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21 |
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Second
Session, 47th General Assembly 62
Elizabeth II, 2013 |
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AN ACT TO AMEND THE
INSURANCE ADJUSTERS, |
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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
DAN CRUMMELL Minister
of Service |
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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. Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: RSNL1990 cI-9 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 (1) Subsection 33(1) of the Insurance Adjusters, Agents and Brokers Act is repealed and the following substituted: Statement of financial affairs 33.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. ©Queen's Printer |