Part 1 — Licensing of Insurers and Reciprocal Insurance Exchanges Subpart 1 Licensing of Insurers Insurer's Duty to be Licensed
63 Special Brokers Insurance through special broker
undertake insurance in Alberta with an insured if
(a) the insurance cannot be obtained from licensed insurers,
(b) the insurance is effected th rough a person who holds a valid
and subsisting special broker's licence for that class of
insurance,
(c) before the insurance is under taken the special broker obtains
from the proposed insured a signed and dated document
(i) describing the nature and amount of the insurance
required, and
RSA 2000
(ii) stating that the insurance cannot be obtained from
licensed insurers and specifying the licensed insurers
who refused the proposed insured's application,
and
(d) before the insurance is undertaken the special broker
discloses in writing to the proposed insured that the
insurance will be placed with an unlicensed insurer.
(2) Despite section 18, a person may enter into or renew a contract
of insurance to insure a risk in Alberta with an unlicensed insurer
if, subject to subsection (2.1), the requirements of subsection (1)(a)
to (d) have been met.
(2.1) Subsection (1)(c) and (d) do not apply if
(a) the special broker is an affiliate of the insurance agent that
places the insurance, and
(b) the insurance is placed outside Alberta.
(3) This section does not apply to a contract of insurance that may
be evidenced by a motor vehicle liability policy.
RSA 2000 cI-3 s63;2008 c19 s14