Part 1 — Licensing of Insurers and Reciprocal Insurance Exchanges Subpart 1 Licensing of Insurers Insurer's Duty to be Licensed
51 Suspension, Cancellation and Other Actions Affecting Insurers' Licences Federally authorized companies
Companies Act (Canada) that approves a federally authorized
company to carry on business or to insure risks in Canada.
(2) If the order of a federally authorized company is rescinded, the
licence of the company under this Act is automatically cancelled.
(3) The Minister must revive the licence of a federally authorized
company that has been cancelled under this section if the company
obtains a new order before the licence would have expired.
(4) If the authority to insure a class of risks is deleted from the
order of a federally authorized company, that class of insurance is
automatically deleted from the licence of the company under this
Act.
(5) The Minister must restore the class of insurance to the licence
of the federally authorized company referred to in subsection (4) if
the class of insurance is restored to the company's order before the
licence has expired.
1999 cI-5.1 s51