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S.M. 1986-87, c. 37
An Act to amend The Insurance Act and The Queen's Bench Act
(Assented to September 10, 1986)
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
The Insurance Act being chapter I40 of the Continuing Consolidation of the Statutes of Manitoba, is amended by adding the following section immediately after section 4:
Agreement for guarantee of insurers.
The Lieutenant Governor in Council may authorize the minister on behalf of the Government of Manitoba, to enter into an agreement with any corporation established for the purpose of setting up a fund to guarantee, in whole or in part, the obligations of an insurer designated by the corporation.
The Lieutenant Governor in Council may make such regulations as the Lieutenant Governor in Council deems necessary
(a) to carry out any agreement referred to in subsection (1); and
(b) to enforce the rights of the Government of Manitoba under an agreement referred to in subsection (1).
Subsecs. 30(8), (9) and (10) added.
The Act is further amended by adding immediately after subsection 30(7) the following subsections:
Restriction re guarantee fund.
A licence shall not be granted to an insurer required to be a member of a guarantee fund unless the insurer furnishes proof satisfactory to the superintendent of ability to meet the requirements of membership when the insurer applies to be licensed.
Where an insurer is required to maintain membership in a guarantee fund and fails to do so, the Lieutenant Governor in Council may cancel the licence of the insurer.
The Lieutenant Governor in Council may make regulations requiring any insurer or class of insurer to be a member of a guarantee fund.
Subsection 38(2) of the Act is repealed.
The Act is further amended by adding the following section immediately after section 155:
Where court may order termination.
A person whose life is insured may, where insurable interest no longer exists, apply to the court for an order requiring the insurer to immediately terminate the policy and pay over to the policy owner any value that exists in the policy.
Subsection 52(2) of The Queen's Bench Act, being chapter C280 of the Continuing Consolidation of the Statutes of Manitoba, is amended by striking out the word "and" at the end of clause (n) and by adding the word "and" at the end of clause (o) thereof and by adding immediately after clause (o) the following clause:
(p) an application for an order under section 155.1 of The Insurance Act;.
This Act comes into force on the day it receives the royal assent.