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MHHS Minimum Housing and Health Standards

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Insurance Act

Chapter I-3 · Current to 2026-05-14 · Official PDF

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1 Interpretation Definitions 2 Adjuster 3 Affiliate 4 Beneficial ownership 5 Control 6 Holding body corporate 7 Ordinarily resident in Canada 8 Significant interest 9 Subsidiary 10 Substantial investment 11 Incorporated 13 Application Mutual benefit societies 14 Benefits provided under authority of federal Act 15 Benefit plans for medical care, accident and sickness benefits 15.1 Employee benefit schemes for income replacement 16 Regulations 16.1 Crown Immunity Crown immunity

Part 1 — Licensing of Insurers and Reciprocal Insurance Exchanges Subpart 1 Licensing of Insurers Insurer's Duty to be Licensed

17 Undertaking insurance and carrying on business 18 Requirement for licence 19 Licensing Requirements Types of insurers 20 Application requirements 21 Names 23 First licence of provincial company 24 Ability to carry on class of insurance 25 Base capital 26 Compliance with market conduct laws 27 Issuing licence 28 Notice of licence 29 Expiry 30 Renewal of licence 31 Duty on expiration of licence 32 Terms and conditions 33 Automobile insurance 34 Classes of Insurance Classes of insurance 35 Restriction on classes of insurance 36 Prohibited activities 37 Scope of insurance 39 Attorney for Service Attorney for service 40 Attorney's change of address 41 Change in attorney 42 No attorney for service 43 Reporting Requirements Annual financial statements 44 Annual return 45 Change in officials 46 Report on business particulars 47 Records to be filed 48 Audit of records 49 Other information - licensed insurers 50 Additional information 51 Suspension, Cancellation and Other Actions Affecting Insurers' Licences Federally authorized companies 52 Extra-provincial companies 53 Cancellation on request 54 Sanctions affecting licences 55 Non-payment of claims 56 Effect of cancellation or suspension 57 Provisional liquidator 58 Remuneration of provisional liquidator 59 Municipal Licensing Fees Exemption from certain fees 60 Regulations Regulations 61 Subpart 2 Exceptions Unsolicited Insurance Unsolicited insurance 62 Reinsurance Reinsurance 63 Special Brokers Insurance through special broker 64 Certificate of authority 65 Financial guarantee 66 Application for special broker's licence 67 Issuing certificates 68 Terms and conditions 69 Expiration 70 Status of certificate of authority 71 Reporting requirements 72 Payments in respect of premiums 73 Records 74 Financial guarantee not in force 75 Using different names 76 Release of financial guarantee 77 Regulations Regulations 78 Subpart 3 Licensing of Reciprocal Insurance Exchanges Definitions 79 Licence required 80 Exception 81 Classes of insurance 82 Automobile insurance 83 Property insurance 84 Application for licence 85 Name of exchange 86 Issuing licence 87 Notice of licence 88 Premium deposit 89 Management of exchange 90 Term of licence 91 Annual return 92 Signing contracts 93 Court action 94 Attorney for service 95 Attorney's change of address 96 Change in attorney for service 97 No attorney for service 98 Requirements for property insurance 99 Amount of reserve 99.1 Temporary exclusion from premium calculation 100 Guarantee fund 101 Deficiency 103 Contracts 104 Reinsurance 105 Suspension or cancellation of licence 105.1 Information to Minister 106 Regulations

Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies

107 Capacity of provincial company 108 Constructive notice 109 Authority of directors, officers and agents 110 Main business 111 Networking 112 Life insurance 113 Security interests 114 Beneficial interests 115 Debt obligations 116 Guarantees 117 Segregated Funds Segregated funds restricted to life companies 118 Where segregated funds required 119 Creation and maintenance of segregated funds 120 Transfers from segregated funds 121 Claims against segregated funds 122 Restriction of claims 123 Regulations Regulations 124 Subpart 2 Incorporation, Fundamental Changes and Dissolution of Provincial Companies Alberta insurers 125 Division 1 Incorporation Application 126 Factors to be considered 127 Incorporation 128 Contents of certificate of incorporation 129 Notice of incorporation 130 First directors 131 Effective date of incorporation 132 Division 2 Organization and Commencement after Incorporation First directors' meeting 133 Calling shareholders' meeting 134 Term of first directors 135 Carrying on of business 136 Expenses charged to capital 137 No payments until licensed 138 Deposits and investments 139 Time limit to acquire licence 140 Allowed disbursements 141 Division 3 Continuance into Alberta Restriction on continuance 142 Continuance from another jurisdiction 143 Certificate of continuance 144 Effect of certificate of continuance 145 Notice of continuance 146 Effects of continuance 147 Division 4 Continuance out of Alberta Continuance in another jurisdiction 148 Requirements for other jurisdiction's law 149 Abandoning application 150 Certificate of discontinuance 151 Division 5 Mutualization Conversion into mutual provincial company 152 Regulations 153 Payment 154 Division 6 Demutualization Conversion into provincial company with common shares 155 Regulations 156 Division 7 Change of Name, Financial Year and Terms and Conditions Change of name and financial year 157 Changing terms and conditions 158 Proposal to amend 159 Division 8 Amalgamation Amalgamation 160 Amalgamation agreement 161 Minister's approval 162 Regulations 163 Policyholder and shareholder approval 164 Joint application to Minister 165 Certificate of amalgamation 166 Effect of certificate 167 Transitional 168 Notice to other jurisdiction 169 Division 9 Provincial Company Amalgamating Under the Laws of Another Jurisdiction Amalgamation agreement 170 Notice of intention 171 Participating policyholder and shareholder approval 172 Abandoning voting agreement 173 Application to Minister 174 Certificate of discontinuance 175 Division 10 Transfer of Business and Fundamental Reinsurance Interpretation 176 Notice of intention 177 Participating policyholder and shareholder approval 178 Abandoning agreement 179 Application to Minister 180 Federal and extra-provincial companies 181 Division 11 Dissolution and Revival Application 182 Insolvent provincial companies 183 Returns to Minister 184 Simple Dissolution No property and no liabilities 185 Property and liabilities 186 Application 187 Approval of Minister required 188 Certificate of dissolution 189 Court Supervised Liquidation Court supervision - voluntary liquidation 190 Court supervision - involuntary liquidation 191 Application by provisional liquidator 192 Effect of Court supervision 193 Powers of Court 194 Cessation of business and powers 195 Vacancy in liquidator's office 196 Duties and powers of liquidator 197 Reliance on statements 198 Examination of others 199 Costs of liquidation 200 Final accounts 201 Right to distribution of money 202 Final order 203 Certificate of dissolution 204 General Continuation of actions 205 Limitations on liability 206 Where creditor cannot be found 207 Custody of records after dissolution 208 Revival Revival 209 Division 12 Dissolution and Revival of Mutual Provincial Companies Insolvent mutual provincial companies 210 Regulations 211 Division 13 General Names 212 Regulations 213 Use of "insurance" in names 214 Rights preserved 215 Effective date of certificates 216 Subpart 3 Head Office, Records and Financial Statements Head office 217 Records 218 Access to records 219 Standards of financial reporting 220 Approval of annual financial statements 221 Distribution of financial statements 222 List of shareholders 223 Use of list 224 Dealing in lists 225 Information to be given to Minister by provincial companies 226 Records as evidence 227 Certificate of company as evidence 228 Notices to policyholders, shareholders, directors 229 Subpart 4 Capital Structure Definition 230 Application of Business Corporations Act 231 Requirements for Shares Non-par-value shares 232 Classes of shares 233 Mutual provincial companies - shares 234 Issue of shares 235 Capital account 236 Shares in series 237 Shareholder's pre-emptive right 238 Changes to Shares Changing shares 239 Class vote 240 Proposal to amend 241 Restriction on subordinated indebtedness 242 Other Matters Conversion privileges, options and rights 243 Prohibited shareholdings 244 Restrictions on acquisition of shares 245 Acquisition of own shares 246 Alternative acquisition of own shares 247 Redemption of shares 248 Donated and escrowed shares 249 Reduction of share capital 250 Adjustment of capital account 251 Enforceability of contract to purchase shares 252 Commission on sale of shares 253 Payment of dividend 254 Lien on share 255 Restrictions on issue, transfer 256 Interpretation 257 Constraints on ownership 258 Previous approval obtained 259 Shares to underwriter 260 Exception for small holdings 261 Increasing large holdings 262 Minister's approval 263 Minister's right to information 264 Exemption 265 Bylaws re shareholder information 266 Reliance on information 267 and Shareholders Division 1 Meetings and Voting Place of meetings 268 Calling meetings 269 Record date 270 Notice of meeting 271 Notice of adjourned meeting 272 Special business 273 Waiver of notice 274 Policyholder and shareholder proposals 275 Refusal of proposal 276 Policyholder and shareholder lists 277 Quorum 278 One shareholder meeting 279 Meeting by electronic means 280 One share - one vote 281 One participating policyholder - one vote 282 Changing policyholders' right to vote 283 Proposal to amend 284 Representative participating policyholder or shareholder 285 Joint voting policyholders or shareholders 286 Voting by hands or ballot 287 Resolution instead of meeting 288 Requisitioned meetings 289 Meeting called by Court 290 Disputed elections and appointments 291 Notice to Minister 292 Triennial solicitation of policyholders 293 Take-over Bids - Compulsory Purchase Application of Business Corporations Act 294 Participating Policies and Dividends Participating Account 295 Allocation of income 296 Allocation of expenses 297 Filing of allocation method 298 Review of allocation method 299 Regulations 300 Declaration of policy dividend or bonus 301 Division 2 Proxies and Proxy Solicitation Definitions 302 Appointing proxyholder 303 Deposit of proxies 304 Mandatory solicitation 305 Soliciting proxies 306 Attendance at meeting 307 Duty of registrant 308 Restraining order 309 Subpart 6 Directors and Officers Duties Duty to manage 310 Duty of care 311 Qualifications and Number of Directors Minimum number of directors 312 Disqualified persons 313 No requirement to hold shares or policies 314 Affiliated directors 315 Election and Tenure of Directors Number of directors 316 Changing number of directors 317 Proposal to amend 318 Term of directors 319 Determining election of directors 320 Cumulative voting 321 Class or series of shares 322 Re-election of directors 323 Incomplete Elections and Director Vacancies Void election or appointment 324 Ceasing to hold office 325 Removal of director 326 Statement of director 327 Circulation of statement 328 Shareholders or policyholders filling vacancy 329 Directors filling vacancy 330 Vacancy among shareholders' or policyholders' directors 331 Class vacancy 332 Unexpired term 333 Meetings of the Board Meeting of directors 334 Notice of meeting 335 Quorum 336 Resident Canadian majority 337 Electronic meeting 338 Resolution instead of meeting 339 Dissent of director 340 Meeting required by Minister 341 Bylaws Bylaws 342 Policyholder or shareholder proposal of bylaw 343 Minister to receive bylaws 344 Entitlement to copies of bylaws 345 Committees of the Board Committees 346 Audit committee 347 Conduct review committee 348 Authority of Directors and Officers Chief executive officer 349 Appointment of officers 350 Delegation 351 Remuneration 352 Validity of acts 353 Right to attend meetings 354 Conflicts of Interest Disclosure of interest 355 Voting 356 Continuing disclosure 357 Avoidance standards 358 Application to Court 359 Liability and Indemnification Liability for incorporation expenses 360 Liability for other matters 361 Contribution 362 Limitation 363 Liability for wages 364 Reliance on statement 365 Indemnification of directors and officers 366 Directors' and officers' insurance 367 Application to Court for indemnification 368 Subpart 7 Insider Trading Interpretation 369 Application 370 Civil liability 371 Subpart 8 Auditors Definition 372 Appointment of auditor 373 Designated individual 374 Qualifications of auditor 375 Revocation of auditor's appointment 376 Declaration of vacancy by Court 377 Ceasing to hold office 378 Filling vacancy 379 Statement of auditor 380 Duty of replacement auditor 381 Right to attend meetings 382 Right to information 383 Auditor's report 384 Requiring new financial statements 385 Report on director's statement 386 Report to officers 387 Auditor of subsidiaries 388 Calling meeting 389 Notice of errors 390 Auditor's report and extended examination 391 Protection from liability 392 Subpart 9 Actuaries Definition 393 Notice of appointment 394 Designated individual 395 Qualifications of actuary 396 Certain officers precluded 397 Chief financial officer 398 Revocation of actuary's appointment 399 Declaration of vacancy by Court 400 Ceasing to hold office

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