Second

Session, 47th General Assembly

Elizabeth II, 2013

BILL 21

AN ACT TO AMEND THE

INSURANCE ADJUSTERS,

AGENTS AND BROKERS ACT

Received and Read the First Time ...................................................................................................

Second Reading .................................................................................................................................

Committee ............................................................................................................................................

Third Reading .....................................................................................................................................

Royal Assent ......................................................................................................................................

HONOURABLE

DAN CRUMMELL

Minister

of Service Newfoundland and Labrador

Ordered

to be printed by the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would amend the Insurance Adjusters, Agents and Brokers Act

change the annual financial

filing requirement so that it only applies to those individuals, partnerships

and corporations that are licensed as agents, brokers and representatives and maintain

trust accounts; and

add a provision to the Act

enabling the Superintendent of Insurance to exempt persons from that annual

financial filing requirement.

A BILL

AN ACT TO AMEND THE INSURANCE ADJUSTERS,

AGENTS AND BROKERS ACT

Analysis

S.33 Amdt.

Statement of financial affairs

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

RSNL1990 cI-9

as amended

1. (1) Subsection 33(1) of the Insurance Adjusters, Agents and Brokers Act

is repealed and the following substituted:

Statement of financial

affairs

(1) Where

an individual, partnership or corporation is licensed as an agent, broker or

representative and maintains one or more trust accounts, that individual,

partnership or corporation shall present annually to the superintendent not

later than 3 months after the fiscal year end of the agent, broker or

representative, a statement of the financial affairs of the business of the licensee

in a form prescribed by the superintendent for the period then ended.

(2) Section 33 of the Act is amended by adding the

following immediately after subsection (2):

(3) The superintendent may exempt a person or a

class of persons from the requirement in subsection (1) in whole or in part and

with the restrictions, limitations or conditions the superintendent considers appropriate.

Queen's Printer