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Alberta Regulation 2/2016 Insurance Act MISCELLANEOUS PROVISIONS AMENDMENT REGULATION 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Insurance Act. 1 The Miscellaneous Provisions Regulation (AR 120/2001) is amended by this Regulation. 2 The title is repealed and the following is substituted: MISCELLANEOUS INSURANCE PROVISIONS REGULATION 3 Section 2 is amended (a) by striking out "section 629 of the Act" and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".