Part 1 — Licensing of Insurers and Reciprocal Insurance Exchanges Subpart 1 Licensing of Insurers Insurer's Duty to be Licensed
52 Extra-provincial companies
suspended with or without conditions under the laws of the
jurisdiction under which the company is incorporated, the Minister
must,
(a) if the jurisdiction cancelle d the licence, cancel the licence
held by the company under this Act, or
(b) if the jurisdiction suspende d the licence, suspend the licence
on the same conditions.
(2) If under the laws of the jurisdiction under which an
extra-provincial company is incorporated terms, conditions or
restrictions are imposed on its licence to carry on business in that
jurisdiction, the licence held by the company under this Act is
automatically subject to the same terms, conditions or restrictions
unless the Minister provides otherwise under subsection (3).
RSA 2000
(3) If the Minister suspends a licence under subsection (1) or if
subsection (2) applies, the Minister may make any modifications to
the terms, conditions or restrictions imposed under the laws of the
other jurisdiction that the Minister considers necessary to take into
account circumstances in Alberta.
(4) If under the laws of the jurisdiction under which an
extra-provincial company is incorporated a class of insurance is
deleted from its licence issued in that jurisdiction, the class of
insurance is automatically deleted from the licence held by the
company under this Act.
(5) The Minister may revive the licence of an extra-provincial
company that has been cancelled under subsection (1), delete or
vary terms or conditions imposed on the licence of an
extra-provincial company under subsection (2) or (3) or restore to
the licence of an extra-provincial company a class of insurance that
is deleted under subsection (4) if the revival, deletion, variance or
restoring occurs in the jurisdiction in which the extra-provincial
company is incorporated.
1999 cI-5.1 s52