Part 1 — Licensing of Insurers and Reciprocal Insurance Exchanges Subpart 1 Licensing of Insurers Insurer's Duty to be Licensed
54 Sanctions affecting licences
(a) a licensed insurer or other person denies the Minister, the
Superintendent or an examiner access to any information,
records, documents or property that the Minister,
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Superintendent or examiner is authorized by this Act to have
access to,
(b) the holding body corporate of a licensed provincial company
fails to forward to the Minister audited financial statements
in accordance with a notice under section 43(3),
(c) a licensed insurer or other person contravenes
(i) an order of the Minister,
(ii) a decision of a review board under section 806, or
(iii) an order of the Cour t under section 767 or 809,
(d) a licensed insurer is convicted of an offence under section
511.1(7) or 605,
(e) grounds exist for the possession and control of the assets of
a provincial company by the Minister,
(f) a provincial company is carrying on or soliciting business in
any jurisdiction other than Alberta without first being
authorized to do so under the laws of that jurisdiction,
(g) a licensed insurer fails to comply with any term or condition
to which its licence is subject,
(h) a licensed insurer does not, for a period of 5 years or more,
engage in the business of insurance,
(i) a licensed insurer fails to comply with the provisions of Part
4, or
(j) the amount of a licensed ex tra-provincial company's base
capital at any time falls below the respective amount
specified in or under section 25(a),
the Minister may cancel, suspend or refuse to renew the licence of
the insurer, or may impose terms or conditions on its licence.
(2) Where the Minister proposes to act under subsection (1), the
Minister must give notice of that intention to the licensed insurer.
(3) If, in the Minister's opinion, the public interest may be
prejudiced or adversely affected by any delay in acting under
subsection (1), the Minister may, without notice, cancel or suspend
the licence of the insurer or impose terms or conditions on its
licence.
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(4) The Minister must forthwith give notice to the insurer of any
action taken under subsection (3).
(5) An insurer that receives a notice under subsection (2) or (4)
and who wishes to have a hearing before the Minister must serve a
written request for the hearing on the Minister within 15 days after
receipt of the notice.
(6) If an insurer requests a hearing in accordance with subsection
(5) in respect of an action taken by the Minister under subsection
(3), the Minister may, after giving the insurer an opportunity to be
heard, confirm the action taken or modify or reverse the action
taken.
(7) If an insurer requests a hearing in accordance with subsection
(5) in respect of the Minister's proposed action under subsection
(1), the Minister may, after giving the insurer an opportunity to be
heard, take any of the proposed actions set out in the notice with or
without modifications or decide not to take any of those actions.
(8) The Minister must publish in The Alberta Gazette notice of
every cancellation or suspension of a licence under this section.
RSA 2000 cI-3 s54;2003 c19 s32;2008 c19 s12