Part 1 — Licensing of Insurers and Reciprocal Insurance Exchanges Subpart 1 Licensing of Insurers Insurer's Duty to be Licensed
80 Exception
located in Alberta, exchange a reciprocal contract that is a contract
of property insurance and that is part of an unlicensed reciprocal
insurance exchange if
(a) the exchange of the contracts is done for protection only and
not for profit,
(b) the contracts are e ffected outside Alberta,
(c) the exchange of contracts is effected without any solicitation
by the unlicensed reciprocal insurance exchange, and
(d) the person who owns the property, within 30 days after
signing the contract,
(i) notifies the Superintendent in writing under oath of the
terms of the contract, the persons with whom the
insurance is placed and the amount of premium paid or
payable or premium notes given or to be given or mutual
liability assumed in connection with the insurance, and
(ii) at the same time pays to the Minister a fee equal to 10%
of the premium paid or payable or premium notes given
or to be given or mutual liability assumed in connection
with the insurance.
(2) If the fee referred to in subsection (1)(d)(ii) is not paid within
30 days from the time when it becomes payable, a sum equal to
10% of the fee remaining unpaid becomes a penalty that forms a
part of the fee and is recoverable with the fee.
RSA 2000 cI-3 s80;2005 c27 s19;2008 c19 s16;2022 c11 s3