October 5, 2005
The Lieutenant Governor in Council makes the Insurance Agents and Adjusters Amendment Regulation set out in the attached Appendix.
For Information only
Recommended by: Minister of Finance
Authority: Insurance Act
INSURANCE AGENTS AND ADJUSTERS
1 The Insurance Agents and Adjusters Regulation (AR 122/2001) is amended by this Regulation.
2 Section 1 is amended
(a) by repealing subsection (1)(b) and substituting the following:
(b) "Act" means the Insurance Act (SA 1999 cI-5.1) and with respect to matters occurring on or after January 1, 2002 means the Insurance Act (RSA 2000 cI-3);
(b) by adding the following after subsection (6):
3 Section 6 is amended
(a) by repealing subsection (1)(c);
(b) by repealing subsection (2)(b).
4 Section 35(1) and (2) are repealed and the following is substituted:
Amount of insurance
35(1) The errors and omissions insurance required in respect of a business that holds a certificate of authority, other than a restricted certificate, must provide coverage of at least $500 000 per claim with a maximum policy payout for all claims of $2 000 000 in a policy year, and the policy must be issued in the name of the business and the insurance must provide coverage for the employees and independent contractors of the business who hold certificates of authority.