Part 1 — Licensing of Insurers and Reciprocal Insurance Exchanges Subpart 1 Licensing of Insurers Insurer's Duty to be Licensed
25 Base capital
provincial or extra-provincial company or federally authorized
company, the Minister must be satisfied that
(a) the amount of the company' s base capital is at least,
(i) for life companies, $5 000 000 or any greater amount
specified by the regulations, and
(ii) for property and casualty companies, $3 000 000 or any
greater amount specified by the regulations,
and
(b) the company's base capital is adequate, taking into account
the nature of the business that it proposes to engage in, the
expected volume of its business and any restrictions on its
business.
(2) If, at any time during a year, a provincial or extra-provincial
company or federally authorized company that is licensed ceases to
have an adequate base capital as required under subsection (1)(a),
the company must promptly
(a) give written notice of that fact to the Superintendent, and
(b) cease to undertake or to of fer to undertake insurance in
Alberta
until the Superintendent gives written notice to the company that
the Superintendent is satisfied that the company's base capital once
again meets the requirements of subsection (1)(a).
RSA 2000 cI-3 s25;2003 c40 s2;2013 c18 s2