total net receipts with respect to that class of insurance of all licensed insurers providing insurance of that class; and
(c) where a balance remains of the total amount of the expenditure incurred by the Financial and Consumer Services Commission and the Province for or in connection with the administration of this Act after the assessments referred to in paragraphs (a) and (b) have been made and the total amount of those assessments has been deducted, each licensed insurer shall be further assessed such amount of that balance as his net receipts with respect to all classes of insurance are of the total net receipts with respect to all classes of insurance of all licensed insurers;
and the assessments made in paragraphs (a), (b) and (c), when certified by the Financial and Consumer Services Commission, are binding upon the said insurers and each of them and are final and conclusive.
94(6)The amount so assessed against each insurer constitutes a debt payable to the Financial and Consumer Services Commission and is payable on its demand and may be recovered as a debt in any court of competent jurisdiction.
94(6.1)The Financial and Consumer Services Commission shall remit to the Minister of Finance the amount paid by an insurer under this section that relates to expenditures incurred by the Province for or in connection with the administration of this Act.
94(7)The annual report of the Superintendent made pursuant to section 18 of this Act shall show the total amount assessed against licensed insurers pursuant to this section and the amount paid by each insurer.
94(8)Subsections (5), (6) and (7) do not apply to the expenditure incurred by the Board in carrying out its duties under sections 267.2 to 267.9.
1968, c.6, s.94; 1976, c.34, s.4; 1978, c.30, s.3; 1992, c.38, s.18; 1993, c.8, s.5; 2004, c.36, s.5; 2005, c.7, s.36; 2008, c.2, s.3; 2013, c.31, s.20
Fees and regulations
94(1)The Lieutenant-Governor in Council may prescribe the fees payable by any insurer, agent, broker or adjuster applying for licence or renewal of licence under this Act, and such fees shall be payable before a licence or renewal of licence is issued.
94(2)The holder of an agent’s, broker’s or adjuster’s licence shall not be liable to pay any licence fee or special tax for the transacting of business authorized by the licence, imposed by a municipality or rural community within the Province but this subsection does not exempt an agent from payment of any licence fee or tax validly imposed by a municipality or rural community upon an insurer represented by the agent.
94(3)The Superintendent shall annually, as soon as may be after the close of each fiscal year, by reference to the Public Accounts and by such further inquiries or investigations as he may deem necessary, ascertain and certify the total amount of the expenditure incurred by the Province for or in connection with the administration of this Act, during the last preceding fiscal year and the amount of the expenditure so ascertained and certified by the Superintendent is final and conclusive for all purposes of this section.
94(3.1)An amount equal to the costs incurred by the Attorney General with respect to an intervention before the New Brunswick Insurance Board under section 19.71 shall be deemed to be included within the total amount of the expenditure incurred by the Province under subsection (3).
94(4)The Superintendent shall also ascertain from the annual statements filed by insurers under this Act and from such other information as may be necessary or available the total amount of gross premiums received in the Province during the last preceding calendar year by each licensed insurer and deduct therefrom the amount of the dividends paid or allowed, if any, by each insurer to its policyholders in the Province during the said calendar year and the finding of the Superintendent as to the amount of the net receipts resulting from the said deductions and as to the amounts of income received as aforesaid, when certified by his hand, is final and conclusive.
94(5)The total amount of the expenditure incurred by the Province for or in connection with the administration of this Act ascertained and certified under the provisions of subsection (3) shall be assessed against licensed insurers as follows:
(a) each licensed insurer shall be assessed the amount prescribed by the regulations;
(b) where any portion, as the Superintendent determines, of the total amount of the expenditure incurred by the Province for or in connection with the administration of this Act was expended directly or indirectly with respect to a class of insurance, each licensed insurer providing insurance of that class shall be assessed such amount of that portion as his net receipts with respect to that class of insurance are of the total net receipts with respect to that class of insurance of all licensed insurers providing insurance of that class; and
(c) where a balance remains of the total amount of the expenditure incurred by the Province for or in connection with the administration of this Act after the assessments referred to in paragraphs (a) and (b) have been made and the total amount of those assessments has been deducted, each licensed insurer shall be further assessed such amount of that balance as his net receipts with respect to all classes of insurance are of the total net receipts with respect to all classes of insurance of all licensed insurers;
and the assessments made in paragraphs (a), (b) and (c), when certified by the Superintendent and approved by the Minister, are binding upon the said insurers and each of them and are final and conclusive.
94(6)The amount so assessed against each insurer constitutes a debt payable to Her Majesty and is payable upon demand of the Superintendent and may be recovered as a debt in any court of competent jurisdiction.
94(7)The annual report of the Superintendent made pursuant to section 18 of this Act shall show the total amount assessed against licensed insurers pursuant to this section and the amount paid by each insurer.
94(8)Subsections (5), (6) and (7) do not apply to the expenditure incurred by the Board in carrying out its duties under sections 267.2 to 267.9.
1968, c.6, s.94; 1976, c.34, s.4; 1978, c.30, s.3; 1992, c.38, s.18; 1993, c.8, s.5; 2004, c.36, s.5; 2005, c.7, s.36; 2008, c.2, s.3
Fees and regulations
94(1)The Lieutenant-Governor in Council may prescribe the fees payable by any insurer, agent, broker or adjuster applying for licence or renewal of licence under this Act, and such fees shall be payable before a licence or renewal of licence is issued.
94(2)The holder of an agent’s, broker’s or adjuster’s licence shall not be liable to pay any licence fee or special tax for the transacting of business authorized by the licence, imposed by a municipality or rural community within the Province but this subsection does not exempt an agent from payment of any licence fee or tax validly imposed by a municipality or rural community upon an insurer represented by the agent.
94(3)The Superintendent shall annually, as soon as may be after the close of each fiscal year, by reference to the Public Accounts and by such further inquiries or investigations as he may deem necessary, ascertain and certify the total amount of the expenditure incurred by the Province for or in connection with the administration of this Act, during the last preceding fiscal year and the amount of the expenditure so ascertained and certified by the Superintendent is final and conclusive for all purposes of this section.
94(4)The Superintendent shall also ascertain from the annual statements filed by insurers under this Act and from such other information as may be necessary or available the total amount of gross premiums received in the Province during the last preceding calendar year by each licensed insurer and deduct therefrom the amount of the dividends paid or allowed, if any, by each insurer to its policyholders in the Province during the said calendar year and the finding of the Superintendent as to the amount of the net receipts resulting from the said deductions and as to the amounts of income received as aforesaid, when certified by his hand, is final and conclusive.
94(5)The total amount of the expenditure incurred by the Province for or in connection with the administration of this Act ascertained and certified under the provisions of subsection (3) shall be assessed against licensed insurers as follows:
(a) each licensed insurer shall be assessed the amount prescribed by the regulations;
(b) where any portion, as the Superintendent determines, of the total amount of the expenditure incurred by the Province for or in connection with the administration of this Act was expended directly or indirectly with respect to a class of insurance, each licensed insurer providing insurance of that class shall be assessed such amount of that portion as his net receipts with respect to that class of insurance are of the total net receipts with respect to that class of insurance of all licensed insurers providing insurance of that class; and
(c) where a balance remains of the total amount of the expenditure incurred by the Province for or in connection with the administration of this Act after the assessments referred to in paragraphs (a) and (b) have been made and the total amount of those assessments has been deducted, each licensed insurer shall be further assessed such amount of that balance as his net receipts with respect to all classes of insurance are of the total net receipts with respect to all classes of insurance of all licensed insurers;
and the assessments made in paragraphs (a), (b) and (c), when certified by the Superintendent and approved by the Minister, are binding upon the said insurers and each of them and are final and conclusive.
94(6)The amount so assessed against each insurer constitutes a debt payable to Her Majesty and is payable upon demand of the Superintendent and may be recovered as a debt in any court of competent jurisdiction.
94(7)The annual report of the Superintendent made pursuant to section 18 of this Act shall show the total amount assessed against licensed insurers pursuant to this section and the amount paid by each insurer.
94(8)Subsections (5), (6) and (7) do not apply to the expenditure incurred by the Board in carrying out its duties under sections 267.2 to 267.9.
1968, c.6, s.94; 1976, c.34, s.4; 1978, c.30, s.3; 1992, c.38, s.18; 1993, c.8, s.5; 2004, c.36, s.5; 2005, c.7, s.36