O.C. 233/2011

A.R. 100/2011

May 27, 2011


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

For Information only

Recommended by:            Minister of Finance and Enterprise

Authority:                             Insurance Act
                                                (section 16)


APPENDIX

Insurance Act

MISCELLANEOUS PROVISIONS
AMENDMENT REGULATION

1   The Miscellaneous Provisions Regulation (AR 120/2001) is amended by this Regulation.

 

2   The following is added after section 5.3:

The Alberta New Home Warranty Program

5.4(1)  In this section,

                                 (a)    “contract” includes an amendment or renewal of a contract;

                                 (b)    “Program” means The Alberta New Home Warranty Program.

(2)  Contracts of insurance issued by the Program before or after this section comes into force are exempt from the application of the Act.

(3)  The exemption under this section is terminated if, at any time after this section comes into force, the Program breaches any of the following conditions:

                                 (a)    the Program must maintain adequate capital and adequate and appropriate forms of liquidity, as determined by the Superintendent of Insurance;

                                 (b)    the Program must maintain base capital, in the amount considered adequate in the opinion of the Superintendent of Insurance;

                                 (c)    the Program must only issue contracts of insurance in Alberta that have been approved in advance by the Superintendent of Insurance;

                                 (d)    the Program must maintain a consumer complaint and reporting system satisfactory to the Superintendent of Insurance, and must provide statistics relating to the system at the request of the Superintendent of Insurance;

                                 (e)    the Program must pay an annual regulatory fee to the Superintendent of Insurance, in an amount determined by the Superintendent of Insurance;

                                  (f)    the Program must file an annual return within 90 days after the end of the financial year in respect of which the return is prepared and the annual return must include all of the information set out in section 44 of the Act;

                                 (g)    the assets of the Program must be valued in accordance with the Provincial Companies Regulation (AR 124/2001) as if the Program were a provincial company;

                                 (h)    the investments of the Program must be invested in accordance with the provisions of Part 2, Subpart 11 of the Act as if the Program were a provincial company;

                                  (i)    the Program must comply with the provisions of Part 2, Subpart 12 of the Act as if the Program were a provincial company;

                                  (j)    the Program must comply with sections 113, 114, 115(2) and 116 of the Act as if the Program were a provincial company.