Unlicensed Insurance

"On application by a foreign entity the Superintendent¹ may, with the approval of the Minister² but subject to the other provisions of this Part, make an order approving the insuring in Canada of risks by the foreign entity."

"1. The ICA does not define "insuring in Canada a risk" which, when read in the context of Part XIII of the ICA, falls within the "insurance business in Canada" of a foreign insurer. A review of case law indicates that courts have not interpreted these concepts, but have interpreted the analogous concept of "carrying on business in Canada". Based on these interpretations, the location where operations are carried on is of significant importance in determining the location where business is carried on.

2. To determine whether a foreign insurer is insuring in Canada a risk, consideration should be given to whether any person acting for, or on behalf of, the foreign insurer:

3. While each business model must be assessed on the basis of its own components, OSFI is of the view that:

4. OSFI considers that a foreign insurer is insuring in Canada a risk where its business model encompasses:

Scenario 1: Two or more of the activities referred to in any of subparagraphs 2(b) to (h).

Scenario 2: Any one of the activities referred to in any subparagraphs 2(b) to (h) and both of the activities referred to in subparagraphs 2(a) and (i).

Scenario 3: Reaching an agreement, actual or in principle, on most or all of the material terms and conditions of the insurance coverage in the course of its negotiations in Canada (i.e., this Scenario contemplates that, in addition to 2(d), at least one additional activity referred to in 2(e) through (g) would apply).

5. OSFI considers that a foreign insurer is not insuring in Canada a risk where its business model encompasses no more than one of the activities referred to in paragraph 2."

"CONSENT AND UNDERTAKING

On January 1, 2010, amendments to Part XIII of the Insurance Companies Act (Canada) (the "Act") that affect the regulatory scope of the federal regime as it applies to foreign insurance companies will come into force.

To facilitate the conduct of insurance business across Canada, and avoid duplication of prudential regulation between jurisdictions, a foreign insurance company authorized under the Act to insure in Canada risks may, at its option, choose to enter into this Consent and Undertaking with the insurance regulators of the following provinces and territories:

Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Ontario, Prince Edward Island, Newfoundland and Labrador, Yukon Territory, the Northwest Territories and Territory of Nunavut (each, a "Province").

This Consent and Undertaking does not change any requirement under each Province's laws to obtain a licence, the requirement to hold a licence being governed by the laws of each particular Province.

ACCORDINGLY, THE INSURER UNDERTAKES AND AGREES THAT:

1. All risks insured by the Insurer as a result of any activity or activities that cause the Insurer to either carry on business under any Province's insurance legislation or transact insurance in any Province, shall be insured by the Insurer only in a manner that requires the Insurer to vest assets in trust in respect of those risks, pursuant to the Act.

2. The Insurer agrees to the above being added as a condition on its insurance licence issued by each Province, other than Ontario.

3. For the purposes of Ontario, the Insurer hereby acknowledges and agrees that the above is an undertaking within the meaning of paragraphs 447(2)(c) and 448(1)(b) of the Insurance Act (Ontario).

This Undertaking only applies to a Foreign Insurer with a branch registered in Canada under the Insurance Companies Act (Canada)."

"1. The ICA does not define "insuring in Canada a risk" which, when read in the context of Part XIII of the ICA, falls within the "insurance business in Canada" of a foreign insurer. A review of case law indicates that courts have not interpreted these concepts, but have interpreted the analogous concept of "carrying on business in Canada". Based on these interpretations, the location where operations are carried on is of significant importance in determining the location where business is carried on.

2. To determine whether a foreign insurer is insuring in Canada a risk, consideration should be given to whether any person acting for, or on behalf of, the foreign insurer:


3. While each business model must be assessed on the basis of its own components, OSFI is of the view that:


4. OSFI considers that a foreign insurer is insuring in Canada a risk where its business model encompasses:

Scenario 1: Two or more of the activities referred to in any of subparagraphs 2(b) to (h).

Scenario 2: Any one of the activities referred to in any subparagraphs 2(b) to (h) and both of the activities referred to in subparagraphs 2(a) and (i).

Scenario 3: Reaching an agreement, actual or in principle, on most or all of the material terms and conditions of the insurance coverage in the course of its negotiations in Canada (i.e., this Scenario contemplates that, in addition to 2(d), at least one additional activity referred to in 2(e) through (g) would apply).

5. OSFI considers that a foreign insurer is not insuring in Canada a risk where its business model encompasses no more than one of the activities referred to in paragraph 2."

"CONSENT AND UNDERTAKING

On January 1, 2010, amendments to Part XIII of the Insurance Companies Act (Canada) (the "Act") that affect the regulatory scope of the federal regime as it applies to foreign insurance companies will come into force.

To facilitate the conduct of insurance business across Canada, and avoid duplication of prudential regulation between jurisdictions, a foreign insurance company authorized under the Act to insure in Canada risks may, at its option, choose to enter into this Consent and Undertaking with the insurance regulators of the following provinces and territories:

Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Ontario, Prince Edward Island, Newfoundland and Labrador, Yukon Territory, the Northwest Territories and Territory of Nunavut (each, a "Province").

This Consent and Undertaking does not change any requirement under each Province's laws to obtain a licence, the requirement to hold a licence being governed by the laws of each particular Province.

ACCORDINGLY, THE INSURER UNDERTAKES AND AGREES THAT:

1. All risks insured by the Insurer as a result of any activity or activities that cause the Insurer to either carry on business under any Province's insurance legislation or transact insurance in any Province, shall be insured by the Insurer only in a manner that requires the Insurer to vest assets in trust in respect of those risks, pursuant to the Act.

2. The Insurer agrees to the above being added as a condition on its insurance licence issued by each Province, other than Ontario.

3. For the purposes of Ontario, the Insurer hereby acknowledges and agrees that the above is an undertaking within the meaning of paragraphs 447(2)(c) and 448(1)(b) of the Insurance Act (Ontario). This Undertaking only applies to a Foreign Insurer with a branch registered in Canada under the Insurance Companies Act (Canada)."

"(1) Every person resident in Canada by whom or on whose behalf a contract of insurance, other than a contract of reinsurance, is entered into or renewed against a risk ordinarily within Canada at the time the contract is entered into or renewed, (a) with


that at the time the contract is entered into or renewed is not authorized under the laws of Canada or of any province to transact the business of insurance, or

(b) with any insurer that at the time the contract is entered into or renewed is authorized under the laws of Canada or of any province to transact the business of insurance, if the contract is entered into or renewed through a broker or agent outside Canada,

shall, on or before April 30 in each year, pay to the Minister, in addition to any other tax payable under any other law, a tax of ten per cent on the net premiums paid or payable during the immediately preceding calendar year in respect of that insurance.

(2) Subsection (1) does not apply to

(a) any contract of life insurance, personal accident insurance, sickness insurance or insurance against marine risks, or any contract of insurance against nuclear risks to the extent that the insurance against nuclear risks is not, in the opinion of the Commissioner, available within Canada; or

(b) any other contract of insurance entered into after February 19, 1973 to the extent that the insurance is not, in the opinion of the Commissioner, available within Canada."

"(1) An insurer undertaking a contract of insurance that is made in Alberta, whether the contract is original or renewed, except the renewal from time to time of life insurance policies, is, for the purposes of this Act, undertaking insurance in Alberta.

(2) An insurer is, for the purposes of this Act, carrying on business in Alberta if the insurer

"(1) In this section, “unauthorized insurer” in respect of a contract of insurance means an insurer that is not permitted by this Act to enter into the contract as the insurer.

(2) An insurance agent is personally liable to the insured under a contract of insurance made in Alberta by or through the agent directly or indirectly with an unauthorized insurer in the same manner as if the agent were a licensed insurer."

"Except as provided for in this Act, no person may enter into or renew a contract of insurance to insure a risk in Alberta with an insurer unless

"(1) A contract of insurance is deemed to have been made in Alberta if

(a) it insures a person who is domiciled or resident in Alberta when the contract is made, or

(b) the subject matter of the contract is property that is or will be located in Alberta.

(2) This section has effect despite any agreement, condition or stipulation to the contrary."

"(1) Despite section 18, an insurer that is not licensed may undertake insurance in Alberta with an insured if


(2) If the charge referred to in subsection (1)(b)(ii) is not paid within 30 days from the time it becomes payable, a sum equal to 10% of the charge remaining unpaid becomes a penalty that forms a part of the charge and is recoverable with the charge.

(2.1) Repealed 2022 c11 s2.

(3) Despite section 18, a person may enter into or renew a contract of insurance to insure a risk in Alberta with an unlicensed insurer if the requirements of subsection (1)(a) and (b) have been met.

(4) This section does not apply to a contract of insurance that may be evidenced by a motor vehicle liability policy."

"(1) Despite section 18, an insurer that is not licensed may undertake insurance in Alberta with an insured if


(2) Despite section 18, a person may enter into or renew a contract of insurance to insure a risk in Alberta with an unlicensed insurer if, subject to subsection (2.1), the requirements of subsection (1)(a) to (d) have been met.

(2.1) Subsection (1)(c) and (d) do not apply if


(3) This section does not apply to a contract of insurance that may be evidenced by a motor vehicle liability policy."

"(1) Despite section 18, an insurer that is not licensed may undertake insurance in Alberta with an insured if


(2) Despite section 18, a person may enter into or renew a contract of insurance to insure a risk in Alberta with an unlicensed insurer if, subject to subsection (2.1), the requirements of subsection (1)(a) to (d) have been met.

(2.1) Subsection (1)(c) and (d) do not apply if


(3) This section does not apply to a contract of insurance that may be evidenced by a motor vehicle liability policy."

"(1) Despite section 18, an insurer that is not licensed may undertake insurance in Alberta with an insured if


(2) Despite section 18, a person may enter into or renew a contract of insurance to insure a risk in Alberta with an unlicensed insurer if, subject to subsection (2.1), the requirements of subsection (1)(a) to (d) have been met.

(2.1) Subsection (1)(c) and (d) do not apply if


(3) This section does not apply to a contract of insurance that may be evidenced by a motor vehicle liability policy."

"(1) Despite section 18, an insurer that is not licensed may undertake insurance in Alberta with an insured if


(2) If the charge referred to in subsection (1)(b)(ii) is not paid within 30 days from the time it becomes payable, a sum equal to 10% of the charge remaining unpaid becomes a penalty that forms a part of the charge and is recoverable with the charge.

(2.1) Repealed 2022 c11 s2.

(3) Despite section 18, a person may enter into or renew a contract of insurance to insure a risk in Alberta with an unlicensed insurer if the requirements of subsection (1)(a) and (b) have been met.

(4) This section does not apply to a contract of insurance that may be evidenced by a motor vehicle liability policy."

"(1) Despite section 18, an insurer that is not licensed may undertake insurance in Alberta with an insured if


(2) If the charge referred to in subsection (1)(b)(ii) is not paid within 30 days from the time it becomes payable, a sum equal to 10% of the charge remaining unpaid becomes a penalty that forms a part of the charge and is recoverable with the charge.

(2.1) Repealed 2022 c11 s2.

(3) Despite section 18, a person may enter into or renew a contract of insurance to insure a risk in Alberta with an unlicensed insurer if the requirements of subsection (1)(a) and (b) have been met.

(4) This section does not apply to a contract of insurance that may be evidenced by a motor vehicle liability policy."

""insurance business" means

(a) undertaking or offering to undertake to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of the insurance may be exposed,

(b) soliciting or accepting any risk,

(c) soliciting an application for a contract of insurance,

(d) issuing or delivering a


(e) in consideration of any premium or payment, granting an annuity on a life or lives,

(f) collecting or receiving any premium for a contract of insurance,

(g) adjusting any loss covered by a contract of insurance, or

(h) advertising for any business described in paragraphs (a) to (g),

"A contract is deemed to have been made in British Columbia and must be construed accordingly if it

(a) insures a person domiciled or resident in British Columbia at the date of it, or

(b) has as its subject matter property or an interest in property located in British Columbia."

"(1) In this section, "marine insurance" means marine insurance as defined in section 1(1) of Classes of the Insurance Regulation, but does not include "pleasure craft insurance" as defined in the Insurance Premium Tax Act.

(2) Parts 1 to 6 of the Act do not apply to an extra-provincial insurance corporation when

""marine insurance" means insurance against

occurring during a voyage or marine adventure, at sea or on an inland waterway, or during a delay or a transit, other than by water, that is incidental to a voyage or marine adventure, at sea or on an inland waterway".

""pleasure craft" means a water craft for use for relaxation or sport whether or not it is chartered to another person for that use;

"pleasure craft insurance" includes

"Exceptions

(1) Despite section 75,


(2) An insurance agent licensed under Division 2 of Part 6 who, under subsection (1) (c), procures or negotiates a contract of insurance must keep a record showing the particulars of the contract and at the request of the Commissioner of Income Tax or of the commission, must provide the record to the Commissioner of Income Tax or commission as requested.

(3) If


the insurer may make the inspection or adjust and appraise the loss."

"It is a condition of section 76(1)(c) of the Act that the insurance agent referred to in that section

(a) does not directly or indirectly solicit the resident for the contract of insurance, and

(b) files with the superintendent, within 30 days of the end of each quarter, the following information with respect to the contracts of insurance referred to in that section that are entered into by the agent:

"Unauthorized insurers are not permitted to inspect, appraise or adjust any loss on an insurance contract in this province unless:

• The contract was placed in accordance with section 76;

• The premium tax has been paid [Note: the premium tax is 7 % of the premium and applies whether the B.C resident purchases the insurance or a non-resident purchases the insurance on behalf of a B.C resident]; and

• The unauthorized insurer has sought and received written consent from the Superintendent to adjust, inspect or appraise the loss. In seeking the consent of the Superintendent, the unauthorized insurer should be aware that the Superintendent will typically require that the insurer:

• Provide an undertaking to the Superintendent that it will appear in court in the province with respect to the claim;

• Agree to honour any order imposed by the court system;

• Appoint an attorney in the province to accept service; and

• Use an adjuster that is appropriately licensed with the Insurance Council of British Columbia to appraise, inspect or adjust the claim."

The Superintendent may also require the insurer to establish sufficient assets in Canada for settlement of the claim. (It should be noted that agent licensee's who place risks with unauthorized insurers should not be holding back premiums to use to settle any claim on the policy. Nor should they be adjusting or otherwise assisting in the determination of the amount of any loss on a policy placed with an unauthorized insurer as this would constitute unauthorized insurance business on the part of the agent.)"

"Section 76 is only intended to cover situations where:

• A client has on their own pre-selected an unauthorized insurer and subsequently approaches an agent licensee and specifically requests assistance in placing the risk with that insurer; or

• The client of their own accord and initiative and without having been solicited by the agent specifically directs a licensee to seek placement of the clients risk with an unauthorized insurer."

"Agent licensees are not permitted to establish an ongoing business relationship with an unauthorized insurer, either directly, or through other agents to place risks with the insurer on an on going basis, including entering into any formal or tacit agreement for the placement of risks. Placement of risk under section 76 is expected to be on a "one-off" basis. Agent licensees are expected to do due diligence on the unauthorized insurer at the time of placement of the risk before approaching that insurer to determine if the insurer would be willing to accept the risk. As well, the agent licensee has a duty to advise the client as to the appropriateness of the insurance. Once the business is placed, the unauthorized insurer cannot hold out to either the agent licensee or the client that it is willing to renew the risk and the agent licensee cannot renew the risk with the unauthorized insurer without first determining that they are unable to place it in the authorized market and without being directed to do so (unsolicited) by the client."

"A taxpayer other than a taxable insurer must pay to the minister a tax equal to 7% of the BC premium paid or payable, or premium note given, or mutual or other liability assumed, under an insurance contract referred to in paragraph (b) or (b.1) of the definition of "taxpayer"".

""taxpayer" means

(a) a taxable insurer,

(b) a person resident in British Columbia who enters into an insurance contract with an insurer other than a taxable insurer,

(b.1) a person resident in British Columbia in respect of whom or in respect of whose risk, including, without limitation, risk related to the person's property, employees, directors or officers, a person not resident in British Columbia enters into an insurance contract with an insurer other than a taxable insurer, if


(c) a trustee in bankruptcy, assignee, liquidator, receiver, administrator or similar person administering, managing, winding up or otherwise dealing with the property or business of a taxable insurer."

"… it is FICOM’s interpretation that these new rules do not apply in the following two situations:

• Group life insurance policies and group employee benefit plans that provide coverage to group insured’s provided that:


• Property and casualty insurance policies that provide global coverage of risks or perils, including those located in British Columbia as long as:

"Exceptions

76 (1) Despite section 75,

"...(c) an insurance agent licensed under Division 2 of Part 6 who is authorized by the resident to effect the contract of insurance may negotiate or procure a contract of insurance between a resident of British Columbia and an insurer prohibited by section 75 from carrying on business in British Columbia, subject to the requirements or conditions, if any, imposed by regulation,

(d) an insurer referred to in paragraph (c) may, without a business authorization, enter into a contract of insurance in the circumstances set out in that paragraph, and

(e) a person or insurer is exempted from the requirement to have a business authorization to carry on insurance business when permitted by the regulations.

(2) An insurance agent licensed under Division 2 of Part 6 who, under subsection (1) (c), procures or negotiates a contract of insurance must keep a record showing the particulars of the contract and at the request of the Commissioner of Income Tax or of the commission, must provide the record to the Commissioner of Income Tax or commission as requested.

(3) If


the insurer may make the inspection or adjust and appraise the loss."

"It is a condition of section 76(1)(c) of the Act that the insurance agent referred to in that section

(a) does not directly or indirectly solicit the resident for the contract of insurance, and

(b) files with the superintendent, within 30 days of the end of each quarter, the following information with respect to the contracts of insurance referred to in that section that are entered into by the agent:

"Unauthorized insurers are not permitted to inspect, appraise or adjust any loss on an insurance contract in this province unless:


In seeking the consent of the Superintendent, the unauthorized insurer should be aware that the Superintendent will typically require that the insurer:


The Superintendent may also require the insurer to establish sufficient assets in Canada for settlement of the claim. (It should be noted that agent licensee's who place risks with unauthorized insurers should not be holding back premiums to use to settle any claim on the policy. Nor should they be adjusting or otherwise assisting in the determination of the amount of any loss on a policy placed with an unauthorized insurer as this would constitute unauthorized insurance business on the part of the agent.)"

"Section 76 is only intended to cover situations where:

"Agent licensees are not permitted to establish an ongoing business relationship with an unauthorized insurer, either directly, or through other agents to place risks with the insurer on an on going basis, including entering into any formal or tacit agreement for the placement of risks. Placement of risk under section 76 is expected to be on a "one-off" basis. Agent licensees are expected to do due diligence on the unauthorized insurer at the time of placement of the risk before approaching that insurer to determine if the insurer would be willing to accept the risk. As well, the agent licensee has a duty to advise the client as to the appropriateness of the insurance. Once the business is placed, the unauthorized insurer cannot hold out to either the agent licensee or the client that it is willing to renew the risk and the agent licensee cannot renew the risk with the unauthorized insurer without first determining that they are unable to place it in the authorized market and without being directed to do so (unsolicited) by the client."

"A taxpayer other than a taxable insurer must pay to the minister a tax equal to 7% of the BC premium paid or payable, or premium note given, or mutual or other liability assumed, under an insurance contract referred to in paragraph (b) or (b.1) of the definition of "taxpayer"".

""taxpayer" means

(a) a taxable insurer,

(b) a person resident in British Columbia who enters into an insurance contract with an insurer other than a taxable insurer,


(c) a trustee in bankruptcy, assignee, liquidator, receiver, administrator or similar person administering, managing, winding up or otherwise dealing with the property or business of a taxable insurer."

"Exceptions

(1) Despite section 75,


(2) An insurance agent licensed under Division 2 of Part 6 who, under subsection (1) (c), procures or negotiates a contract of insurance must keep a record showing the particulars of the contract and at the request of the Commissioner of Income Tax or of the commission, must provide the record to the Commissioner of Income Tax or commission as requested.

(3) If


the insurer may make the inspection or adjust and appraise the loss."

"It is a condition of section 76(1)(c) of the Act that the insurance agent referred to in that section

"Unauthorized insurers are not permitted to inspect, appraise or adjust any loss on an insurance contract in this province unless:


In seeking the consent of the Superintendent, the unauthorized insurer should be aware that the Superintendent will typically require that the insurer:


The Superintendent may also require the insurer to establish sufficient assets in Canada for settlement of the claim. (It should be noted that agent licensee's who place risks with unauthorized insurers should not be holding back premiums to use to settle any claim on the policy. Nor should they be adjusting or otherwise assisting in the determination of the amount of any loss on a policy placed with an unauthorized insurer as this would constitute unauthorized insurance business on the part of the agent.)"

"Section 76 is only intended to cover situations where:

"Agent licensees are not permitted to establish an ongoing business relationship with an unauthorized insurer, either directly, or through other agents to place risks with the insurer on an on going basis, including entering into any formal or tacit agreement for the placement of risks. Placement of risk under section 76 is expected to be on a "one-off" basis. Agent licensees are expected to do due diligence on the unauthorized insurer at the time of placement of the risk before approaching that insurer to determine if the insurer would be willing to accept the risk. As well, the agent licensee has a duty to advise the client as to the appropriateness of the insurance. Once the business is placed, the unauthorized insurer cannot hold out to either the agent licensee or the client that it is willing to renew the risk and the agent licensee cannot renew the risk with the unauthorized insurer without first determining that they are unable to place it in the authorized market and without being directed to do so (unsolicited) by the client."

"A taxpayer other than a taxable insurer must pay to the minister a tax equal to 7% of the BC premium paid or payable, or premium note given, or mutual or other liability assumed, under an insurance contract referred to in paragraph (b) or (b.1) of the definition of "taxpayer"".

""taxpayer" means

(a) a taxable insurer,

(b) a person resident in British Columbia who enters into an insurance contract with an insurer other than a taxable insurer,
(c) a trustee in bankruptcy, assignee, liquidator, receiver, administrator or similar person administering, managing, winding up or otherwise dealing with the property or business of a taxable insurer."

"(1) Any insurer undertaking a contract of insurance that, under this Act, is deemed to be made in Manitoba, whether the contract is original or a renewal - except the renewal from time to time of life insurance policies, - is deemed to be undertaking insurance in Manitoba for the purposes of this Act.

(2) An insurer is carrying on business in Manitoba for the purposes of this Act if the insurer

"An agent or broker is personally liable to the insured on all contracts of insurance unlawfully made by or through him, directly or indirectly, with any insurer not licensed to undertake insurance in the province, in the same manner as if the agent or broker were the insurer."

"A person is guilty of an offence if the person

"(1) Any insurer undertaking a contract of insurance that, under this Act, is deemed to be made in Manitoba, whether the contract is original or a renewal - except the renewal from time to time of life insurance policies, - is deemed to be undertaking insurance in Manitoba for the purposes of this Act.

(2) An insurer is carrying on business in Manitoba for the purposes of this Act if the insurer

"(1) A contract is deemed to have been made in Manitoba if

(a) it insures an insurable interest of a person who is resident in Manitoba; or

(b) its subject matter is property that is located in Manitoba.

(2) A contract that is deemed to have been made in Manitoba must be interpreted according to the laws of Manitoba."

"(1) Subject to subsection (2), a special insurance broker (Agents & Brokers Module) may assist or act on behalf of a person who wishes to enter into or renew an insurance contract with an unlicensed insurer if


(2) Before the person enters into or renews the insurance contract, the special insurance broker shall obtain from the person a written statement that


(3) Within 10 days after the person enters into or renews the insurance contract, the special insurance broker shall file with the superintendent a statement setting out


(4) A special insurance broker shall keep separate records, in the form required by the superintendent, about insurance the special insurance broker arranges with unlicensed insurers.

(5) The superintendent or a person authorized by the superintendent may, at any reasonable time, inspect the records required by subsection (4).

(6) Within 10 days after the end of each month, a special insurance broker shall file with the superintendent a return

"(1) Subject to subsection (2), a special insurance broker (Agents & Brokers) may assist or act on behalf of a person who wishes to enter into or renew an insurance contract with an unlicensed insurer if


(2) Before the person enters into or renews the insurance contract, the special insurance broker shall obtain from the person a written statement that


(3) Within 10 days after the person enters into or renews the insurance contract, the special insurance broker shall file with the superintendent a statement setting out


(4) A special insurance broker shall keep separate records, in the form required by the superintendent, about insurance the special insurance broker arranges with unlicensed insurers.

(5) The superintendent or a person authorized by the superintendent may, at any reasonable time, inspect the records required by subsection (4).

(6) Within 10 days after the end of each month, a special insurance broker shall file with the superintendent a return

"(1) Subject to subsection (2), a special insurance broker (Agents & Brokers) may assist or act on behalf of a person who wishes to enter into or renew an insurance contract with an unlicensed insurer if


(2) Before the person enters into or renews the insurance contract, the special insurance broker shall obtain from the person a written statement that


(3) Within 10 days after the person enters into or renews the insurance contract, the special insurance broker shall file with the superintendent a statement setting out


(4) A special insurance broker shall keep separate records, in the form required by the superintendent, about insurance the special insurance broker arranges with unlicensed insurers.

(5) The superintendent or a person authorized by the superintendent may, at any reasonable time, inspect the records required by subsection (4).

(6) Within 10 days after the end of each month, a special insurance broker shall file with the superintendent a return

"No person in the province shall enter into a contract of insurance with an insurer not licensed under this Act, except through a licensed special insurance broker." (Agents & Brokers)

"(1) An insurer undertaking a contract which, under this Act, is considered to be made in the province, whether the contract is original or a renewal, except the renewal of life insurance policies, is for the purpose of this Act considered to be undertaking insurance in the province.

(2) An insurer which, within the province,

is for the purposes of this Act considered to be an insurer carrying on business in the province."

"An agent, broker or representative is liable to the insured on all contracts of insurance unlawfully made through the agent, broker or representative directly or indirectly with an insurer not licensed to undertake insurance in the province in the same manner as if that agent, broker or representative were the insurer."

"A person who within the province does or causes to be done an act or thing mentioned in subsection 4(2) on behalf of or as an agent of an insurer which is not licensed or who receives directly or indirectly remuneration for so doing is guilty of an offence."

"An insurer which, within the province,


is for the purposes of this Act considered to be an insurer carrying on business in the province."

"Where the subject-matter of a contract is property in the province or an insurable interest of a person resident in the province, the contract, where signed, countersigned, issued or delivered in the province or committed to the post office or to a carrier, messenger or agent to be delivered or handed over to the insured, his or her assign or agent in the province, shall be considered to evidence a contract made in the province and shall be construed according to the laws of the province and all money payable under the contract shall be paid in lawful money of Canada and, where the person entitled to the money so requires, in the province."

"(1) An agent, broker or representative is liable to the insured on all contracts of insurance unlawfully made through the agent, broker or representative directly or indirectly with an insurer not licensed to undertake insurance in the province in the same manner as if that agent, broker or representative were the insurer.

(2) A corporation or partnership shall not place a contract with an unlicensed insurer unless that corporation or partnership has obtained a licence under section 24 and complies with subsection (4). (Agents & Brokers Module).

(3) Where sufficient insurance in respect of a matter or thing in the province cannot be obtained from insurers licensed in the province, a corporation or partnership licensed under section 24 may effect insurance with an unlicensed insurer where that corporation or partnership complies with subsection (4).

(4) Where sufficient insurance cannot be obtained from an insurer licensed in the province, the agent, broker or representative shall obtain from the insured an executed and dated declaration including:

"(1) An agent, broker or representative is liable to the insured on all contracts of insurance unlawfully made through the agent, broker or representative directly or indirectly with an insurer not licensed to undertake insurance in the province in the same manner as if that agent, broker or representative were the insurer.

(2) A corporation or partnership shall not place a contract with an unlicensed insurer unless that corporation or partnership has obtained a licence under section 24 and complies with subsection (4). Agents & Brokers Module.

(3) Where sufficient insurance in respect of a matter or thing in the province cannot be obtained from insurers licensed in the province, a corporation or partnership licensed under section 24 may effect insurance with an unlicensed insurer where that corporation or partnership complies with subsection (4).

(4) Where sufficient insurance cannot be obtained from an insurer licensed in the province, the agent, broker or representative shall obtain from the insured an executed and dated declaration including:

"(3) Where sufficient insurance in respect of a matter or thing in the province cannot be obtained from insurers licensed in the province, a corporation or partnership licensed under section 24 may effect insurance with an unlicensed insurer where that corporation or partnership complies with subsection (4).:

(4) Where sufficient insurance cannot be obtained from an insurer licensed in the province, the agent, broker or representative shall obtain from the insured an executed and dated declaration including::

"(1) Any insurer undertaking a contract of insurance that under the provisions of this Act is deemed to be made in the Province, whether the contract is original or a renewal, except the renewal from time to time of life insurance policies, shall be deemed to be undertaking insurance in the Province within the meaning of this Part.

(2) Any insurer that within the Province

shall be deemed to be an insurer carrying on business in the Province within the meaning of this Act."

"An agent or broker is personally liable to the insured on all contracts of insurance unlawfully made by or through him directly or indirectly with any insurer not licensed to undertake insurance in the Province, in the same manner as if such agent or broker were the insurer."

"Where the subject-matter of a contract of insurance is property in the Province, or an insurable interest of a person resident within the Province, the contract, if signed, countersigned, issued or delivered in the Province or committed to the post office or to any person to be delivered to the insured, his assign or agent in the Province, shall be deemed to evidence a contract made therein, and be construed according to the law thereof, and all money payable thereunder shall be paid at the head office or chief agency of the insurer in the Province, in lawful money in Canada."

“83 No person shall knowingly insure or cause to be insured, except through a special insurance broker duly licensed (Agents & Brokers), any property situate in, or described in any contract as situate in, any part of the Province, against fire loss with an insurer not licensed under the provisions of this Act, and any person who knowingly violates the provisions of this section is guilty of an offence.

84 Notwithstanding anything in this Act any person may insure property situated in the Province against fire or marine risks with an unlicensed insurer, if such insurance is effected outside the Province and without any solicitation whatsoever directly or indirectly on the part of the insurer."

"(1) Where sufficient insurance on property in the Province at reasonable rates of insurance in the form required by the insured cannot be obtained by the insured from insurers licensed to do business in the Province, a special insurance broker, duly licensed (Agents & Brokers), may effect insurance with unlicensed insurers, but shall in the case of every contract so effected obtain from the insured a signed and dated statement describing the property insured, its location and the amount of insurance required, and stating that the insurance cannot be obtained in licensed companies at reasonable rates and that the application for such insurance at the stated rate of premium was previously made to and refused by named companies licensed in the Province.

(2) Every such broker shall keep a separate account of insurance effected by him under his licence in books in the form prescribed by the Superintendent and shall make those books available for inspection by the Superintendent or any of his officers.

(3) Within ten days after the end of each month every such broker shall make to the Superintendent a return under oath, in the form and manner by him prescribed, containing particulars of all insurance effected by him under this section during such month.

(4) In respect of all premiums on insurance effected under a special broker’s licence, the licensee shall pay to the Province such taxes as would be payable if such premiums had been received by a licensed insurer, and payment therefor shall accompany the monthly return provided for in subsection (3).

356 On it being shown to the satisfaction of the Superintendent that all insurances effected by a licensed special insurance broker are no longer in force or have been reinsured, and that the taxes owing to the Province have been paid, the broker is entitled to a release or cancellation of his security."

"(1) Where sufficient insurance on property in the Province at reasonable rates of insurance in the form required by the insured cannot be obtained by the insured from insurers licensed to do business in the Province, a special insurance broker, duly licensed, (Agents & Brokers Module) may effect insurance with unlicensed insurers, but shall in the case of every contract so effected obtain from the insured a signed and dated statement describing the property insured, its location and the amount of insurance required, and stating that the insurance cannot be obtained in licensed companies at reasonable rates and that the application for such insurance at the stated rate of premium was previously made to and refused by named companies licensed in the Province.

(2) Every such broker shall keep a separate account of insurance effected by him under his licence in books in the form prescribed by the Superintendent and shall make those books available for inspection by the Superintendent or any of his officers.

(3) Within ten days after the end of each month every such broker shall make to the Superintendent a return under oath, in the form and manner by him prescribed, containing particulars of all insurance effected by him under this section during such month.

(4) In respect of all premiums on insurance effected under a special broker’s licence, the licensee shall pay to the Province such taxes as would be payable if such premiums had been received by a licensed insurer, and payment therefor shall accompany the monthly return provided for in subsection (3).

356 On it being shown to the satisfaction of the Superintendent that all insurances effected by a licensed special insurance broker are no longer in force or have been reinsured, and that the taxes owing to the Province have been paid, the broker is entitled to a release or cancellation of his security."

"(1) Where sufficient insurance on property in the Province at reasonable rates of insurance in the form required by the insured cannot be obtained by the insured from insurers licensed to do business in the Province, a special insurance broker, duly licensed, (Agents & Brokers Module) may effect insurance with unlicensed insurers, but shall in the case of every contract so effected obtain from the insured a signed and dated statement describing the property insured, its location and the amount of insurance required, and stating that the insurance cannot be obtained in licensed companies at reasonable rates and that the application for such insurance at the stated rate of premium was previously made to and refused by named companies licensed in the Province.

(2) Every such broker shall keep a separate account of insurance effected by him under his licence in books in the form prescribed by the Superintendent and shall make those books available for inspection by the Superintendent or any of his officers.

(3) Within ten days after the end of each month every such broker shall make to the Superintendent a return under oath, in the form and manner by him prescribed, containing particulars of all insurance effected by him under this section during such month.

(4) In respect of all premiums on insurance effected under a special broker’s licence, the licensee shall pay to the Province such taxes as would be payable if such premiums had been received by a licensed insurer, and payment therefor shall accompany the monthly return provided for in subsection (3).

356 On it being shown to the satisfaction of the Superintendent that all insurances effected by a licensed special insurance broker are no longer in force or have been reinsured, and that the taxes owing to the Province have been paid, the broker is entitled to a release or cancellation of his security."

"Notwithstanding anything in this Act any person may insure property situated in the Province against fire or marine risks with an unlicensed insurer, if such insurance is effected outside the Province and without any solicitation whatsoever directly or indirectly on the part of the insurer."

“83 No person shall knowingly insure or cause to be insured, except through a special insurance broker duly licensed (Agents & Brokers), any property situate in, or described in any contract as situate in, any part of the Province, against fire loss with an insurer not licensed under the provisions of this Act, and any person who knowingly violates the provisions of this section is guilty of an offence.

84 Notwithstanding anything in this Act any person may insure property situated in the Province against fire or marine risks with an unlicensed insurer, if such insurance is effected outside the Province and without any solicitation whatsoever directly or indirectly on the part of the insurer."

"(1) This Part applies to insurance undertaken in the Northwest Territories and to all insurers carrying on business in the Territories.

(2) An insurer undertaking a contract that under this Act is deemed to be made in the Northwest Territories, whether the contract is original or renewed, except the renewal from time to time of life insurance policies, shall be deemed to be undertaking insurance in the Territories within the meaning of this Part.

(3) An insurer undertaking insurance in the Northwest Territories or that in the Territories,

shall be deemed to be an insurer carrying on business in the Territories within the meaning of this Act."

"An agent or broker is personally liable to the insured on all contracts of insurance unlawfully made by or through him or her directly or indirectly with any insurer not licensed to undertake insurance in the Northwest Territories in the same manner as if the agent or broker were the insurer."

"Every person who in the Northwest Territories does or causes to be done any act or thing mentioned in subsection 2(3) or (4) on behalf of or as agent of an insurer not licensed under this Act or who receives directly or indirectly any remuneration for so doing is guilty of an offence…"

"(3) An insurer undertaking insurance in the Northwest Territories or that in the Territories,


shall be deemed to be an insurer carrying on business in the Territories within the meaning of this Act.

(4) Any club, society or association incorporated or unincorporated that receives, either as trustees or otherwise, contributions or money from its members out of which gratuities or benefits are paid directly or indirectly on the death of its members, or any of them, shall be deemed to be an insurer carrying on business in the Northwest Territories within the meaning of this Act."

"Where the subject-matter of a contract of insurance is property in the Northwest Territories or an insurable interest of a person resident in the Territories, the contract of insurance, if signed, countersigned, issued or delivered in the Territories or committed to the post office or to any carrier, messenger or agent to be delivered or handed over to the insured, his or her assign or agent in the Territories shall be deemed to evidence a contract made in the Territories, and the contract shall be construed according to the law of the Territories, and all moneys payable under the contract shall be paid at the office of the chief officer or agent in the Territories of the insurer in lawful money of Canada."

"Notwithstanding anything in this Act, any person may insure property situated in the Northwest Territories against fire with an unlicensed insurer, and any property insured or to be insured under this section may be inspected and any loss incurred in respect of that property adjusted, if that insurance is effected outside the Territories and without any solicitation directly or indirectly on the part of the insurer."

"224. (1) If sufficient insurance in respect of any matter or thing in the Northwest Territories cannot be obtained from insurers licensed to do business in the Territories, any licensed broker may place insurance with unlicensed insurers.

(2) Before placing insurance with an unlicensed insurer, a broker shall obtain from the insured a signed and dated statement


(3) A broker shall, within 10 days after the placing of the insurance with an unlicensed insurer, submit to the Superintendent


(4) A broker shall keep a separate account of insurance placed by the broker under his or her licence and keep the accounts open to inspection by the Superintendent or any person authorized by the Superintendent.

(5) Within 10 days after the end of each month, a broker shall make a return under oath to the Superintendent in the form and manner required by the Superintendent, containing particulars of all insurance placed under subsection (1) by the broker during the month.

(6) In respect of all premiums on insurance placed under subsection (1), a broker shall pay to the Superintendent, at the time of making a monthly return, the taxes that would be payable if the premiums had been received by a licensed insurer.

(7) On it being shown to the satisfaction of the Superintendent that all insurance placed under subsection (1) by a broker is no longer in force or has been reinsured, the broker is entitled to a release or cancellation of his or her security.

(8) Every broker who contravenes this section forfeits his or her licence and is guilty of an offence."

"(1) If sufficient insurance in respect of any matter or thing in the Northwest Territories cannot be obtained from insurers licensed to do business in the Territories, any licensed broker may place insurance with unlicensed insurers.

(2) Before placing insurance with an unlicensed insurer, a broker shall obtain from the insured a signed and dated statement


(3) A broker shall, within 10 days after the placing of the insurance with an unlicensed insurer, submit to the Superintendent


(4) A broker shall keep a separate account of insurance placed by the broker under his or her licence and keep the accounts open to inspection by the Superintendent or any person authorized by the Superintendent.

(5) Within 10 days after the end of each month, a broker shall make a return under oath to the Superintendent in the form and manner required by the Superintendent, containing particulars of all insurance placed under subsection (1) by the broker during the month.

(6) In respect of all premiums on insurance placed under subsection (1), a broker shall pay to the Superintendent, at the time of making a monthly return, the taxes that would be payable if the premiums had been received by a licensed insurer.

(7) On it being shown to the satisfaction of the Superintendent that all insurance placed under subsection (1) by a broker is no longer in force or has been reinsured, the broker is entitled to a release or cancellation of his or her security.

(8) Every broker who contravenes this section forfeits his or her licence and is guilty of an offence."

"“business of insurance” means the business of insurance within the meaning of the Insurance Companies Act (Canada)"

"An agent or broker is personally liable to the insured on all contracts unlawfully made by or through him directly or indirectly with any insurer not licensed pursuant to Section 6 to carry on the business of insurance in the Province in the same manner as if such agent or broker were the insurer."

"(1) This Section does not apply to an insurer having its head office in the Province.

(2) No insurer shall insure real or personal property located in the Province against loss of or damage to such property arising from the peril of fire unless the policy, duplicate policy, or contract of fire insurance has been signed or countersigned by an agent licensed under this Act who is a resident of the Province and unless that agent receives the commission or a part thereof not less than five per cent of the premium paid covering that portion of the risk situate in the Province, when the premium is paid.

(3) This Section does not apply in respect of direct insurance covering property in transit that is in the possession and custody of common carriers, or moveable property of such common carriers used or employed by them in their business as common carriers."

"(1) This Part applies to insurance undertaken in Nunavut and to all insurers carrying on business in Nunavut.

(2) An insurer undertaking a contract that under this Act is deemed to be made in Nunavut, whether the contract is original or renewed, except the renewal from time to time of life insurance policies, shall be deemed to be undertaking insurance in Nunavut within the meaning of this Part.

(3) An insurer undertaking insurance in Nunavut or that in Nunavut,

shall be deemed to be an insurer carrying on business in Nunavut within the meaning of this Act."

"An agent or broker is personally liable to the insured on all contracts of insurance unlawfully made by or through him or her directly or indirectly with any insurer not licensed to undertake insurance in Nunavut in the same manner as if the agent or broker were the insurer."

"Every person who in Nunavut does or causes to be done any act or thing mentioned in subsection 2(3) or (4) on behalf of or as agent of an insurer not licensed under this Act or who receives directly or indirectly any remuneration for so doing is guilty of an offence…"

"(3) An insurer undertaking insurance in Nunavut or that in Nunavut,


shall be deemed to be an insurer carrying on business in Nunavut within the meaning of this Act.

(4) Any club, society or association incorporated or unincorporated that receives, either as trustees or otherwise, contributions or moneys from its members out of which gratuities or benefits are paid directly or indirectly on the death of its members, or any of them, shall be deemed to be an insurer carrying on business in Nunavut within the meaning of this Act."

"Where the subject-matter of a contract of insurance is property in Nunavut or an insurable interest of a person resident in Nunavut, the contract of insurance, if signed, countersigned, issued or delivered in Nunavut or committed to the post office or to any carrier, messenger or agent to be delivered or handed over to the insured, his or her assign or agent in Nunavut shall be deemed to evidence a contract made in Nunavut, and the contract shall be construed according to the law of Nunavut, and all moneys payable under the contract shall be paid at the office of the chief officer or agent in Nunavut of the insurer in lawful money of Canada."

"Despite anything in this Act, any person may insure property situated in Nunavut against fire with an unlicensed insurer, and any property insured or to be insured under this section may be inspected and any loss incurred in respect of that property adjusted, if that insurance is effected outside Nunavut and without any solicitation directly or indirectly on the part of the insurer."

"(1) If sufficient insurance in respect of any matter or thing in Nunavut cannot be obtained from insurers licensed to do business in Nunavut, any licensed broker may place insurance with unlicensed insurers.

Statement of insured

(2) Before placing insurance with an unlicensed insurer, a broker shall obtain from the insured a signed and dated statement


(3) A broker shall, within 10 days after the placing of the insurance with an

unlicensed insurer, submit to the Superintendent


(4) A broker shall keep a separate account of insurance placed by the broker under his or her licence and keep the accounts open to inspection by the Superintendent or any person authorized by the Superintendent.

(5) Within 10 days after the end of each month, a broker shall make a return under oath to the Superintendent in the form and manner required by the Superintendent, containing particulars of all insurance placed under subsection (1) by the broker during the month.

(6) In respect of all premiums on insurance placed under subsection (1), a broker shall pay to the Superintendent, at the time of making a monthly return, the taxes that would be payable if the premiums had been received by a licensed insurer.

(7) On it being shown to the satisfaction of the Superintendent that all insurance placed under subsection (1) by a broker is no longer in force or has been reinsured, the broker is entitled to a release or cancellation of his or her security.

Forfeiture of licence

(8) Every broker who contravenes this section forfeits his or her licence and is guilty of an offence."

"(1) If sufficient insurance in respect of any matter or thing in Nunavut cannot be obtained from insurers licensed to do business in Nunavut, any licensed broker may place insurance with unlicensed insurers.

Statement of insured

(2) Before placing insurance with an unlicensed insurer, a broker shall obtain from the insured a signed and dated statement


(3) A broker shall, within 10 days after the placing of the insurance with an

unlicensed insurer, submit to the Superintendent


(4) A broker shall keep a separate account of insurance placed by the broker under his or her licence and keep the accounts open to inspection by the Superintendent or any person authorized by the Superintendent.

(5) Within 10 days after the end of each month, a broker shall make a return under oath to the Superintendent in the form and manner required by the Superintendent, containing particulars of all insurance placed under subsection (1) by the broker during the month.

(6) In respect of all premiums on insurance placed under subsection (1), a broker shall pay to the Superintendent, at the time of making a monthly return, the taxes that would be payable if the premiums had been received by a licensed insurer.

(7) On it being shown to the satisfaction of the Superintendent that all insurance placed under subsection (1) by a broker is no longer in force or has been reinsured, the broker is entitled to a release or cancellation of his or her security.

Forfeiture of licence

(8) Every broker who contravenes this section forfeits his or her licence and is guilty of an offence."

"(1) This Part applies to insurance undertaken in Ontario and to all insurers carrying on business in Ontario.

(2) An insurer undertaking a contract of insurance that under this Act is deemed to be made in Ontario, whether the contract is original or renewed, except the renewal from time to time of life insurance policies, shall be deemed to be undertaking insurance in Ontario within the meaning of this Part.

(3) An insurer undertaking insurance in Ontario or that in Ontario sets up or causes to be set up a sign containing the name of an insurer, or that in Ontario maintains or operates, either in its own name or in the name of its agent or other representative, an office for the transaction of the business of insurance either in or out of Ontario, or that in Ontario distributes or publishes or causes to be distributed or published any proposal, circular, card, advertisement, printed form or like document, or that in Ontario makes or causes to be made any written or oral solicitation for insurance, or that in Ontario issues or delivers any policy of insurance or interim receipt or collects or receives or negotiates for or causes to be collected or received or negotiated for any premium for a contract of insurance or inspects any risk or adjusts any loss under a contract of insurance, or that prosecutes or maintains in Ontario an action or proceeding in respect of a contract of insurance, or a club, society or association incorporated or unincorporated that receives, either as trustees or otherwise, contributions or money from its members out of which gratuities or benefits are paid directly or indirectly upon the death of its members, or any of them, shall be deemed to be an insurer carrying on business in Ontario within the meaning of this Act."

"An agent or broker is personally liable to the insured on all contracts of insurance unlawfully made by or through the agent or broker directly or indirectly with any insurer not licensed to undertake insurance in Ontario in the same manner as if the agent or broker were the insurer."

"No person in Ontario shall do or cause to be done any act or thing mentioned in subsection 39(3) on behalf of or as agent of an insurer that is not licensed under this Act."

"Where the subject-matter of a contract of insurance is property in Ontario or an insurable interest of a person resident in Ontario, the contract of insurance, if signed, countersigned, issued or delivered in Ontario or committed to the post office or to any carrier, messenger or agent to be delivered or handed over to the insured or the insured’s assign or agent in Ontario shall be deemed to evidence a contract made therein, and the contract shall be construed according to the law thereof, and all money payable under the contract shall be paid at the office of the chief officer or agent in Ontario of the insurer in lawful money of Canada."

"(1) Except as provided in the regulations, no person shall provide long-term disability benefits in Ontario unless the benefits are payable under a contract of insurance undertaken by a licensed insurer.

(2) Subsection (1) does not apply in respect of any benefit provided under a registered pension plan within the meaning of subsection 248(1) of the Income Tax Act (Canada).

(3) In this section, "long-term disability benefits" means benefits under a benefit plan under which payments or benefits are payable to an individual for a period of not less than 52 weeks or until recovery, retirement or death, whichever period is shorter."

"Despite anything in this Act, any person may insure property situated in Ontario against fire with an unlicensed insurer, and any property insured or to be insured under this section may be inspected and any loss incurred in respect thereof adjusted, if such insurance is effected outside Ontario and without any solicitation whatsoever directly or indirectly on the part of the insurer."

"(1) A member shall not act or assist in the placing of insurance with an unlicensed insurer unless,


(2) A member shall not act or assist in the placement of automobile insurance with an unlicensed insurer except automobile insurance in excess of the minimum liability coverage required by the Insurance Act.

(3) A member who places insurance with an unlicensed insurer shall, within thirty days after the last day of March, June, September and December of each year,

"(1) A member shall not act or assist in the placing of insurance with an unlicensed insurer unless,


(2) A member shall not act or assist in the placement of automobile insurance with an unlicensed insurer except automobile insurance in excess of the minimum liability coverage required by the Insurance Act.

(3) A member who places insurance with an unlicensed insurer shall, within thirty days after the last day of March, June, September and December of each year,

"(1) Any insurer undertaking a contract of insurance which, under this Act, is deemed to be made in the province, whether the contract is original or a renewal, except the renewal of life insurance policies, is deemed to be undertaking insurance in the province within the meaning of this Part.

(2) Any insurer that within the province,

is deemed to be an insurer carrying on business in the province within the meaning of this Act."

"An agent or broker is personally liable to the insured on all contracts of insurance unlawfully made by or through him directly or indirectly with any insurer not licensed to undertake insurance in the province, in the same manner as if the agent or broker were the insurer."

"Any person who, within the province, does or causes to be done any act or thing mentioned in section 20 on behalf of, or as agent of, an insurer not licensed under this Act, or who receives, directly or indirectly, any remuneration for so doing, is guilty of an offence…"

"(1) Any insurer undertaking a contract of insurance which, under this Act, is deemed to be made in the province, whether the contract is original or a renewal, except the renewal of life insurance policies, is deemed to be undertaking insurance in the province within the meaning of this Part.

(2) Any insurer that within the province,


is deemed to be an insurer carrying on business in the province within the meaning of this Act."

"Where the subject matter of a contract of insurance is property in the province, or an insurable interest of a person resident within the province, the contract, if signed, countersigned, issued or delivered in the province or committed to the post office or to any person to be delivered to the insured, his assign or agent in the province shall be deemed to evidence a contract made therein, and be construed according to the law thereof, and all moneys payable thereunder shall be paid at the head office or chief agency of the insurer in the province, in lawful money of Canada."

"(1) No person in the province shall enter into a contract of insurance with an insurer not licensed under this Act, except through a special broker duly licensed. Agents & Brokers Module.

"(1) Where sufficient insurance on property in the province at reasonable rates of insurance in the form required by the insurer cannot be obtained by the insured from insurers licensed to do business in the province, a special insurance broker, duly licensed (Agents & Brokers Module), may effect insurance with unlicensed insurers, but shall in the case of every contract so effected obtain from the insured a signed and dated statement describing the property insured, its location and the amount of insurance required, and stating that the insurance cannot be obtained in licensed companies and that the application for such insurance at the stated rate of premium was previously made to and refused by named companies licensed in the province.

(2) Such broker shall, within ten days after the placing of such insurance with unlicensed insurers, submit to the Superintendent a statement setting forth the name of the insured, the property insured and its location, the full names of the unlicensed insurers, and the amount of insurance placed with each and the rate and amount of premium paid to each.

(3) Every such broker shall keep a separate account of insurance effected by him under his license in books in the form prescribed by the Superintendent, which shall be open to inspection by the Superintendent or any of his officers.

(4) Within ten days after the end of each month every such broker shall make to the Superintendent a return under oath in the form and manner by him prescribed, containing particulars of all insurance effected by him under this section during such month."

"A special insurance broker shall accept applications for insurance with unlicensed insurers only from the insured or another licensed broker, and shall not receive any such application from, or pay or allow compensation or anything of value in respect of such application to, an agent or broker not licensed under this Act, and any contract of insurance with an unlicensed insurer made by or through any agent or broker not licensed under this section shall be deemed to be unlawfully made."

"(1) No person in the province shall enter into a contract of insurance with an insurer not licensed under this Act, except through a special broker duly licensed. (Agents & Brokers)."

"(1) Where sufficient insurance on property in the province at reasonable rates of insurance in the form required by the insurer cannot be obtained by the insured from insurers licensed to do business in the province, a special insurance broker, duly licensed, (Agents & Brokers) may effect insurance with unlicensed insurers, but shall in the case of every contract so effected obtain from the insured a signed and dated statement describing the property insured, its location and the amount of insurance required, and stating that the insurance cannot be obtained in licensed companies and that the application for such insurance at the stated rate of premium was previously made to and refused by named companies licensed in the province.

(2) Such broker shall, within ten days after the placing of such insurance with unlicensed insurers, submit to the Superintendent a statement setting forth the name of the insured, the property insured and its location, the full names of the unlicensed insurers, and the amount of insurance placed with each and the rate and amount of premium paid to each.

(3) Every such broker shall keep a separate account of insurance effected by him under his license in books in the form prescribed by the Superintendent, which shall be open to inspection by the Superintendent or any of his officers.

(4) Within ten days after the end of each month every such broker shall make to the Superintendent a return under oath in the form and manner by him prescribed, containing particulars of all insurance effected by him under this section during such month."

"A special insurance broker shall accept applications for insurance with unlicensed insurers only from the insured or another licensed broker, and shall not receive any such application from, or pay or allow compensation or anything of value in respect of such application to, an agent or broker not licensed under this Act, and any contract of insurance with an unlicensed insurer made by or through any agent or broker not licensed under this section shall be deemed to be unlawfully made."

"(1) Where sufficient insurance on property in the province at reasonable rates of insurance in the form required by the insurer cannot be obtained by the insured from insurers licensed to do business in the province, a special insurance broker, duly licensed, (Agents & Brokers) may effect insurance with unlicensed insurers, but shall in the case of every contract so effected obtain from the insured a signed and dated statement describing the property insured, its location and the amount of insurance required, and stating that the insurance cannot be obtained in licensed companies and that the application for such insurance at the stated rate of premium was previously made to and refused by named companies licensed in the province.

(2) Such broker shall, within ten days after the placing of such insurance with unlicensed insurers, submit to the Superintendent a statement setting forth the name of the insured, the property insured and its location, the full names of the unlicensed insurers, and the amount of insurance placed with each and the rate and amount of premium paid to each.

(3) Every such broker shall keep a separate account of insurance effected by him under his license in books in the form prescribed by the Superintendent, which shall be open to inspection by the Superintendent or any of his officers.

(4) Within ten days after the end of each month every such broker shall make to the Superintendent a return under oath in the form and manner by him prescribed, containing particulars of all insurance effected by him under this section during such month."

"(1) No person in the province shall enter into a contract of insurance with an insurer not licensed under this Act, except through a special broker duly licensed. (Agents & Brokers)

"any person who directly or indirectly advertises or acts as an insurer, issues or undertakes to issue an insurance contract, receives premiums, assessments or other amounts under such a contract or to pay mutual benefits, or undertakes to pay insurance benefits or mutual benefits, excluding any professional syndicate authorized to exercise the powers provided in subparagraph 1 of section 9 of the Professional Syndicates Act (chapter S-40) or any person who, in the field of insurance, offers or enters into only contracts of additional warranty under which he binds himself towards another person to assume directly or indirectly, wholly or partly, the cost of repair or replacement of property or part of any property in case of defect or malfunction;"

"Notwithstanding any agreement to the contrary, a contract of insurance covering property or an interest situated in Québec, or that is subscribed in Québec by a person resident in Québec, is governed by the law of Québec if the policyholder applies for the insurance in Québec or the insurer signs or delivers the policy in Québec."

"Québec authorities also have jurisdiction to hear an action based on a contract of insurance where the holder, the insured or the beneficiary of the contract is domiciled or resident in Québec, the contract covers an insurable interest situated in Québec or the loss took place in Québec."

"41. Only a damage insurance broker acting for a firm, and who is authorized by the Authority to act as a special broker on the conditions determined by regulation of the Authority, may offer an insurance product from an outside insurer. The broker’s certificate shall include the relevant particulars.

No broker may pursue such activities unless the firm has met the requirements set out in the second paragraph of section 77.

An outside insurer is an insurer in damage insurance that does not hold a licence issued pursuant to the Act respecting insurance (chapter A-32).

42. No special broker may offer the products of an outside insurer, except in the fields of automobile insurance and surety insurance, unless justified by market scarcity.

43. Before placing a risk with an outside insurer, special brokers must give the client a written notice stating that the proposed insurer does not hold an insurance licence in Québec and has no establishment in Québec."

"1. A damage insurance broker is authorized to act as a special broker (Agents & Brokers Module) provided that the firm in which he is employed or on whose behalf he acts applies in writing to the Autorité des marchés financiers and provides, with the application, the following documents and information:


2. The firm on whose behalf the special broker acts must provide the Authority with a security guaranteeing the obligation of the outside insurers whose products the special broker sells for a blanket amount of $100,000, regardless of the number of insurance contracts placed through a special broker.

3. Each month, the damage insurance broker authorized by the Authority to act as a special broker, must forward to the Authority the following documents and reports:


4. Every 6 months, a broker in damage insurance authorized by the Authority to act as a special broker shall forward a report to the Authority containing the following information:

"41. Only a damage insurance broker acting for a firm, and who is authorized by the Authority to act as a special broker on the conditions determined by regulation of the Authority, may offer an insurance product from an outside insurer. The broker’s certificate shall include the relevant particulars.

No broker may pursue such activities unless the firm has met the requirements set out in the second paragraph of section 77.

An outside insurer is an insurer in damage insurance that does not hold a licence issued pursuant to the Act respecting insurance (chapter A-32).

42. No special broker may offer the products of an outside insurer, except in the fields of automobile insurance and surety insurance, unless justified by market scarcity.

43. Before placing a risk with an outside insurer, special brokers must give the client a written notice stating that the proposed insurer does not hold an insurance licence in Québec and has no establishment in Québec."

"1. A damage insurance broker is authorized to act as a special broker (Agents & Brokers) provided that the firm in which he is employed or on whose behalf he acts applies in writing to the Autorité des marchés financiers and provides, with the application, the following documents and information:


2. The firm on whose behalf the special broker acts must provide the Authority with a security guaranteeing the obligation of the outside insurers whose products the special broker sells for a blanket amount of $100,000, regardless of the number of insurance contracts placed through a special broker.

3. Each month, the damage insurance broker authorized by the Authority to act as a special broker, must forward to the Authority the following documents and reports:


4. Every 6 months, a broker in damage insurance authorized by the Authority to act as a special broker shall forward a report to the Authority containing the following information:

"41. Only a damage insurance broker acting for a firm, and who is authorized by the Authority to act as a special broker on the conditions determined by regulation of the Authority, may offer an insurance product from an outside insurer. The broker’s certificate shall include the relevant particulars.

No broker may pursue such activities unless the firm has met the requirements set out in the second paragraph of section 77.

An outside insurer is an insurer in damage insurance that does not hold a licence issued pursuant to the Act respecting insurance (chapter A-32).

42. No special broker may offer the products of an outside insurer, except in the fields of automobile insurance and surety insurance, unless justified by market scarcity.

43. Before placing a risk with an outside insurer, special brokers must give the client a written notice stating that the proposed insurer does not hold an insurance licence in Québec and has no establishment in Québec."

"1. A damage insurance broker is authorized to act as a special broker (Agents & Brokers) provided that the firm in which he is employed or on whose behalf he acts applies in writing to the Autorité des marchés financiers and provides, with the application, the following documents and information:


2. The firm on whose behalf the special broker acts must provide the Authority with a security guaranteeing the obligation of the outside insurers whose products the special broker sells for a blanket amount of $100,000, regardless of the number of insurance contracts placed through a special broker.

3. Each month, the damage insurance broker authorized by the Authority to act as a special broker, must forward to the Authority the following documents and reports:


4. Every 6 months, a broker in damage insurance authorized by the Authority to act as a special broker shall forward a report to the Authority containing the following information:

"Where a person referred to in section 1171 is, at the time of the making of the insurance contract referred to therein, a financial institution, the person shall, when giving the notice referred to in subsection 1 of that section, pay to the Minister a compensation tax equal to 0.35% of the amount of the premium payable by the person and in respect of which a tax must be paid under that section..."

"(1) The Minister shall be informed of every insurance contract affecting property situated in Québec and made after 1 September 1947 with an insurance corporation that is not resident in Canada and has no office therein. Every person and officer, agent or employee of such person having knowledge of the facts, shall within 30 days notify the Minister in writing, under oath, of the amount of that insurance and of the amount of premiums which would have been required for such insurance had it been placed with an insurance corporation having an office or place of business in Québec.

(2) The person contemplated in subsection 1 shall, upon filing the notice mentioned therein, pay to the Minister the amount which he would be entitled to receive from a corporation having an office or place of business in Québec had that insurance been placed with such corporation. When such insurance is effected directly by the possessor of the property, the notice shall be sent and the tax paid by him; when it is effected through an agent or broker, the notice shall be sent and the tax paid by that agent or broker."

"Any person undertaking a contract of insurance that is made or deemed to be made in Saskatchewan, whether the contract is original or a renewal except the renewal from time to time of life insurance policies, shall be deemed to be transacting insurance in Saskatchewan and shall be subject to and comply with this Act."

"An agent is personally liable to the insured on any contract of insurance unlawfully effected by or through him directly or indirectly with any insurer not licenced to transact insurance in Saskatchewan, in the same manner as if the agent were the insurer."

"No agent shall effect a contract of insurance with an unlicensed insurer unless he is specifically authorized by his licence to engage in the insurance brokerage business and complies with section 465.

"(1) Where the subject matter of a contract of insurance is property or an insurable interest in property in Saskatchewan the contract, if signed, countersigned, issued or delivered in Saskatchewan or committed to the post office or to any person to be delivered to the insured, his assign or agent in Saskatchewan, shall be deemed to be a contract made in Saskatchewan, and the contract shall be construed according to the law thereof, and all moneys payable thereunder shall be paid at the head office or chief office of the insurer in Saskatchewan, in lawful money of Canada."

"(1) No insurer shall undertake a contract of fire or hail insurance upon property situated in Saskatchewan or described as situated therein, unless the contract, completed in accordance with this Act, is signed or countersigned by a licensed agent who is resident in Saskatchewan and who is to receive the commission or some part thereof when the premium stipulated in the contract is paid."

"463 Every person who enters into a contract of insurance with an unlicensed insurer shall pay to the superintendent a tax equivalent to 10% of the premium paid or payable or of the premium note given or of the mutual or other liability assumed under the contract, but if any part of the premium paid is refunded to him by the insurer the insured shall be entitled to a refund of the tax paid by him on the amount so refunded.

464 Every person who enters into a contract of insurance with an unlicensed insurer shall, unless the contract is effected by a licensed agent, forthwith deliver to the superintendent a return thereof in such form, and verified by affidavit or in such other manner, as the superintendent may determine, and remit therewith the amount of the tax payable."

"…provide reasons why insurance was not available at reasonable rates or on terms stipulated by the insured, including a list of companies licensed in Saskatchewan that stated they would not provide the above coverage".

"A licensed agent may act on behalf of a person, or assist a person, who wishes to enter into or renew a contract of insurance with an unlicensed insurer if:

"Within 10 days after the end of each month, a licensed agent acting pursuant to section 464.1 shall submit to the superintendent:

"463 Every person who enters into a contract of insurance with an unlicensed insurer shall pay to the superintendent a tax equivalent to 10% of the premium paid or payable or of the premium note given or of the mutual or other liability assumed under the contract, but if any part of the premium paid is refunded to him by the insurer the insured shall be entitled to a refund of the tax paid by him on the amount so refunded.

464 Every person who enters into a contract of insurance with an unlicensed insurer shall, unless the contract is effected by a licensed agent, forthwith deliver to the superintendent a return thereof in such form, and verified by affidavit or in such other manner, as the superintendent may determine, and remit therewith the amount of the tax payable."

"…provide reasons why insurance was not available at reasonable rates or on terms stipulated by the insured, including a list of companies licensed in Saskatchewan that stated they would not provide the above coverage".

"A licensed agent may act on behalf of a person, or assist a person, who wishes to enter into or renew a contract of insurance with an unlicensed insurer if:

(a) one of the following circumstances exists:


(b) before the person enters into a contract of insurance, the licensed agent obtains a copy of a document that:

"Within 10 days after the end of each month, a licensed agent acting pursuant to section 464.1 shall submit to the superintendent:

"463 Every person who enters into a contract of insurance with an unlicensed insurer shall pay to the superintendent a tax equivalent to 10% of the premium paid or payable or of the premium note given or of the mutual or other liability assumed under the contract, but if any part of the premium paid is refunded to him by the insurer the insured shall be entitled to a refund of the tax paid by him on the amount so refunded.

464 Every person who enters into a contract of insurance with an unlicensed insurer shall, unless the contract is effected by a licensed agent, forthwith deliver to the superintendent a return thereof in such form, and verified by affidavit or in such other manner, as the superintendent may determine, and remit therewith the amount of the tax payable."

"…provide reasons why insurance was not available at reasonable rates or on terms stipulated by the insured, including a list of companies licensed in Saskatchewan that stated they would not provide the above coverage".

(1) This Part applies to insurance undertaken in the Yukon and to all insurers carrying on business in the Yukon.

(2) An insurer undertaking a contract that under this Act is deemed to be made in the Yukon, whether the contract is original or renewed, except the renewal from time to time of life insurance policies, shall be deemed to be undertaking insurance in the Yukon within the meaning of this Part.

(3) An insurer undertaking insurance in the Yukon or that, in the Yukon,

shall be deemed to be an insurer carrying on business in the Yukon within the meaning of this Act."

"An agent or broker is personally liable to the insured on all contracts of insurance unlawfully made by or through them directly or indirectly with any insurer not licensed to undertake insurance in the Yukon in the same manner as if the agent or broker were the insurer."

"A person who in the Yukon does or causes to be done any act or thing mentioned in subsection 19(3) or (4) on behalf of or as agent of an insurer not licensed under this Act or who receives directly or indirectly any remuneration for so doing is guilty of an offence…"

"19(3) An insurer undertaking insurance in the Yukon or that, in the Yukon,


(4) Any club, society, or association incorporated or unincorporated that receives, either as trustees or otherwise, gratuities or benefits which are paid directly or indirectly on the death of its members, or any of them, shall be deemed to be an insurer carrying on business in the Yukon within the meaning of this Act."

"If the subject matter of a contract of insurance is property in the Yukon or an insurable interest of a person resident in the Yukon, the contract of insurance, if signed, countersigned, issued, or delivered in the Yukon or committed to the postal office or to any carrier, messenger or agent to be delivered or handed over to the insured, their assign or agent in the Yukon, shall be deemed to evidence a contract made therein, the contract shall be construed according to the law thereof, and all money payable under the contract shall be paid at the office of the chief officer or agent in the Yukon of the insurer in lawful money of Canada."

"Despite anything in this Act any person may insure property situated in the Yukon against fire with an unlicensed insurer, if that insurance is effected outside the Yukon and without any solicitation whatsoever directly or indirectly on the part of the insurer, and any property insured or to be insured under this section may be inspected and any loss incurred in respect thereof adjusted."

"(1) The superintendent may, on the payment of the prescribed fee, issue to any suitable person resident in or outside or the Yukon a licence to act as a special insurance broker (Agents & Brokers Module) to negotiate, continue or renew contracts of insurance in the Yukon, other than contracts of life insurance, with insurers not authorized to transact that business in the Yukon.

(2) The applicant for such a licence shall file with the superintendent a written application under oath as prescribed by subsection 235(2).

(3) If the superintendent is satisfied with the statements and information required by subsection (2), the superintendent shall issue the licence applied for, and the licence expires at any time the regulations provide unless sooner suspended or revoked.

(4) The superintendent may renew a licence issued pursuant to this section for each succeeding year on payment of the prescribed fee without requiring anew the detailed information specified by section 235.

(5) A person shall, before receiving the licence, execute and deliver to the superintendent security to the satisfaction of the superintendent in the sum of not less than $5,000 that the licensee will faithfully comply with this Act.

(6) If sufficient insurance in the Yukon cannot be obtained at reasonable rates or on the form of contract required by the insured from insurers licensed to do business in the Yukon, the person named in the license may effect insurance with unlicensed insurers, but shall in the case of every insurance effected under this section obtain from the insured a signed and dated statement describing the risk to be insured and the amount of insurance required and stating that the insurance cannot be obtained in licensed companies and that the application for the insurance at the stated rate of premium was previously made to and refused by named companies licensed in the Yukon, and the person named in the license shall, within 10 days after the placing of the insurance with unlicensed insurers, submit to the superintendent a statement setting forth the name of the insured, a description of the risk insured, the full names of the unlicensed insurers, and the amount of insurance placed with each and the rate and amount of premium paid to each.

(7) Such a licensee shall keep a separate account of insurance effected by the licensee under the license in books in the form prescribed by the superintendent, which shall be open to inspection by the superintendent or any officer appointed by the superintendent.

(8) Within 10 days after the end of each month every such licensee shall make to the superintendent a return under oath in the form and manner prescribed by the superintendent, containing particulars of all insurances effected under the section by the licensee during the month.

(9) In respect of all premiums on insurance effected under a licence, the licensee shall pay any taxes that would be payable if the premiums had been received by a licensed insurer, and payment thereof shall accompany the monthly return provided for in subsection (8).

(10) The licensee is entitled to a release or cancellation of their security if all insurances effected by them under this section are no longer in force or have been reinsured.

(11) A licensee under this section shall accept applications for insurance with unlicensed insurers only from the insured or another licensee under this section and shall not receive any such application from, or pay or allow compensation or anything of value in respect of those applications to an agent or broker not licensed under this section, and any contract of insurance with an unlicensed insurer made by or through any agent or broker not licensed under this section shall be deemed to be unlawfully made within the meaning of section 240.

(12) The superintendent may, for cause shown, revoke a licence issued under this section, or may suspend it for a period not exceeding the unexpired term thereof and may for cause shown revoke the licence while so suspended, and shall notify the licensee in writing of the revocation or suspension and the cause shown.

(13) A person licensed under this section who contravenes any of its provisions is guilty of an offence and, in addition of any other penalty, shall forfeit their licence."

"(1) The superintendent may, on the payment of the prescribed fee, issue to any suitable person resident in or outside or the Yukon a licence to act as a special insurance broker (Agents & Brokers) to negotiate, continue or renew contracts of insurance in the Yukon, other than contracts of life insurance, with insurers not authorized to transact that business in the Yukon.

(2) The applicant for such a licence shall file with the superintendent a written application under oath as prescribed by subsection 235(2).

(3) If the superintendent is satisfied with the statements and information required by subsection (2), the superintendent shall issue the licence applied for, and the licence expires at any time the regulations provide unless sooner suspended or revoked.

(4) The superintendent may renew a licence issued pursuant to this section for each succeeding year on payment of the prescribed fee without requiring anew the detailed information specified by section 235.

(5) A person shall, before receiving the licence, execute and deliver to the superintendent security to the satisfaction of the superintendent in the sum of not less than $5,000 that the licensee will faithfully comply with this Act.

(6) If sufficient insurance in the Yukon cannot be obtained at reasonable rates or on the form of contract required by the insured from insurers licensed to do business in the Yukon, the person named in the license may effect insurance with unlicensed insurers, but shall in the case of every insurance effected under this section obtain from the insured a signed and dated statement describing the risk to be insured and the amount of insurance required and stating that the insurance cannot be obtained in licensed companies and that the application for the insurance at the stated rate of premium was previously made to and refused by named companies licensed in the Yukon, and the person named in the license shall, within 10 days after the placing of the insurance with unlicensed insurers, submit to the superintendent a statement setting forth the name of the insured, a description of the risk insured, the full names of the unlicensed insurers, and the amount of insurance placed with each and the rate and amount of premium paid to each.

(7) Such a licensee shall keep a separate account of insurance effected by the licensee under the license in books in the form prescribed by the superintendent, which shall be open to inspection by the superintendent or any officer appointed by the superintendent.

(8) Within 10 days after the end of each month every such licensee shall make to the superintendent a return under oath in the form and manner prescribed by the superintendent, containing particulars of all insurances effected under the section by the licensee during the month.

(9) In respect of all premiums on insurance effected under a licence, the licensee shall pay any taxes that would be payable if the premiums had been received by a licensed insurer, and payment thereof shall accompany the monthly return provided for in subsection (8).

(10) The licensee is entitled to a release or cancellation of their security if all insurances effected by them under this section are no longer in force or have been reinsured.

(11) A licensee under this section shall accept applications for insurance with unlicensed insurers only from the insured or another licensee under this section and shall not receive any such application from, or pay or allow compensation or anything of value in respect of those applications to an agent or broker not licensed under this section, and any contract of insurance with an unlicensed insurer made by or through any agent or broker not licensed under this section shall be deemed to be unlawfully made within the meaning of section 240.

(12) The superintendent may, for cause shown, revoke a licence issued under this section, or may suspend it for a period not exceeding the unexpired term thereof and may for cause shown revoke the licence while so suspended, and shall notify the licensee in writing of the revocation or suspension and the cause shown.

(13) A person licensed under this section who contravenes any of its provisions is guilty of an offence and, in addition of any other penalty, shall forfeit their licence."

"(1) The superintendent may, on the payment of the prescribed fee, issue to any suitable person resident in or outside or the Yukon a licence to act as a special insurance broker (Agents & Brokers) to negotiate, continue or renew contracts of insurance in the Yukon, other than contracts of life insurance, with insurers not authorized to transact that business in the Yukon.

(2) The applicant for such a licence shall file with the superintendent a written application under oath as prescribed by subsection 235(2).

(3) If the superintendent is satisfied with the statements and information required by subsection (2), the superintendent shall issue the licence applied for, and the licence expires at any time the regulations provide unless sooner suspended or revoked.

(4) The superintendent may renew a licence issued pursuant to this section for each succeeding year on payment of the prescribed fee without requiring anew the detailed information specified by section 235.

(5) A person shall, before receiving the licence, execute and deliver to the superintendent security to the satisfaction of the superintendent in the sum of not less than $5,000 that the licensee will faithfully comply with this Act.

(6) If sufficient insurance in the Yukon cannot be obtained at reasonable rates or on the form of contract required by the insured from insurers licensed to do business in the Yukon, the person named in the license may effect insurance with unlicensed insurers, but shall in the case of every insurance effected under this section obtain from the insured a signed and dated statement describing the risk to be insured and the amount of insurance required and stating that the insurance cannot be obtained in licensed companies and that the application for the insurance at the stated rate of premium was previously made to and refused by named companies licensed in the Yukon, and the person named in the license shall, within 10 days after the placing of the insurance with unlicensed insurers, submit to the superintendent a statement setting forth the name of the insured, a description of the risk insured, the full names of the unlicensed insurers, and the amount of insurance placed with each and the rate and amount of premium paid to each.

(7) Such a licensee shall keep a separate account of insurance effected by the licensee under the license in books in the form prescribed by the superintendent, which shall be open to inspection by the superintendent or any officer appointed by the superintendent.

(8) Within 10 days after the end of each month every such licensee shall make to the superintendent a return under oath in the form and manner prescribed by the superintendent, containing particulars of all insurances effected under the section by the licensee during the month.

(9) In respect of all premiums on insurance effected under a licence, the licensee shall pay any taxes that would be payable if the premiums had been received by a licensed insurer, and payment thereof shall accompany the monthly return provided for in subsection (8).

(10) The licensee is entitled to a release or cancellation of their security if all insurances effected by them under this section are no longer in force or have been reinsured.

(11) A licensee under this section shall accept applications for insurance with unlicensed insurers only from the insured or another licensee under this section and shall not receive any such application from, or pay or allow compensation or anything of value in respect of those applications to an agent or broker not licensed under this section, and any contract of insurance with an unlicensed insurer made by or through any agent or broker not licensed under this section shall be deemed to be unlawfully made within the meaning of section 240.

(12) The superintendent may, for cause shown, revoke a licence issued under this section, or may suspend it for a period not exceeding the unexpired term thereof and may for cause shown revoke the licence while so suspended, and shall notify the licensee in writing of the revocation or suspension and the cause shown.

(13) A person licensed under this section who contravenes any of its provisions is guilty of an offence and, in addition of any other penalty, shall forfeit their licence."