AI-assisted research summary: This regulation defines insurance licence terms and sets the classes of insurance for licensing under the Act.
Insurance Company Classes of Insurance Regulation, M.R. 390/87 R The Insurance Act , C.C.S.M. c. I40 Regulation 390/87 R Registered November 13, 1987 bilingual version (HTML) Definitions 1 In this regulation, "licence" means a licence issued under Part II of the Act authorizing an insurer to undertake contracts of insurance. Classes of insurance 2 The classes of insurance set out in this regulation are distinct classes of insurance for the purpose of licensing insurers under the Act. 3 For the purpose of subsection 24(1) of the Act, a licence granted to an insurer shall be for one or more of the following classes of insurance: (a) accident and sickness insurance, being insurance within the meaning of accident insurance and sickness insurance; (b) aircraft insurance; (c) automobile insurance; (d) boiler and machinery insurance; (e) credit insurance; (f) fidelity insurance, being (i) insurance against loss caused by the unfaithful performance of duties by a person in a position of trust, or (ii) insurance whereby an insurer undertakes to guarantee the proper fulfilment of the duties of an office; (g) hail insurance; (h) liability insurance, being insurance not incidental to some other class of insurance, against liability arising out of (i) bodily injury to or the death of a person, including an employee, or (ii) the loss of or damage to property, and including insurance against expenses arising out of bodily injury to a person other than the insured or a member of the insured's family, whether liability exists or not, if the insurance is included in a contract for the insurance described in subclause (i), but not including aircraft insurance or automobile insurance; (i) life insurance; (j) marine insurance; (k) mortgage insurance, being insurance against loss caused by default on the part of a borrower under a loan secured by a mortgage upon real property, a hypothec upon immovable property or an interest in real or immovable property; (l) property insurance, being insurance within the meaning of fire insurance, inland transportation insurance, livestock insurance, plate glass insurance, sprinkler leakage insurance, theft insurance and weather insurance; (m) surety insurance, being insurance whereby an insurer undertakes to guarantee (i) the due performance of a contract or undertaking, or (ii) the payment of a penalty or indemnity for any default, but not including insurance coming within the class of credit insurance or mortgage insurance; (n) title insurance. Licensing 4(1) Except where an insurer is expressly limited by the terms of the licence issued, an insurer applying for a licence on or after January 1, 1973 may be licensed for one or more of the classes of insurance referred to in section 3. 4(2) Where an insurer was licensed prior to January 1, 1973 for a class of insurance that is now part of a class of insurance referred to in section 3, its rights and powers shall forthwith be extended to all the rights and powers within that class referred to in section 3, unless (a) expressly limited by the terms of the renewal of licence; (b) expressly limited by the Superintendent to take into account limitations contained in the Act or instrument of incorporation of the insurer; or (c) expressly limited by the Superintendent to take into account any restrictions or limitations imposed on the insurer under the provisions of the Canadian and British Insurance Companies Act (Canada) or the Foreign Insurance Companies Act (Canada).