21

 


Second Session, 47th General Assembly

62 Elizabeth II, 2013

BILL 21

AN ACT TO AMEND THE INSURANCE ADJUSTERS,
AGENTS AND BROKERS ACT

Received and Read the First Time...................................................................................................

Second Reading.................................................................................................................................

Committee............................................................................................................................................

Third Reading.....................................................................................................................................

Royal Assent......................................................................................................................................

HONOURABLE DAN CRUMMELL

Minister of Service Newfoundland and Labrador

Ordered to be printed by the Honourable House of Assembly

 

EXPLANATORY NOTES

This Bill would amend the Insurance Adjusters, Agents and Brokers Act to

·         change the annual financial filing requirement so that it only applies to those individuals, partnerships and corporations that are licensed as agents, brokers and representatives and maintain trust accounts; and

·         add a provision to the Act enabling the Superintendent of Insurance to exempt persons from that annual financial filing requirement.

A BILL

AN ACT TO AMEND THE INSURANCE ADJUSTERS, AGENTS AND BROKERS ACT

Analysis


        1.   S.33 Amdt.
Statement of financial affairs


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

RSNL1990 cI-9
as amended

        1. (1) Subsection 33(1) of the Insurance Adjusters, Agents and Brokers Act is repealed and the following substituted:

Statement of financial affairs

      33. (1) Where an individual, partnership or corporation is licensed as an agent, broker or representative and maintains one or more trust accounts, that individual, partnership or corporation shall present annually to the superintendent not later than 3 months after the fiscal year end of the agent, broker or representative, a statement of the financial affairs of the business of the licensee in a form prescribed by the superintendent for the period then ended.

             (2)  Section 33 of the Act is amended by adding the following immediately after subsection (2):

             (3)  The superintendent may exempt a person or a class of persons from the requirement in subsection (1) in whole or in part and with the restrictions, limitations or conditions the superintendent considers appropriate.