Disposition versions

Acts and Regulations

I-12 - Insurance Act

Full text

In force date

2021-06-11 Show full text at this date

Regulations and rules

2021, c.8, s.90

371.1(1)The Lieutenant-Governor in Council may make regulations and the Financial and Consumer Services Commission may make rules

(a) prescribing any other person for the purposes of the definition “adjuster” in section 1;

(b) prescribing any other person for the purposes of the definition “damage appraiser” in section 1;

(d) prescribing the form and content of licences issued under this Part;

(e) prescribing requirements and qualifications pertaining to the issuance and renewal of each class, type or level of licence prescribed under paragraph (c);

(f) prescribing the terms and conditions to which each class, type or level of licence prescribed under paragraph (c) is subject;

(g) prescribing obligations on insurers, any person licensed under this Act or other person with respect to persons or classes of persons who are exempt from the requirement to hold a licence or any provision of this Part or the regulations;

(h) respecting the expiration, renewal or reinstatement of licences issued under this Part;

(i) respecting the verification or confirmation of information or materials submitted as part of an application for a licence under this Part;

(j) prescribing persons or entities that are or are not eligible to apply for and hold a restricted insurance representative licence and specifying and defining classes or types of insurance for which a restricted insurance representative licence can be issued for the purposes of section 352;

(k) prescribing any other persons for the purpose of paragraph 352(20)(h);

(l) prescribing any decision for the purposes of paragraph 358.2(1)(f);

(m) exempting any person or class of persons from the requirement to hold a licence or any of the provisions of this Part or the regulations and prescribing terms and conditions for an exemption;

(n) prescribing the manner and form in which applications under this Part are made and the information to be included in the application;

(o) prescribing the circumstances in which the Superintendent may refuse to issue or renew a licence under this Part without affording the applicant or holder of the licence an opportunity to be heard;

(p) respecting the respective responsibilities of agencies, adjusting firms, restricted insurance representatives, managing general agents and third party administrators;

(q) prescribing training or continuing education requirements for the purposes of licence holders under this Part;

(r) prescribing training or continuing education requirements for the purposes of the employees of restricted insurance representatives engaged in the business of insurance;

(s) respecting the rights and obligations of insurers with respect to licensees and others who act on the insurer’s behalf;

(t) requiring insurers that appoint licensees to act on their behalf to establish and maintain a system to screen each licensee and supervise activities of each licensee;

(u) respecting the termination of the sponsorship of a licence;

(v) respecting the appointment, requirements, eligibility, qualifications and responsibilities of a designated representative for agencies, adjusting firms, restricted insurance representatives, managing general agents and third party administrators;

(w) requiring licence holders to furnish a fidelity bond or other security and the form, terms and the amount of the security;

(x) respecting errors and omissions insurance, or requiring membership in a compensation fund, including prescribing the minimum amount of errors and omissions insurance and the form, requirements and terms of the insurance or the fund to which they are required to be a member;

(y) prescribing financial security requirements for licence holders and the manner in which financial security is to be forfeited;

(z) prescribing provisions of this Part and the regulations that apply to special insurance brokers and restricted insurance representatives, with the modifications, if any, that the regulations specify;

(aa) prescribing classes of insurance that cannot be negotiated, continued or renewed by a special insurance broker with an unlicensed insurer;

(bb) prescribing, for each class, type or level of licence issued under this Part, standards of practice and duties of licence holders, including prescribing a code of conduct or ethics;

(cc) prescribing standards of practice and duties of restricted insurance representative engaged in the business of insurance, including prescribing a code of conduct or ethics;

(dd) prescribing standards of practice and duties for damage appraisers, including prescribing a code of conduct or ethics;

(ee) respecting the marketing, soliciting, sale or arranging of insurance through a website, online service or other electronic means;

(ff) prescribing disclosure requirements for licence holders and employees of restricted insurance representatives engaged in the business of insurance;

(gg) prescribing the manner in which trust money shall be dealt with by an adjuster, adjusting firm, agency, agent, managing general agent, restricted insurance representative, special insurance broker or third party administrator, including prescribing the records to be kept by them with respect to trust money and trust accounts;

(hh) prescribing the accounts and records to be maintained by licence holders under this Part;

(ii) requiring licence holders to supply information and make returns to the Superintendent;

(jj) prescribing the duties of insurers and agents in connection with the replacement of insurance contracts;

(kk) requiring the payment of fees for the purposes of this Part or the regulations and prescribing the amounts of such fees, including fees in relation to:

(i) applications made under this Part,

(ii) late fees,

(iii) any action that the Superintendent is required or authorized to take under this Part or the regulations, or

(iv) any service that the Superintendent is required or authorized to provide under this Part or the regulations;

(ll) respecting the suspension, cancellation, and revocation of licences or the non-renewal or non-reinstatement of a licence issued under this Part;

(mm) authorizing the establishment of an advisory board with whom the Superintendent may consult concerning the issuance, renewal, suspension or revocation of a licence under this Part, and the constitution, functions, powers and procedures of the advisory board;

(nn) prescribing forms and providing for their use;

(oo) permitting the Superintendent to approve forms or a class of forms, and to revoke approval of a form or a class of forms;

(pp) prescribing offences for the purposes of paragraph 386(1)(f);

(qq) defining any term or expression used in this Act but not defined in this Act, for the purposes of this Act, the regulations, or both, including defining, enlarging or restricting the meaning of any word or expression differently for different provisions in this Act; and

(rr) generally for the better administration of this Act.

371.1(2)A regulation made under paragraph (1)(q) or (r) may authorize the Superintendent to establish, on criteria determined by the Superintendent to be appropriate, all or some of the training or educational requirements for the purposes of licence holders under this Part and for employees of restricted insurance representatives engaged in the business of insurance.

2021, c.8, s.90