O.C. 329/2011

July 13, 2011

A.R. 147/2011

July 14, 2011


            The Lieutenant Governor in Council makes the Enforcement and Administration Amendment Regulation set out in the attached Appendix.

For Information only

Recommended by:          Minister of Finance and Enterprise

Authority:                             Insurance Act
                                                (sections 790 and 818)


APPENDIX

Insurance Act

ENFORCEMENT AND ADMINISTRATION
AMENDMENT REGULATION

1   The Enforcement and Administration Regulation (AR 129/2001) is amended by this Regulation.

 

2   Section 5(1) is repealed and the following is substituted:

Designation of compensation association

5(1)  The Property and Casualty Insurance Compensation Corporation is designated as a compensation association for the following classes of insurance:

                                 (a)    accident and sickness insurance in respect of policies issued by a property and casualty company that is also licensed to offer other classes of insurance;

                                 (b)    automobile insurance;

                                 (c)    boiler and machinery insurance;

                                 (d)    credit protection insurance in respect of policies issued by a property and casualty company;

                                 (e)    legal expense insurance;

                                 (f)    liability insurance;

                                 (g)    other approved products insurance;

                                 (h)    product warranty insurance;

                                  (i)    property insurance,

but those classes do not include crop insurance, directors’ and officers’ insurance or errors and omissions insurance.

 

3   Section 6(c) is amended by striking out “loss of employment” and substituting “credit protection”.

 

4   This Regulation comes into force on the coming into force of section 29 of the Insurance Amendment Act, 2008.