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16 |
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Third
Session, 46th General Assembly 59
Elizabeth II, 2010 |
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AN ACT TO AMEND THE
INSURANCE COMPANIES ACT |
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Received and Read the First Time................................................................................................... |
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Second |
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Committee............................................................................................................................................ |
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Third |
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Royal Assent...................................................................................................................................... |
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HONOURABLE KEVIN O'BRIEN Minister
of Government Services |
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Ordered
to be printed by the Honourable House of Assembly |
EXPLANATORY NOTES This Bill would amend the Insurance Companies Act ˇ to authorize the Lieutenant-Governor in Council to make regulations respecting the underwriting, rating and market conduct practices of property and casualty insurance companies; ˇ to add a provision to clarify that an insurer shall not decline to issue, refuse to renew or terminate a contract or refuse to provide or continue coverage on a ground prescribed in the regulations; and ˇ to add a provision to clarify that an insurer shall not use a ground in a risk classification system that is prohibited in the regulations. |
A BILL AN ACT TO AMEND THE INSURANCE COMPANIES ACT Analysis 1.
Ss.95.1 to 95.3 Added 2.
S.107 Amdt. Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: RSNL1990 cI-10 1. The Insurance Companies Act is amended by adding immediately after section 95 the following: Application 95.1 Sections 95.2 and 95.3 apply to all classes of insurance except automobile insurance. Prohibited practices 95.2 An insurer shall not decline to issue, refuse to renew or terminate a contract or refuse to provide or continue coverage or an endorsement in respect of a contract on a ground prescribed in the regulations. Prohibited grounds 95.3 An insurer shall not use a ground in its risk classification system that is prohibited in the regulations. 2. Section 107 of the Act is amended by adding immediately after paragraph (e.1) the following: (e.2) prescribing the grounds an insurer is prohibited from using under section 95.2 to decline to issue, to refuse to renew or to terminate a contract or to refuse to provide or continue coverage or an endorsement in respect of a contract; (e.3) prescribing the grounds an insurer is prohibited from using under section 95.3 in a risk classification system; (e.4) for the purpose of paragraph (e.2) or (e.3), prescribing different prohibited grounds for different classes of insurance; |