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C.C.S.M. c. I40

The Insurance Act

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Sections: 1 - 208(2) | 208(3) - 409 |
1 Definitions
PART I
SUPERINTENDENT AND HIS DUTIES
2(1) Appointment of superintendent, deputy, and staff
(2) Duties of
(3) Applications under section 280 of The Corporations Act
3 Duties of deputy
4(1) Agreement with Canada for inspection of insurers
(2) Provision for payment to Canada
(3) Regulations for carrying agreement into effect
(4) Superintendent to ascertain inspection expenditure during last preceding year
(5) Assessment
(6) Payment of assessment
5(1) Agreement for guarantee of insurers
(2) Regulations
6(1) Taking evidence
(2) Oaths
7 Superintendent not to be shareholder
8(1) Immunity of superintendent and insurance council
(2) Actions by superintendent
(3) Leave
BOOKS AND RECORDS
9(1) Records of superintendent
(2) Inspection
10(1) Notice of licence in Manitoba Gazette
(2) Annual publication in Manitoba Gazette
(3) Certificate of filing evidence
DUTIES RESPECTING LICENCES
11 Superintendent to determine right to licence
12(1) Applications for approval by superintendent
(2) Appeal
13(1) Decision of superintendent
(2) Certified copy of
(3) Stenographic report of evidence
14 Appeal
INVESTIGATION OF INSURERS
15 Consequences of failure to answer inquiries
16 Access to books
17 Duty to furnish information on request
18(1) Annual inspection of insurers
(2) Examination of affairs of insurer
(3) Duty of officers and agents to facilitate examination
(4) Production of books at head office
(5) Examination of affairs of an insurer
(6) Expenses of examination
(7) Recovery of expenses
(8) Assistants and their remuneration
(9) Disposal of moneys paid for expenses
(10) Inspection adopted
SERVICE OF PROCESS
19(1) Service of process on superintendent
(2) Contracts on cessation of licence
(3) Insurer to file address
(4) Superintendent to forward process
(5) Record and remuneration
(6) No judgment by default unless service is proved
ANNUAL REPORT
20(1) Annual report
(2) Permissible investments
(3) Superintendent's correction of annual statements
(4) Appraisement of real estate of insurer
(5) Appraisement of security
(6) Appraisement of other investments
(7) What investments allowed
(8) Saving
(9) Appeal
APPEAL FROM SUPERINTENDENT'S DECISION
21(1) Appeal
(2) Certificate
PART II
GENERAL PROVISIONS APPLICABLE TO INSURERS IN MANITOBA CARRYING ON BUSINESS
22(1) Undertaking insurance
(2) Carrying on business
23(1) Certain organizations deemed insurers
(2) Definition of "contingency levy"
LICENCES
24(1) Necessity of licence
(2) Prohibition of unlicensed insurance
(3) Prohibition against person acting on behalf of unlicensed insurer
(4) Exceptions
(5) Carrying on business in foreign jurisdiction without authority
(6)
25 Reinsurance with unlicensed insurer
26(1) What insurers may be licensed
(2) Effect of licence
27(1) Classes of insurance
(2) Limited or conditional licence
(3) Variation of conditions, etc.
(4) Determination of classes of insurance by superintendent
(5) Conditions of automobile insurance licence
(6) Penalty for breach
28 Scope of life insurance
29(1) Scope of fire insurance licence
(2) Insurance of automobiles against fire
30(1) Restrictions on granting licence
(2)
(3) Further restrictions on granting licences
(4) Mutual insurance company
(5) Application of other Part
(6) Evidence by insurer whose head office outside of province
(7) Certain types of agreements requiring superintendent's approval
(8) Regulations designating members of guarantee plan
(9) Obligations of membership
(10) Failure to observe obligations
(11) Exemptions from membership
31 Information preliminary to licence
32(1) Documents to be filed by applicants for licence
(2) Exemption from certain filings
(3) Changes
33(1) Statement of expenses of organization
(2) To what limited
(3) Conditions precedent to issue of licence
34 Form of licence
35 Issue of licence
CANCELLATION OF LICENCE
36(1) Withdrawal of licence for non-payment of claims
(2) Revival of licence
37
37.1 Suspending or cancelling a licence
38(1) Insufficiency of assets to be reported by superintendent
(2) Suspension or cancellation
(3) Effect of
(4) Limited licence
(5) Failure to meet financial criteria
39 Suspension elsewhere
40 Revival of licence
41 Report of violations
SUPPLEMENTARY PROVISIONS RESPECTING CORPORATE GOVERNANCE OF INSURERS INCORPORATED IN MANITOBA
41.1(1) Definitions
(2) Affiliated bodies
41.2(1) Sections 41.1 to 41.25 supplementary to Corporations Act
(2) Precedence over Corporations Act
41.3(1) Unanimous shareholder agreements not allowed
(2) Shareholders must appoint auditor
41.4(1) Control of a body corporate or other entity
(2) Deemed control
(3) Deemed control — common ownership of securities
41.5(1) Significant interest in insurer's shares
(2) Substantial investment in a body corporate
(3) Substantial investment in an unincorporated entity
41.6(1) Five directors required
(2) Residency
(3) Majority to be residents
(4) Exception
41.7(1) Duties of directors
(2) Duties re audits and controls
(3) Appointing actuary
(4) Filling vacancy in actuary's position
(5) Superintendent may exempt certain insurers
(6) Statement of actuary
(7) Duty of replacement actuary
(8) Exception
(9) Effect of non-compliance
41.8 Qualifications of directors
41.9 Limit on directors who are employees
41.10(1) Limit on affiliated directors
(2) When a person is an affiliated director
(3) Determination of affiliation
41.11(1) Determination by superintendent re affiliation
(2) Effective period of determination
41.12(1) Statement of dissenting director
(2) Resignation of director due to disagreement
(3) Circulating statement
(4) Refraining from sending statement
(5) Immunity
41.13(1) When composition of board fails
(2) Determining affiliation — vacancy
41.14 At least four directors' meetings per year
41.15 Quorum at meeting of directors' committee
41.16(1) At least one unaffiliated director at meeting
(2) Exception
41.17(1) Record of attendance at directors' meetings
(2) Statement to shareholders
41.18(1) Meeting required by superintendent
(2) Superintendent may attend and address meeting
41.19 Audit committee
41.20(1) Duties of the audit committee
(2) Report to directors
(3) Audit committee may call a meeting of directors
41.21(1) Auditor's statement re s. 162(5) of C225
(2) Circulating statement
41.22 Application of Division VIII of Part XXIV of C225
41.23 Conduct review committee
41.24(1) Duties of the conduct review committee
(2) Insurer report to superintendent
41.25 Conduct committee to report to directors
42
43
44 to 48
49 to 50
51
HEAD OFFICE
52 Changing head office
53 to 75
INVESTMENTS
76(1) Investment of surplus funds
(2) Deposit in bank, trust company, credit union or caisse populaire
BOOKS OF INSURERS
77(1) Books to be kept
(2) Amount of accountant's expenses
78 Inspection of registers
RECORDS AND RETURNS
79(1) Records to be kept
(2) Audit of
(3) Expense of
(4) Statement of premium income and losses
(5) Penalty
80(1) Return by insurer of automobiles
(2) Agency to compile
(3) Application of sections
81 By-laws filed
82 Balance sheet filed
83 Report of auditor on books
84(1) Annual statement
(1.1) Annual statement: reinsurance
(1.2) "Reinsurance" defined
(2) Verification of
(3) Answers to inquires
(4) Contents of statement
(5) Life insurance
(6) Restrictions
(7) Value of securities
(8) Discretion of superintendent
85 No publication before filing
86 Misrepresentation as to statement, report, etc.
87 Misleading statement prohibited
LIFE INSURANCE RESERVES
88(1) Standard of valuation
(2) Deductions in first year policy
(3) Deductions in subsequent years
(4) Deductions where less than 10 premiums
(5) Contract self-supporting
(6) Accident and sickness benefits
(7) Annuity contracts
(8) Insurer with federal order
INSURANCE WITH UNLICENSED INSURERS
89 Insurance with unlicensed insurers
DEALINGS IN LIFE INSURANCE POLICIES
90 Traffic in life insurance policies prohibited
91(1) Prohibition of certain policies
(2) Unfair forms of policy or application
(3) Insurer guilty of offence
(4) Insurer and agent guilty of offence
(5) Appeal
92 Effect of violation of law on enforcement of policy
93
FORFEITURE FOR NON-USER OR DISCONTINUANCE
94(1) Non-user forfeits charter
(2) Rights of creditors preserved
(3) Onus
APPOINTMENT OF SUPERVISOR
95(1) When supervisor may be appointed
(2) Effect of appointment of supervisor
(3) Powers of minister
(4) Removal of supervisor by court
LIQUIDATION AND WINDING-UP
96 Application of Corporations Act to provincial insurance cos.
97(1) Winding-up on application of superintendent
(2) Approval of Lieutenant Governor in Council
(3) Application of The Corporations Act to winding-up
98(1) Appointment of provisional liquidator by minister
(2) Powers of provisional liquidator
(3) Petition by provisional liquidator for winding-up order
(4) Sale of business by liquidator or provisional liquidator
99(1) Remuneration of provisional liquidator
(2) Payment of cost of provisional liquidator
(3)
100(1) Notice of ceasing business or meeting to consider winding-up to be given
(2) Notice to superintendent of voluntary winding-up
(3) Publication of notice
(4) Consent to winding-up of fraternals and mutuals
100.1 Definitions
101(1) Reinsurance arranged by liquidator or provisional liquidator
(2) Funds available for reinsurance
(3)
(4) Payments to creditors other than preferred
(5) Reinsurance of part of contracts only
(6) Approval of reinsurance by court
(7) Saving
102 Payment of costs of liquidator or provisional liquidator
103(1) Termination date fixed where reinsurance not arranged
(2) Termination of Manitoba contracts where termination date fixed in another province
(3)
104 Publication of notice of termination date
105(1) Provision for payment of claims for losses and preferred claims
(2) Provision for payment of unearned premiums
(3) Calculation of unearned premium claims
(4) Effect of refund of unearned premium
(5) Saving
106 Payment of government fees, taxes, etc.
107(1) Filing with court of quarterly statements by receiver
(2) Production of books, etc., by liquidator
(3) Failing to provide information
108(1) Endowment and life funds distributed
(2) Procedure
(3) Merger of funds
109 Extension of licence
FEE FOR LATE OR INCOMPLETE REPORTS, RETURNS OR STATEMENTS
110
111(1) Meaning of "default" re reports and returns
(1.1) Fee for default in filing of returns and reports
(2) Superintendent must give notice of default
(3) When liability to pay the fee arises
(4) Fee is a debt to the government
(5) Fee additional to fine
112
113(1) Definitions
(2) Prohibition
(3) Investigation by superintendent
(4) Order of superintendent
(5) Further contents of order
(6) Hearing
(7) Service and effect of order
(8) Appeal to minister
(9) Appeal to court
(10)
(11) Effect of termination of contract
(12) Restriction on insurer
FEES AND REGULATIONS
114(1) Fees
(2) Payment of
(3) Power to regulate
(4) Effect of order
PART III
INSURANCE CONTRACTS IN MANITOBA
115 Application of Part
116 Contracts made in the province
POLICY OF INSURANCE
117(1) Terms invalid unless set out in full
(2) Renewal
(3) Statements must be material
(4) Error in statement must be material to affect contract
(5) Materiality question of fact
(6) Exceptions
118 Copy of application
119(1) Contracts generally
(2) Non-compliance not to invalidate
120(1) Contents of policy
(2) Where section not applicable
121(1) Application of section
(2) Appraisers
(3) Appraisal
(4) Costs
(5) Appointment by judge
122 Policy payable in Canadian money
123(1) Waiver of term or condition
(2) Waiver
(3) Court may proceed where no appraisal made, etc.
124(1) Red ink
(2) Where section not applicable
125(1) Effect of delivery of policy
(2) Suit for premium
(3) Termination of contract
LOSS UNDER POLICY
126(1) Forms of proof
(2) Failure to provide proof of loss forms
(3) Allowance of void policy
(4) Effect of furnishing forms
127(1) Right of injured third party against insurer
(2) Where subsection (1) not applicable
128(1) Consolidating actions
(2) Infants' actions
(3) Apportionment of insurance money
(4) Payment to foreigner
129(1) Insurer paying into court
(2) Indemnity
130 Relief from forfeiture
131 Limitation of actions
NOTICES
132(1) Service of notice
(2) Service by letter
INSURANCE AS COLLATERAL SECURITY
133(1) Insurance clauses in mortgages, etc.
(2) Mortgagee not to receive commission from insurer
(3) Payment of commission prohibited
(4) Specifying of insurer prohibited
(5) Rights of mortgagee or vendor
(6) Right of mortgagee or vendor to insurer
(7) Duty to give description of property and amount of insurance
(8) Effect of section
(9) Offence
134(1) Effect of assignment of right to refund
(2) Statement by insurer
135 and 136
PART IV
FIRE INSURANCE
137(1) Application of Part
(2) Exception
138(1) Perils insured against
(2) Radio-active contamination
(3) Removal to prevent loss
(4) Extended insurance
(5) Livestock
139 Renewal of contract
140 Effect of making application
141(1) Cancellation by insurer
(2) Notice of cancellation
142(1) Effect of Statutory Conditions
(2) Meaning of "policy"
STATUTORY CONDITIONS
1 Misrepresentation
2 Property of others
3 Change of interest
4 Material change
5(1) Termination of contract
(2)
(3)
(4)
(5)
6(1) Requirements after loss
(2)
7 Fraud
8 Who may give notice and proof
9(1) Salvage
(2)
10 Entry, control abandonment
11 Appraisal
12 When loss payable
13(1) Replacement
(2)
14 Action
15 Notice
143 Limitation clauses
144(1) Several policies
(2) Policy deemed in force
(3) Division into items
(4) Deductible clauses
(5) Limitation
(6) First loss insurance
145 Unjust exclusions
146(1) Subrogation
(2) Loss divided
147(1) Return of premium paid on insurance in excess of appraised value of property
(2) Where not applicable
PART V
LIFE INSURANCE
148(1) Definitions
(2) Annuities as insurance for Part V
APPLICATION OF PART
149(1) Application
(2) Beneficiary for value
(3) Preferred beneficiary
150 Group insurance
ISSUANCE OF POLICY AND CONTENTS THEREOF
151(1) Insurer to issue policy
(2) Documents forming contract
(3) Contract of fraternal society
(4) Copy of application
152(1) Exceptions
(2) Contents of policy
153 Contents of group policy
154 Contents of group certificate
CONDITIONS GOVERNING FORMATION OF CONTRACT
155(1) Insurable interest
(2) Exceptions
(3) Consent in case of minor
(4) Where court may order termination
156 Insurable interest defined
157(1) Contract taking effect
(2) Delivery to agent
158(1) Default in paying premium
(2) Payment by registered letter
159(1) Who may pay premium
(2) Period of grace
(3) Contract in force during grace period
160(1) Duty to disclose
(2) Failure to disclose
161(1) Exceptions
(2) Incontestability
(3) Incontestability in group insurance
162 Non-disclosure by insurer
163(1) Exceptions
(2) Misstatement of age
(3) Limitation of insurable age
164 Misstatement of age in group insurance
165(1) Effect of suicide
(2) Suicide and reinstatement
166(1) Exceptions
(2) Reinstatement
(3) Exceptions
(4) Application of other sections
DESIGNATION OF BENEFICIARIES
167(1) Designation of beneficiary
(2) Change in designation
(3) Meaning of "heirs", etc.
168(1) Designation of beneficiary irrevocably
(2) Attempted designation
169(1) Designation in invalid will
(2) Priorities
(3) Revocation
(4) Revocation
170(1) Trustee for beneficiary
(2) Payment to trustee
171(1) Beneficiary predeceasing life insured
(2) Several beneficiaries
172 Right to sue
173(1) Insurance money free from creditors
(2) Contract exempt from seizure
DEALINGS WITH CONTRACT DURING LIFETIME OF INSURED
174 Insured dealing with contract
175(1) Insured entitled to dividends
(2) Insurer may use dividends
176(1) Transfer of ownership
(2) Successive owners
(3) Saving
177(1) Interest of assignee
(2) Effect on beneficiary's rights
(3) Assignee deemed to be insured
(4) Prohibition against assignment
178 Group life insured enforcing rights
MINORS
179 Capacity of minors
PROCEEDINGS UNDER CONTRACT
180 Proof of claim
181(1) Place of payment
(2) Dollars
182(1) Payment outside province
(2) Exception for group insurance
183 Action in province
184(1) Limitation of action
(2) Exception
185(1) Documents affecting title
(2) Saving
186 Declaration as to sufficiency of proof
187 Declaration as to presumption of death
188(1) Court may make order
(2) Payment under order
189 Stay of proceedings
190 Appeal
191 Power of court
192 Payment into court
193 Simultaneous deaths
194(1) Insurance money payable in instalments
(2) Commutation by beneficiary
(3) Commutation after death of beneficiary
(4) Interpretation
195(1) Insurer holding insurance money
(2) Exception
196 Court may order payment
197 Costs
198 Where beneficiary a minor
199 Beneficiary under disability
MISCELLANEOUS PROVISIONS
200 Presumption against agency
201 Insurer giving information
202 Uniform interpretation
PART VI
ACCIDENT AND SICKNESS INSURANCE
203 Interpretation
204(1) Application of this Part
(2) Application of sections of prior Act
(3) Exceptions
205 Group insurance
206 Issue of policy
207(1) Exceptions
(2) Contents of policy
(3) Contents of group policy
208(1) Definitions
(2) Liability of group insurer on termination

Sections: 1 - 208(2) | 208(3) - 409 |

 

 
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