Part 1 — Licensing of Insurers and Reciprocal Insurance Exchanges Subpart 1 Licensing of Insurers Insurer's Duty to be Licensed
74 Financial guarantee not in force
guarantee referred to in section 65 maintained in respect of that
licence is no longer in force, the special broker must immediately
notify the Minister, in writing, that the guarantee is not in force.
RSA 2000
(2) If, during the term of a special broker's licence, the financial
guarantee referred to in section 65 maintained in respect of the
licence is no longer in force, the licence is automatically suspended
unless, while the guarantee is in force, the special broker satisfies
the Minister that the special broker has obtained a new guarantee
that meets the requirements of section 65.
(3) The Minister must reinstate a special broker's licence that has
been suspended under subsection (2) if
(a) the broker submits an application for reinstatement to the
Minister,
(b) the broker satisfies the Mini ster that the broker has obtained
a new financial guarantee that meets the requirements of
section 65 before the licence would have expired, and
(c) the Minister is satisfied that the broker is in compliance with
the requirements of this Act and the regulations relating to
special brokers.
1999 cI-5.1 s74