Second

Session, 50th General Assembly

Charles III, 2023

BILL 47

AN ACT TO AMEND THE

INSURANCE COMPANIES ACT

Received

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

Second

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

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

Third

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

Royal

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

HONOURABLE SARAH

STOODLEY

Minister of

Digital Government and 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

prohibit the facility

association from including a profit provision in automobile insurance rates;

replace references to

"Trial Division" with the correct reference "Supreme

Court";

replace references to the

number "1" with the word "one";

replace references to the

number "1st" with the word "first"; and

incorporate gender-neutral

language.

A BILL

AN ACT TO AMEND THE INSURANCE COMPANIES ACT

Analysis

S.2 Amdt.

Definitions

S.3.1 Amdt.

Review by board

S.3.2 Amdt.

Superintendent and Deputy Superintendent of Insurance

S.5 Amdt.

Certain societies

S.10 Amdt.

Insurer which may be licensed

S.11 Amdt.

Rights and powers of licensed insurer

S.14 Amdt.

Restriction on issue of licences

S.19 Amdt.

Expenses of incorporation of new company

S.61 Amdt.

Application to court for winding up

S.63 Amdt.

Remuneration

S.64 Amdt.

Proposal to liquidate, etc.

S.67 Amdt.

Where no reinsurance

S.68 Amdt.

Publication of notice

S.69 Amdt.

Liquidator to set aside sums

S.71 Amdt.

Information to be filed in court

S.75 Amdt.

Duty to furnish information

S.77.2 Amdt.

Powers

S.77.3 Amdt.

Search and seizure with warrant

S.77.4 Amdt.

Production order

S.77.5 Amdt.

Interim preservation of property

S.79 Amdt.

Classification of contracts, etc.

S.80 Amdt.

Share register to be open to superintendent

S.81 Amdt.

Record of fire premium income and losses

S.84 Amdt.

Auditor's report

S.89 R&S

Trafficking in life insurance prohibited

S.99 Amdt.

Board of directors

S.102 Amdt.

Rates

S.104 Amdt.

Termination of contracts

S.107 Amdt.

Regulations

S.117 Amdt.

Issue of licence

S.119 Amdt.

Maximum indemnity

S.120 Amdt.

Amount of reserve

S.121 Amdt.

Guarantee fund

Be it

enacted by the Lieutenant-Governor and House of Assembly in Legislative Session

convened, as follows:

RSNL1990 c-I-10

as amended

(1) Paragraph 2(

k) of the Insurance Companies Act is amended by deleting the words

"Trial Division" wherever they appear and substituting the words

"Supreme Court".

(2) Subparagraph 2(v)(

i) of the Act is amended by

deleting the number "1" and substituting the word "one".

(3) Paragraph 2(

w) of the Act is amended by

deleting the words "his or her".

(4) Paragraph 2(hh) of the Act is amended by

deleting the works "his or her" wherever they appear and substituting

the words "the owner's or driver's".

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

immediately after paragraph (ss) the following:

(ss.01) "profit provision" means an amount

added to automobile insurance premiums to provide a return on the cost of

providing insurance;

2. Subsection 3.1(7) of the Act is amended by

deleting the number "1" and substituting the word "one".

3. Paragraph 3.2(2)(

a) of the Act is amended by

deleting the words "his or her" and substituting the words "the

superintendent's".

4. Subsection 5(2) of the Act is amended by

(

a) deleting the number "1" and

substituting the word "one"; and

(

b) deleting the words "his or her" and

substituting the words "the member's".

5. (1) Subsection 10(3) of the Act is amended by

deleting the number "1" and substituting the word "one."

(2) Subsection 10(4) of the Act is amended by

deleting the words "he or she is".

6. Subsection 11(3) of the Act is amended by

deleting the words "his or her" and substituting the words "the

minister's".

Section 14 of the Act is amended by deleting

the number "1" wherever it appears and substituting the word

"one".

8. Subsection 19(3) of the Act is amended by

deleting the words "he or she is".

Section 61 of the Act is amended by deleting

the number "1" wherever it appears and substituting the word

"one".

10. Subsection 63(2) of the Act is amended by

(

a) deleting the words "he or she" and

substituting the words "the provisional liquidator"; and

(

b) deleting the number "1st" and

substituting the word "first".

11. Subsection 64(1) of the Act is amended by

deleting the number "1" and substituting the word "one".

12. Subsection 67(1) of the Act is amended by

deleting the words 'his or her" and substituting the words "the

provisional liquidator's or the liquidator's".

13. Paragraph 68(

b) of the Act is amended by

deleting the words "his or her" and substituting the words "the

policyholder's".

14. Subsection 69(1) of the Act is amended by deleting

the words "his or her" and substituting the words "the

liquidator's".

Section 71 of the Act is amended by deleting

the words "him or her" wherever they appear and substituting the

words "the liquidator".

Section 75 of the Act is amended by deleting

the words "his or her" and substituting the words "the

superintendent's".

17. Subsection 77.2(1) of the Act is amended by

(

a) deleting the words "him or her" and

substituting the words "the person";

(

b) deleting the words "Trial Division" wherever

they appear and substituting the words "Supreme Court"; and

(

c) deleting the words "his, her or its"

and substituting the words "the person's or company's".

18. Subsection 77.3(2) of the Act is amended by

deleting the words "Trial Division" and substituting the words

"Supreme Court".

(1) Subsection 77.4(1) of the Act is amended by

deleting the words "Trial Division" and substituting the words

"Supreme Court".

(2) Subsection 77.4(3) of the Act is amended by

deleting the words "he or she is".

(3) Subsection 77.4(4) of the Act is amended by

deleting the words "his or her".

Section 77.5 of the Act is amended by deleting

the words "Trial Division" wherever they appear and substituting the

words "Supreme Court".

Section 79 of the Act is amended by deleting

the words "his or her" and substituting the words "the

superintendent's".

Section 80 of the Act is amended by deleting

the words "his or her" and substituting the words "the

superintendent's".

23. Subsection 81(2) of the Act is amended by

deleting the words "his or her" and substituting the words "the minister's".

Section 84 of the Act is amended by deleting

the words "his or her" wherever they appear and substituting the

words "the auditor's".

Section 89 of the Act is repealed and the

following substituted:

Trafficking in

life insurance prohibited

89. A

person other than an insurer or its authorized agent who advertises or represents

to be a purchaser of life insurance policies or of benefits under life insurance

policies or who trafficks or trades in life insurance policies for the purpose

of procuring the sale, surrender, transfer, assignment, pledge or hypothecation

of life insurance policies to themself or another person is guilty of an

offence.

26. Subsection 99(4) of the Act is amended by

deleting the words "dies, resigns or has his or her appointment" and

substituting the words "dies or resigns or the appointment is".

Section 102 of the Act is amended by adding

immediately after subsection (1) the following:

(1.1) The proposed rates for automobile insurance

filed under subsection (1) shall not include a profit provision.

28. Subsection 104(1) of the Act is amended by

deleting the number "1" and substituting the word "one".

29. Paragraph 107(

d) of the Act is amended by

deleting the number "1" and substituting the word "one".

Section 117 of the Act is amended by deleting

the words "him or her" wherever they appear and substituting the

words "the superintendent".

Section 119 of the Act is amended by

(

a) deleting the words "he or she" and

substituting the words "the attorney"; and

(

b) deleting the words "his or her" and

substituting the words "the attorney's".

32. Subsection 120(1) of the Act is amended by

deleting the number "1" and substituting the word "one".

33. Subsection 121(3) of the Act is amended by

deleting the number "1st" wherever it appears and substituting the

word "first".

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