Part 1 — Licensing of Insurers and Reciprocal Insurance Exchanges Subpart 1 Licensing of Insurers Insurer's Duty to be Licensed
101 Deficiency
minimum amount required under sections 99 and 100, the
subscribers or the principal attorney of the exchange must make up
the deficiency forthwith.
(2) If funds other than those that accrued from premiums of
subscribers are supplied to make up a deficiency, the funds must,
so long as a deficiency exists, be deposited and held for the benefit
of subscribers under the terms and conditions specified by the
Minister.
1999 cI-5.1 s101
RSA 2000
Investments
102(0.1) Every reciprocal insurance exchange that has its principal
office in Alberta must ensure that the funds of the exchange are
invested in accordance with Part 2, Subpart 11 as if the exchange
were a provincial company.
(1) Every reciprocal insurance exchange that has its principal
office in a province or territory other than Alberta must ensure that
the funds of the exchange that are required by the laws of the
province or territory in which the principal office is located to be
invested
(a) are invested in approved securities, and
(b) are within the limits for investments established by the laws
of that province or territory for reciprocal insurance
exchanges.
(2) Every reciprocal insurance exchange that has its principal
office outside Canada must ensure that the funds of the exchange
that are required by Part XIII of the Insurance Companies Act
(Canada) to be invested
(a) are invested in approved securities, and
(b) are within the limits for investments established by Part XIII
of the Insurance Companies Act (Canada).
RSA 2000 cI-3 s102;2013 c18 s8