PART II GENERAL PROVISIONS APPLICABLE TO INSURERS
Capital requirements, etc.
48 (1) Repealed: 2019, c. 14, Sched. 9, s. 20. Capital requirements for joint stock Co. — insurance other than life (2) A licence shall not be granted to a joint stock insurance company unless the company furnishes to the Chief Executive Officer satisfactory evidence that if the company is applying for a licence to transact any insurance other than life insurance, the company has, in aggregate, a paid up capital and unimpaired surplus of not less than $3,000,000 or such greater amount as the Chief Executive Officer in the circumstances may require.  R.S.O. 1990, c. I.8, s. 48 (2); 1997, c. 28, s. 90; 2018, c. 8, Sched. 13, s. 22. Capital requirements for other insurers — insurance other than life (3) A licence shall not be granted to a mutual insurance corporation, a cash-mutual insurance corporation, an insurance company mentioned in paragraph 6 of subsection 42 (1), or to an underwriter or syndicate of underwriters operating on the plan known as Lloyds, except upon proof that the net surplus of assets over all liabilities exceeds the amount fixed by subsection (2) for the paid in capital stock of joint stock insurance companies, and that such net surplus of assets over all liabilities together with the contingent liability of members, if any, exceeds the amount fixed by subsection (2) for the paid up capital and surplus of joint stock insurance companies for the respective classes of insurance mentioned therein.  R.S.O. 1990, c. I.8, s. 48 (3). Exemption orders (4) On the report of the Chief Executive Officer, the Lieutenant Governor in Council may by order exempt an insurer from the minimum capital requirements set out in subsection (2) or (3), as the case may be, if the insurer is offering its services only within Ontario or if the insurer is offering a specialized or limited service that in the opinion of the Lieutenant Governor in Council does not require the support of higher capital requirements.  R.S.O. 1990, c. I.8, s. 48 (4); 2018, c. 8, Sched. 13, s. 22. Idem (5) An exemption under subsection (4) may be made subject to such conditions as the Lieutenant Governor in Council may impose.  R.S.O. 1990, c. I.8, s. 48 (5). Capital requirements for other insurers — life insurance (6) A licence shall not be granted to a mutual insurance corporation, a cash-mutual insurance corporation, an insurance company mentioned in paragraph 6 of subsection 42 (1), a reciprocal insurance exchange, or to an underwriter or syndicate of underwriters operating on the plan known as Lloyds, not licensed on the 30th day of June, 1971, except upon proof that the net surplus of assets over all liabilities exceeds the amount fixed by subsection (1) for the paid in capital stock of joint stock insurance companies, and that such net surplus of assets over all liabilities together with the contingent liability of members, if any, exceeds the amount fixed by subsection (1) for the paid up capital and surplus of joint stock insurance companies for the respective classes of insurance mentioned therein.  R.S.O. 1990, c. I.8, s. 48 (6); 1999, c. 12, Sched. I, s. 4 (9). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 48 (6) of the Act is repealed. (See: 2019, c. 14, Sched. 9, s. 4) Application of subs. (3) (7) Subsection (3) does not apply to a mutual insurance corporation incorporated under the laws of Ontario that is a member of the Fire Mutuals Guarantee Fund.  1999, c. 12, Sched. I, s. 4 (10). (7.1) Repealed: 2019, c. 14, Sched. 9, s. 20. Application of other Parts (8) A licence shall not be granted to an insurer except upon proof that it has complied with the provisions of this Act and the regulations applicable to it.  R.S.O. 1990, c. I.8, s. 48 (8). (9) Repealed: 2019, c. 14, Sched. 9, s. 20. Evidence by insurer when head office is outside Ontario (10) Where the head office of an applicant for a licence under this Act is situate out of Ontario, a licence shall not be granted except upon proof of its ability to provide for the payment at maturity of all its contracts, but the Chief Executive Officer may accept as sufficient the fact that it is licensed by any other government in Canada.  R.S.O. 1990, c. I.8, s. 48 (10); 2018, c. 8, Sched. 13, s. 22. Licence of extra-provincial corporation (11) A licence shall not be granted to a corporation that is incorporated under the law of a province other than Ontario unless its head office and chief place of business is situate in that province.  R.S.O. 1990, c. I.8, s. 48 (11). Section Amendments with date in force (d/m/y) 1997, c. 28, s. 90 - 01/07/1998; 1999, c. 12, Sched. I, s. 4 (9) - 01/01/2001; 1999, c. 12, Sched. I, s. 4 (10) - 22/12/1999 2002, c. 18, Sched. H, s. 4 (9) - 30/04/2007 2018, c. 8, Sched. 13, s. 22 - 08/06/2019 2019, c. 14, Sched. 9, s. 4 - not in force; 2019, c. 14, Sched. 9, s. 20 - 10/12/2019