74.3 (1) In this section, “insurance broker” means an insurance broker within the meaning of the Registered Insurance Brokers Act; (“courtier d’assurances”) “insurance contract” means a contract within the meaning of the Registered Insurance Brokers Act that is in respect of property situate in Ontario or a person resident in Ontario; (“contrat d’assurance”) “insured person” means, (a) an individual who is resident in Ontario and, through an insurance broker, enters into an insurance contract with an unlicensed insurer or pays a premium under the insurance contract, (b) a corporation that has a permanent establishment in Ontario and enters into an insurance contract with an unlicensed insurer or pays a premium under the insurance contract, or (c) any other person who, through an insurance broker, enters into an insurance contract with an unlicensed insurer or pays a premium under the insurance contract; (“assuré”) “net premiums” means, in respect of an insurance contract, the total amount of premiums paid less the amount of any premiums returned; (“primes nettes”) “unlicensed insurer” means a person who is an insurer within the meaning of the Insurance Act, but who does not hold a licence under that Act. (“assureur non titulaire d’un permis”)  1997, c. 43, Sched. A, s. 42 (1); 2004, c. 16, s. 2 (2). Amount of tax, insurance contracts with unlicensed insurers (2) The amount of tax payable under subsection 2 (2.2) by an insured person in respect of an insurance contract with an unlicensed insurer is the total of, (a) two per cent of the net premiums payable under the insurance contract, if the contract is for accident and sickness insurance, or three per cent of the net premiums payable under the insurance contract, if the contract is for any other insurance; and (b) one-half of one per cent of the amount of net premiums payable under the insurance contract, if the contract is for property insurance.  1997, c. 43, Sched. A, s. 42 (1); 2004, c. 16, s. 2 (2); 2004, c. 31, Sched. 9, s. 37. Tax payment and collection of tax (3) If the insurance contract with the unlicensed insurer is entered into through an insurance broker, the tax payable under subsection 2 (2.2), (a) is payable at the time of payment of each premium under the insurance contract; and (b) shall be paid at that time to the insurance broker to whom the premium is paid, who shall act as agent of the Minister to collect the tax and pay it over to the Minister.  1997, c. 43, Sched. A, s. 42 (1); 2004, c. 16, s. 2 (2). Payment to the Minister (4) The amount of tax payable under subsection 2 (2.2) that an insurance broker is required to collect under this section shall be accounted for and paid over to the Minister by the insurance broker in the following manner: 1. The amount of tax collected by the insurance broker during a taxation year of the insurance broker shall be a debt due by the insurance broker to her Majesty in right of Ontario. 2. Instalments of tax payable under this Act by the insurance broker shall be calculated on the basis that the amount of tax the insurance broker is or will be required to collect during a taxation year is tax payable under Part IV by the insurance broker for that taxation year. 3. For the purposes of Parts V and VI, the tax required to be collected by the insurance broker during a taxation year shall be deemed to be tax payable under Part IV by the insurance broker for that taxation year and may be enforced and collected from the insurance broker by the Minister in the same way as any other tax that may be payable by the insurance broker under this Act.  1997, c. 43, Sched. A, s. 42 (1); 2004, c. 16, s. 2 (2). Same (5) If tax is payable by an insured person under subsection 2 (2.2) in respect of premiums paid on an insurance contract that was not entered into through an insurance broker, the tax, (a) shall be calculated on an annual basis in respect of all net premiums paid during a taxation year of the insured person; and (b) shall be paid to the Minister in the same manner as any other tax that may be imposed on the insured person under this Act for the taxation year.  1997, c. 43, Sched. A, s. 42 (1); 2004, c. 16, s. 2 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. A, s. 42 (1, 2) - 01/01/1998 2004, c. 16, s. 2 (2)
- 01/01/2004; 2004, c. 31, Sched. 9, s. 37 - 30/04/2007 Insurance exchange