O.C. 4/2016

A.R. 2/2016

January 27, 2016


            The Lieutenant Governor in Council makes the Miscellaneous Provisions Amendment Regulation set out in the attached Appendix.

For Information only

Recommended by:          President of Treasury Board, Minister of Finance

Authority:                           Insurance Act
                                             (sections 16 and 60)


 

APPENDIX

Insurance Act

MISCELLANEOUS PROVISIONS
AMENDMENT REGULATION

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2   The title is repealed and the following is substituted: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”.