6

 


 

Fourth Session, 48th General Assembly

68 Elizabeth II, 2019

BILL 6

AN ACT TO AMEND THE INSURANCE COMPANIES ACT

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

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

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

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

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

HONOURABLE SHERRY GAMBIN-WALSH

Minister of Service Newfoundland and Labrador

Ordered to be printed by the Honourable House of Assembly

 

EXPLANATORY NOTES

This Bill would amend the Insurance Companies Act to

·         require that the Facility Association include in its Plan of Operation a provision with respect to the establishment and operation of a risk sharing pool for members of the Facility Association; and

·         prescribe the maximum rate of commission that may be paid to a broker for Facility Association business in relation to taxis and limousine services.

 

 


A BILL

AN ACT TO AMEND THE INSURANCE COMPANIES ACT

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.