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Alberta Regulation 2/2016
Insurance Act
Filed: January 27, 2016
For information only:   Made by the Lieutenant Governor in Council (O.C. 004/2016) 
on January 27, 2016 pursuant to sections 16 and 60 of the Insurance Act. 
1   The Miscellaneous Provisions Regulation (AR 120/2001) 
is amended by this Regulation.

2   The title is repealed and the following is substituted:

3   Section 2 is amended
	(a)	by striking out "section 629 of the Act" and 
substituting "section 573 of the Act";
	(b)	by striking out "section 629(9)(c)"and substituting 
"section 573(7)(c)".

4   Section 5.1(1)(b) is amended by striking out subclause (i) 
and substituting the following:
	(i)	the annual financial statements of the Society must be 
audited by a professional accounting firm that is registered 
under the Chartered Professional Accountants Act and 
authorized to perform an audit engagement;

5   Section 5.4 is amended by adding the following after 
subsection (3):
(4)  Contracts of insurance issued by the Program that are transferred 
to and assumed by The New Home Warranty Insurance (Canada) 
Corporation are exempt from the application of the Act.

6   Section 7(5)(c) is amended by striking out "Subpart 5" and 
substituting "Subpart 2".

7   Section 7.1 is amended 
	(a)	in subsection (1) by striking out "section 650" and 
substituting "section 596";
	(b)	in subsection (2) by striking out "section 650(1)" and 
substituting "section 596(1)";
	(c)	in subsection (3) by striking out "section 620" and 
substituting "section 563";
	(d)	in subsection (4)(b) by striking out "section 650(3)" 
and substituting "section 596(3)".

8   The following is added before section 9:
Term of licence
8.1   A licence issued pursuant to section 27 of the Act expires on 
December 31 of the year in which it is issued or renewed.

9   Section 10 is amended by striking out "April 30, 2016" and 
substituting "April 30, 2019".