Alberta Regulation 2/2016

Insurance Act

MISCELLANEOUS PROVISIONS AMENDMENT REGULATION

Filed: January 27, 2016

For information only: Made by the Lieutenant Governor in Council (O.C. 004/2016)

on January 27, 2016 pursuant to sections 16 and 60 of the Insurance Act.

1 The Miscellaneous Provisions Regulation (AR 120/2001)

is amended by this Regulation.

2 The title is repealed and the following is substituted:

MISCELLANEOUS INSURANCE

PROVISIONS REGULATION

Section 2 is amended

(

a) by striking out "section 629 of the Act" and

substituting "section 573 of the Act";

(

b) by striking out "section 629(9)(c)"and substituting

"section 573(7)(c)".

Section 5.1(1)(

b) is amended by striking out subclause (

i) and substituting the following:

(

i) the annual financial statements of the Society must be

audited by a professional accounting firm that is registered

under the Chartered Professional Accountants Act and

authorized to perform an audit engagement;

Section 5.4 is amended by adding the following after

subsection (3):

(4) Contracts of insurance issued by the Program that are transferred

to and assumed by The New Home Warranty Insurance (Canada)

Corporation are exempt from the application of the Act.

Section 7(5)(

c) is amended by striking out "Subpart 5" and

substituting "Subpart 2".

Section 7.1 is amended

(

a) in subsection (1) by striking out "section 650" and

substituting "section 596";

(

b) in subsection (2) by striking out "section 650(1)" and

substituting "section 596(1)";

(

c) in subsection (3) by striking out "section 620" and

substituting "section 563";

(

d) in subsection (4)(

b) by striking out "section 650(3)"

and substituting "section 596(3)".

8 The following is added before

section 9:

Term of licence

8.1 A licence issued pursuant to

section 27 of the Act expires on

December 31 of the year in which it is issued or renewed.

Section 10 is amended by striking out "April 30, 2016" and

substituting "April 30, 2019".