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The Insurance Amendment Act

This is an unofficial version.
If you need an official copy, contact Statutory Publications.

S.M. 1997, c. 14

THE INSURANCE AMENDMENT ACT


 

(Assented to June 28, 1997)

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

C.C.S.M. c. I40 amended

1          The Insurance Act is amended by this Act.

2(1)       Subsection 30(1) is amended

(a) in the part preceding clause (a),

(i) by striking out "the first day of June, 1987" and substituting "October 1, 1997", and

(ii) by adding "that the company meets any financial standards for an insurer of its class that may be prescribed by regulation" after "superintendent"; and

(b) by repealing clauses (a) and (b).

2(2)      Subsection 30(4) is amended by striking out everything after "mutual insurance company" and substituting "that is not licensed as at October 1, 1997 unless the company furnishes evidence satisfactory to the superintendent that the company meets any financial standards for an insurer of its class that may be prescribed by regulation.".

3         Subsection 114(3) is amended by adding the following after clause (g):

(g.1) prescribing financial standards for the purposes of subsections 30(1) and (4) that an applicant for a licence as a specified class of insurer must meet, which standards may be based on one or more criteria, including, without limitation, any of the following:

(i) the value of its corporate capital,

(ii) the nature of its corporate capital,

(iii) the amount of its unimpaired corporate surplus,

(iv) the value of its insurance contracts in force at any particular time;

(g.2) prescribing classes of insurers for the purposes of clause (g.1) and subsections 30(1) and (4) by reference to one or more criteria, including, without limitation, either or both of the following:

(i) the type of capital structure of the members of the class,

(ii) the type of insurance undertaken by the members of the class;

Coming into force

4         This Act comes into force on October 1, 1997.