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Fourth
Session, 48th General Assembly 68 Elizabeth II, 2019 |
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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 SHERRY GAMBIN-WALSH 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 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. 2. Commencement Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: RSNL1990 cI-10 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. ©Queen's Printer |