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S.M. 1993, c. 9
The Insurance Amendment Act
(Assented to July 27, 1993)
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
The Insurance Act is amended by this Act.
Subsection 26(1) is amended by striking out ", the superintendent may issue a licence" where it occurs for the first time.
Clause 43(3)(e) is repealed and the following is substituted:
(e) insurers authorized to carry on business as insurers pursuant to the Insurance Companies Act (Canada);
The following is added after subsection 84(1):
Where the superintendent is satisfied that the business of an insurer is that of reinsurance, the superintendent may allow the insurer in any year to deliver the statement required under subsection (1) on or before March 31 instead of the last day of February.
In subsection (1.1), "reinsurance" means reinsurance of individual risks and does not mean reinsurance as defined in Part XVI.
The following is added after clause 114(3)(g):
(h) requiring the preparation and delivery to the superintendent, more frequently than specified in this Act, of any financial statement and related material required to be prepared and so delivered under this Act, and specifying the portion of the year to be dealt with in the statement and material.
The heading "CONTRACTS COUNTERSIGNED BY AGENTS" preceding section 135, and sections 135 and 136 are repealed.
Section 143 is amended by striking out "in red ink" and substituting "in lettering of at least 12 point size".
Subsection 288(1) is amended by striking out "If an agent of an insurer" and substituting "If an applicant".
The following is added after subsection 288(2):
If an agent of an insurer takes an application for insurance on behalf of the insurer on crops mentioned in clause 284(1)(a), a contract of insurance in accordance with the application takes effect at 12 noon of the day following the date the application is taken.
In a case to which subsection (2.1) applies, the agent shall, on the day the application is taken, notify the insurer of the details of the application by telephone or facsimile transmission or other means specified by the insurer.
Subsection 288(4) is amended
(a) by striking out "the agent tendering the application" and substituting "the agent if any"; and
(b) by striking out "subsection (1)" and substituting "subsections (1) and (2.1)".
Subsection 288(5) is amended by striking out "subsection (1)" and substituting "subsections (1) and (2.1)".
Subsection 290(1) is repealed and the following is substituted:
Procedure by insurer on delivery of application
Where an agent of an insurer, or an applicant, delivers an application for insurance together with the insurance premium to the head or branch office or the general agency of the insurer in the province, the application shall immediately be stamped with the date of its receipt.
This Act comes into force on the day it receives royal assent.