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.