Fourth

Session, 48th General Assembly

Elizabeth II, 2019

BILL 6

AN ACT

TO AMEND THE INSURANCE COMPANIES ACT

Received

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

Second

Reading ............................................................................................

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

Third

Reading ...............................................................................................

Royal

Assent .................................................................................................

HONOURABLE SHERRY

GAMBIN-WALSH

Minister of Service

Newfoundland and Labrador

Ordered to be printed by

the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would amend the Insurance Companies Act to

require that the Facility

Association include in its Plan of Operation a provision with respect to the

establishment and operation of a risk sharing pool for members of the Facility Association;

and

prescribe the maximum rate of commission

that may be paid to a broker for Facility Association business in relation to

taxis and limousine services.

A BILL

AN ACT TO AMEND THE INSURANCE COMPANIES ACT

Analysis

S.98 Amdt.

Facility Association

Commencement

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

RSNL1990 cI-10

as amended

Section 98 of the Insurance Companies Act is amended by adding immediately after subsection

(2) the following:

(2.1) The association shall include in its plan a provision

with respect to the establishment and operation of a risk sharing pool for

members of the association.

(2.2) The maximum rate of commission that may be

paid to a broker for association business in relation to taxis and limousine services

is 3%.

Commencement

2. This Act comes into force on August 1, 2019.

Queen's Printer