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Statutes of Newfoundland and Labrador 2019

CHAPTER 15

 

AN ACT TO AMEND THE INSURANCE COMPANIES ACT

(Assented to April 17, 2019)

Analysis

        1.   S.98 Amdt.
Facility Association

        2.   Commencement

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

RSNL1990 cI-10
as amended

        1. Section 98 of the Insurance Companies Act is amended by adding immediately after subsection (2) the following:

         (2.1)  The association shall include in its plan a provision with respect to the establishment and operation of a risk sharing pool for members of the association.

         (2.2)  The maximum rate of commission that may be paid to a broker for association business in relation to taxis and limousine services is 3%. 

Commencement

        2. This Act comes into force on August 1, 2019.

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