Bill 157 — . A Bill To Amend the Alberta Insurance Act (No.2) (Legislature 15, Session 1)

L15 S1 1736

Alberta — Bills

· No. 157. 1st Session, 15th Legislature, Alberta 12 Elizabeth II BILL 157 . A Bill to amend The Alberta Insurance Act (No.2) HON. MR. HOLOWACH Printed by L. S. WALL, Printer to the Queen's Most Excellent Majesty. Edmonton, A<1:berta., 1964

Explanatory Note I.

Chapter 159 of the -Revised Statutes, amended. 2.

Section 34 (2) presently reads: "(,2) Notwithstanding clause (

f) of SUlbsection (1), an insurer under taking life insurance may be licensed, subject to such conditions as may be prescr.ibedby the Lieutenant Governor in Council, and in the case of a joint stock oompany, (

a) if its authorized capital stock is at least five hundred tihousand doUa11S, and (

b) if it furnishes ,satiSlfactory evidence to the Superintendent that at least- two hundred and fifty thousand dollars of its capital stock has been subscribed and paid up in cash, but no licence shall be issued pua-suant to this ,subsection to an insurer that was a Canadian registered company on the first day of January, 1962 .... 3.

Section 42 (2) presently reads: "(il) If it appears in the case of an insurer undertaking contracts of life insurance that its policy reserves, and, in the case of any other in surer, that its unearned premiums, in ,both cases ~eSlPecting contracts within the meaning of sections 186 and 221 that are outstanding, to gether with any other liabiUties in the Province, exceed its assets in the Province, including the deposit in the hands of the Minister, the assets of the insurer shall be deemed insufficient to justify the con tinuance of the insurer in ,business within the meaning 0If subsection (1), and the ,superintendent shaLl so report to the Mini-ster.". See also clause 3 of Bill 108. 4.

Section 130 (6) reads: "

(6) The capital stock of the c0InlPany shall be divided into shares of one hundred dollars each.". s. Insurance companies incorporated by Act of the Legislature are authorized to have shares of values other than $'100.

BILL No. 1'57 of 1964

An Act to amend The Alberta Insurance Act (No.2) (Assented to , 1961,.) HER MAJ~STy, by and with the advice and consent of the LegIslatIve Assembly of the Province of AlJberta enacts as follow-s: ' 1. The Alberta Insurance Act is hereby amended.

Section 34 is amended (

a) as to subsection (2), clause (

b) by striking out the words "two hundred and fifty thous,and" and by substituting the words "five hundred thousand", (

b) by adding the following after subsection (2) :

(3) Except in the case of a Oanadian registered company the licence of a joint stock company under taking life insurance shall not be continued or re newed after the thirty-first day of December, 196'5, unless it has at least five hundred thousand dollars of unimpaired paid-up capital. 3. ,section 42, subsection (2) is amended by adding after the words "liabilities in the Province" the words "and, where applicable, the amount of unimpaired paid-up capital required under subsection (3) of

section 34".

Section 130 is amended by striking out subsection (6). 5. The following

section is added after

section 130: 13Oa.

(1) The capital stock of an insurance company in corporated by a special Act of the Legislature shall be divided into shares of one hundred dollars each or if the special Act so provides, into shares being any multiple of five dollars but not less than ten dollars nor more than one hundred dollars.

(2) Notwithstanding any provision in its special Act of incorporation, a company heretofore incorporated may,

6. Commencement of Act. 2

with the approval of the Lieutenant Governor in Council, reorganize its share capital to create shares of any multiple of five dollars but not less than ten dollars nor more than one hundred dollars. 6.

(1) This Act, except clause (

a) of

section 2, comes into force on the day upon which it is assented to.

(2) Clause (

a) of

section 2 comes into force on the thirty first day of December, 19'64. 2

~O. H)" FIRST SESSION FIFTEENTH LEGISLATURE 12 ELIZABETH II 1964 BILL

An Act to amend The Alberta Insurance Act (No.2) Received and read the First time ....................................... . Second time ..................................... . Third time ....................................... . HON. MR. HOLOWACH Title: 1964 (15th, 1st) Bill 157,

An Act to amend The Alberta Insurance Act (No. 2)

Document details

Collection	Alberta — Bills
Citation	L15 S1 1736
Type	bill
Volume / chapter	L15 S1 1736
Language	en
Format	json
Source	PROVINCIAL
Identifier	717049374704d41cf0f527f16687a994d5cf8089

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