CHAPTER 33. An Act respecting returns by certain persons and corporations receiving moneys on deposit at interest. 1. This Act may be cited as the Savings Deposits Returns Short title. Act. returns. 2. Every person, corporation or institution, except chartered Every person banks, receiving money in small sums, on deposit at interest as posits of sav. savings, shall make such returns as to such deposits, and the ings to make investment thereof, as the Governor in Council, from time to time, requires; and shall register with the Minister of Finance. and notify in such manner as the Governor in Council by order directs, the name of such person, corporation or institution, and that of the officer or person on whom process may be served. in any suit or proceeding. R.S., c. 126, s. 1. default. 3. Every wilful refusal or neglect to obey any order in Penalty in council made under this Act is an indictable offence. R.S., c. 126, s. 1. OTTAWA: Printed by SAMUEL EDWARD DAWSON, Law Printer to the King's most Excellent Majesty. 421 CHAPTER 34. An Act respecting Insurance. SHORT TITLE. 1. This Act may be cited as the Insurance Act. R.S., c. 124, Short title. 8. 1. INTERPRETATION. 2. In this Act, unless the context otherwise requires,— Definitions. 'Minister.' (b) 'Superintendent' means the Superintendent of Insur-Superin (a) Minister' means the Minister of Finance; ance; tendent.' (c) company' means and includes any corporation or any 'Company.' society or association, incorporated or unincorporated, or company.' any partnership carrying on the business of insurance; (d) Canadian company means a company incorporated 'Canadian or legally formed in Canada, for the purpose of carrying on the business of insurance in Canada, and which has its head office therein; 6 (e) agent' means the chief agent of the company in Agent.' Canada, named as such in the power of attorney hereinafter referred to, by whatever name he is designated; (f) chief agency' means the principal office or place of Chief business of the company in Canada; agency.' insurance.' (g) 'inland marine insurance' means marine insurance in ‘Inland respect to subjects of insurance at risk upon the waters marine of Canada, above the harbour of Montreal; (h) Canadian policy' or 'policy in Canada,' as regards 'Canadian life insurance, means a policy issued by any company policy in policy.' licensed under this Act to transact the business of life Canada.' insurance in Canada, in favour of any person or persons resident in Canada at the time when such policy was issued; Policy in (i) Canadian policy' or 'policy in Canada,' as regards Canadian fire and inland marine insurance, means a policy of insur- policy.' ance on any property within Canada issued by any com- Canada.'" pany licensed under this Act to transact the business of fire or inland marine insurance; (j) license' includes certificate of registration; 423 'License.' (k) (k) policy' includes a certificate of membership relating in any way to life insurance and any other written contract of insurance whether contained in one or more documents; (1) 'president,' as regards a company other than a Canadian company, means and includes the chairman, governor, manager or other principal officer thereof; (m) 'secretary' means and includes the officer by whom the usual duties of a secretary are performed; (n) guarantee insurance' means the guaranteeing of the fidelity of persons in positions of trust; (o) 'accident insurance' means insurance against bodily (r) inland transportation insurance' means insurance (s) sickness insurance' means insurance against loss through illness not ending in death, or disability not arising from accident or old age; (t) annual statement,' in the case of companies incorporated or legally formed elsewhere than in Canada and licensed under this Act, includes both the statement of the Canada business and of the general business of the company required by this Act to be made; (u) policyholder in Canada' means as respects life insurance any person in favour of whom any company licensed under this Act to transact the business of life insurance in Canada has, while such person was resident in Canada, issued a policy; (v) policyholder,' as respects life insurance when used in reference to the person to whom a tender is made by the Minister as hereinafter provided, upon a company which ceases to do business applying for a release of deposits, means the person to whom the policy is issued and with whom the contract for insurance is made and includes the assignee of such person; (w) in the sections of this Act respecting the valuation of policies of life insurance once in every five years and the action of the Superintendent on such valuation, and respecting the computing or estimating of the reserve necessary to be held in order to cover the liability of companies on their policies, the word 'policies includes annuity 424 annuity contracts. R.S., c. 124, s. 2; 57-58 V., c. 20, lending and 3. Nothing in this Act contained shall be deemed to Power of diminish, impair or in any way take away or limit any power investing by of lending or investing possessed on the eleventh day of August, company preserved. in the year one thousand eight hundred and ninety-nine, by any company in this Act mentioned or referred to, or to diminish or limit the period during which any such company might, by virtue of its corporate powers possessed on the said eleventh day of August, one thousand eight hundred and ninety-nine, hold any parcel of real estate or any interest therein. V., c. 13, ss. 8 and 9. 62-63 APPLICATION OF ACT. 4. The provisions of this Act shall not apply, (a) to any company transacting, in Canada, ocean marine Ocean insurance exclusively; or, marine. 22nd May, under pro (b) to any policy of life insurance in Canada, issued pre- Policies viously to the twenty-second day of May, in the year one prior to thousand eight hundred and sixty-eight, by any company 1868. which has not subsequently received a license; or, (c) to any company incorporated by an Act of the Legisla. Companies ture of the late province of Canada, or by an Act of the vincial Acts. legislature of any province now forming part of Canada, which carries on the business of insurance, wholly within the limits of the province by the legislature of which it was incorporated, and which is within the exclusive control of the legislature of such province; or, (d) to any society or association of persons for fraternal, Societies. benevolent, industrial or religious purposes, among which purposes is the insurance on the assessment system only of the lives of the members thereof exclusively; or, tion. (e) to any association for the purpose of life insurance Associations formed in connection with any society or association and in connecexclusively from its members, and which insures on the assessment system only the lives of such members exclusively; or, (f) to any society or organization exempted under this Exemptions. section by the Treasury Board from the provisions of this Act. or 2. Upon its being established to the satisfaction of the Societies for Treasury Board that the occupation of the members of any freevolent society or organization of persons for fraternal, benevolent, purposes. industrial or religious purposes, among which purposes is the granting of life, accident, sickness or disability insurance to the members thereof exclusively, is of such a hazardous nature that the members of such society or organization are either 425 wholly |