Bill 21 — Second Session, 20Th Legislature, 33 Elizabeth Ii the Legislative Assembly of Alberta Bill 21 Insurance Amendment Act, 1984 (Legislature 20, Session 2)

L20 S2 3493

Alberta — Bills

1984 BILL 21 Second Session, 20th Legislature, 33 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 21 INSURANCE AMENDMENT ACT, 1984 THE MINISTER OF CONSUMER AND CORPORATE AFFAIRS First Reading »,i.iw. i. .lu.u ?v. Second Reading Committee of the Whole Third Reading Royal Assent

BiU 21 BILL 21 1984 INSURANCE AMENDMENT ACT, 1984 (Assented to , 1984) HER MAJESTY, by and with the advice and consent ofthe Legislative Assembly of Alberta, enacts as foUows: / The Insurance Act is amended by this Act. 2

Section 22 is amended by adding the following after clause (a): (a.

l) respecting the experience, training, education and exami nation of an applicant required for the issuance of a certificate of authority or an adjuster's certificate; (a.2) respecting the terms and conditions to be included in a certificate of authority or an adjuster's certificate; 3 The following is added after

section 4 7: 47,1(1) In this section, "insurance company" means (

a) an insurer, and (

b) a Lloyd's association but does not include a fraternal society.

(2) If an insurance company (

a) neglects or refuses to make a retum under the Insurance Corporations Tax Act within the time prescribed by that Act,

Explanatory Notes 1 This Bill will amend

chapter 1-5 ofthe Revised Statutes of Alberta 1980. 2

Section 22 presently reads: 22 The Lieutenant Governor in Council may make regulations (

a) prescribing fees payable uruier this Act; (

b) prescribing forms for use under this Act; (

c) extending the provisions ofthis Act, or any of them, to a system or class of insurance not particularly mentioned in this Act; (

d) creating a class of insurance that may include one or more classes of insurance that are defined in

section I; (

e) prescribing the method of valuation of securities owned by prov incial companies for the purposes of

section 99; (

f) prescribing the maximum amount that a company may invest in any class of investments for a segregated fund under

section 107; (

g) respecting the form and content of an information circular for the purposes of

section 161; (

h) prescribing the form arui content of reports required to be ftled uruier sections 167 and 168 and respecting any other matter necessary or advisable to carry out the intent arui purpose of those sections; (

i) generally for the better administration ofthis Act. 3 Cancellation for not providing required information. Explanatory Notes

(

b) neglects or refuses to fumish to the Provincial Treasurer any further statement or any other information required under the Insurance Corporations Tax Act after making the retum, or (

c) makes a retum and fumishes the further statement or other information, but it is found by the commissioners re ferred to in

section 8 of the Insurance Corporations Tax Act that the amount on which the tax should be paid has been wilfully understated, the Minister may, in addition to any other penalties imposed under the Insurance Corporations Tax Act, order the cancellation of the licence, certificate of registration or other document of incorporation under which the company transacts business in Alberta, whereupon the licence, certificate of registration or other document is absolutely revoked and becomes void for all pur poses. 4

Section 512 is amended (

a) in subsection (1) (

i) by striking out "is a suitable person to receive a certificate of authority" and substituting "meets the requirements ofthe Act and the regulations"; (ii) by adding "and under the terms and conditions stipulated therein" after "in his certificate"; (

b) in subsection (2) by striking out "is not for any reason a suit able person to receive a certificate of authority" and substituting "does not meet the requirements ofthis Act and the regulations". 5

Section 531 is repealed and the following substituted: 531(1) An application for an adjuster's certificate shaU be in the form prescribed by the Superintendent and approved by an au thorized officer of an insurer licensed under this Act.

(2) On receipt of an application for an adjuster's certificate and payment of the prescribed fee, the Superintendent may, if he is satisfied that the applicant meets the requirements of this Act and the regulations, issue to the applicant an adjuster's certificate authorizing the holder during the term thereof to act as an adjus ter within Alberta in the class stipulated in his certificate and under the terms and conditions stipulated therein.

(3) If the Superintendent, after due investigation, is of the opin ion that an applicant does not meet the requirements of this Act and the regulations, he may in his discretion refuse a certificate to the applicant. 6

Section 11 ofthe Insurance Corporations Tax Act is repealed.

Section 512 presently reads: 512(1) On receipt of an application for a certificate of authority and pay ment ofthe prescribed fee the Superintendent may, if he is satisfied that the applicant is a suitable person to receive a certificate of authority, issue to the applicant a certiftcate of authority authorizing the holder during the term thereof to carry on within Alberta the business of insurance in the class stipulated in his certiftcate.

(2) If the Superintendent, after due investigation, is ofthe opinion that an applicant is not for any reason a suitable person to receive a certiftcate of authority, he may in his discretion refuse a certificate of authority to the applicant. 5

Section 531 presently reads: 531(1) An adjuster's certiftcate may be issued to any person applying therefor on a form prescribed by the Superintendent and on payment of the prescribed fee.

(2) An application shaU be approved by an insurer licensed under this Act and by the Superintendent. 6

Section 11 presently reads: 11 If any insurance company (

a) neglects or refuses to make a return within the time prescribed by this Act, Explanatory Notes

7 Sections 4 and 5 come into force on Proclamation. In accordance with

section 4(1) ofthe

Interpretation Act, this Bill, except sections 4 and 5, comes into force on the date it receives Royal Assent.

(

b) neglects or refuses to fumish to the Minister any further statement or other infonnation required after making the return, or (

c) makes a retum arui fumishes the further statement or other infor mation, but it is fourui by the commissioners that the return or state ment made by the insuraru:e company is glaringly inaccurate and that the amount on which the tax should be paid has been wilfully under stated, the Minister may. in addition to subjecting the insurance company to the penalties provided in this Act, order the cancellation ofthe licerKe, certift cate of registration or other document of incorporation uruier which the insurance company transacts business in Alberta, whereupon the licence, certiftcate of registration or other document is absolutely revoked arui be comes void for all purposes.

Explanatory Notes Title: 1984 (20th, 2nd) Bill 21, Insurance Amendment Act, 1984

Document details

Collection	Alberta — Bills
Citation	L20 S2 3493
Type	bill
Volume / chapter	L20 S2 3493
Language	en
Format	json
Source	PROVINCIAL
Identifier	1a9983f08eeb4a9f7f58f97d41e94d8dda5acc3c

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