Legislative Counsel Office

PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to May 30, 2012. It is intended for information and reference purposes only. This document is not the official version of the Act. The Act and the amendments as printed under the authority of the Queen’s Printer for the province should be consulted to determine the authoritative statement of the law. For more information concerning the history of this Act, please see the Table of Public Acts. If you find any errors or omissions in this consolidation, please contact: Legislative Counsel Office Tel: (902) 368-4291 Email: legislation@gov.pe.ca CHAPTER I-4 INSURANCE ACT 1. In this Act (a) “accident insurance” means insurance by which the insurer undertakes, otherwise than incidentally to some other class of insurance defined by or under this Act, to pay insurance money in the event of accident to the person insured, but does not include insurance by which the insurer undertakes to pay insurance money both in the event of death by accident and in the event of death from any other cause; (a.1) “accidental death insurance” means insurance undertaken by an insurer as part of a contract of life insurance whereby the insurer undertakes to pay an additional amount of insurance money in the event of the death by accident of the person whose life is insured; (a.2) “adjuster” means a person who, for compensation, not being a barrister or solicitor acting in the usual course of his profession or a trustee or an agent of the property insured, directly or indirectly solicits the right to negotiate the settlement of a loss under a contract of insurance on behalf of the insured or the insurer, or holds himself out as an adjuster of losses under such contracts; (b) “agent” means a person who, for compensation, solicits insurance on behalf of any insurer or transmits, for a person other than himself, an application for or a policy of insurance to or from such insurer or offers or acts or assumes to act in the negotiation of such insurance or in negotiating the continuance or renewal of other than life insurance contracts, but does not include a salaried employee of the insurer who does not receive commission or a salary in lieu thereof for negotiating such insurance; (b.1) “aircraft insurance” means insurance against loss of or damage to an aircraft and against liability for loss or damage to persons or property caused by an aircraft or by the operation thereof; (b.2) “appeal” includes a judicial revision or review of a judgment, decision, order, direction, determination, finding or conviction, and a case stated or reserved, and a removal of proceedings by way of certiorari or otherwise; (c) “automobile” includes a trolley bus and a self-propelled vehicle, and the trailers, accessories, and equipment of any of them but does Definitions accident insurance accidental death insurance adjuster agent aircraft insurance appeal automobile 1 2 Cap. I-4 Insurance Act automobile insurance boiler and machinery insurance broker chief agency contract court credit insurance disability insurance employees mutual benefit society not include railway rolling stock that runs on rails, or watercraft, or aircraft of any kind; (c.1) “automobile insurance” means insurance (i) against liability arising out of (A) bodily injury to or the death of a person, or (B) loss of or damage to property, caused by an automobile or the use or operation thereof, (ii) against loss of or damage to an automobile and the loss of use thereof, and includes insurance otherwise coming within the class of accident insurance where the accident is caused by an automobile or the use or operation thereof, whether liability exists or not, if the contract also includes insurance described in clause (a); (c.2) “boiler and machinery insurance” means insurance against loss or damage to property and against liability for loss or damage to persons or property through the explosion, collapse, rupture, or breakdown of, or accident to, boilers or machinery; (d) “broker” means a person who, for compensation, acts or aids in negotiating contracts of insurance or placing risks or effecting insurance, or in negotiating the continuance or renewal of such contracts for a person other than himself; (d.1) “chief agency” means the principal office or place of business in Prince Edward Island of any licensed insurer having its head office out of Prince Edward Island; (d.2) “contract” means a contract of insurance and includes a policy, certificate, interim receipt, renewal receipt, or writing evidencing the contract, whether sealed or not, and a binding oral agreement; (e) “court” means the Supreme Court; (e.1) “credit insurance” means insurance against loss to the insured through the insolvency or default of a person to whom credit is given in respect of goods, wares or merchandise; (e.2) “disability insurance” means insurance undertaken by an insurer as part of a contract of life insurance whereby the insurer undertakes to pay insurance money or to provide other benefits in the event that the person whose life is insured becomes disabled as a result of bodily injury or disease; (f) “employees mutual benefit society” means a society incorporated by the officers or officers and employees of a corporation for the purpose of providing support and pensions to such of the officers or employees as become incapacitated or as cease to be employed by 2 Insurance Act Cap. I-4 3 the corporation or for the purpose of paying pensions, annuities or gratuities to or for dependants of such officers or employees or funeral benefits upon the death of such officers or employees; (f.1) “employers’ liability insurance” means insurance (not being insurance incidental to some other class of insurance defined by or under this Act) against loss to an employer through liability for accidental injury to or death of an employee arising out of or in the course of his employment, but does not include workers’ compensation insurance; (f.2) “endowment insurance” means an undertaking to pay an ascertained or ascertainable sum at a fixed future date, if the person whose life is insured is then alive, or at his death, if he dies before such date; (g) “exchange” or “reciprocal or inter-insurance exchange” means a group of subscribers exchanging reciprocal contracts of indemnity or inter-insurance with each other through the same attorney; employers’ liability insurance endowment insurance exchange or reciprocal inter-insurance exchange (g.01) “Facility Association” means an association of insurers Facility Association referred to in subsection 21(2); (g.1) “fire insurance” means insurance (not being insurance incidental to some other class of insurance defined by or under this Act) against loss of or damage to property through fire, lightning or explosion due to ignition; (g.2) “foreign jurisdiction” includes any jurisdiction other than Prince Edward Island; (h) “fraternal society” means a society, order or association incorporated for the purpose of making with its members only and not for profit, contracts of life, accident or sickness insurance in accordance with its constitution, bylaws and rules and this Act; fire insurance foreign jurisdiction fraternal society (h.1) “guarantee insurance” means the undertaking to perform an guarantee insurance agreement or contract or to discharge a trust, duty or obligation upon default of the person liable for such performance or discharge, or to pay money upon such default or in lieu of such performance or discharge, or where there is loss or damage through such default and includes insurance against loss or liability for loss due to the invalidity of the title to any property or of any instrument or to any defect in such title or instrument, but does not include credit insurance; (h.2) “hail insurance” means insurance against loss of or damage to hail insurance growing crops caused by hail; 3 4 Cap. I-4 Insurance Act head office industrial contract inland transportation insurance insurance insurance fund insured insurer life insurance (i) “head office” means the place where the chief executive officer of an insurer transacts his business; (i.1) “industrial contract” means a contract of life insurance for an amount not exceeding $2,000, exclusive of any benefit, surplus, profit, dividend or bonus also payable under the contract, and which provides for payment of premiums at fortnightly or shorter intervals or, if the premiums are usually collected at the home of the insured at monthly intervals; (i.2) “inland transportation insurance” means insurance (other than marine insurance) against loss of or damage to property (i) while in transit or during delay incidental to transit, or (ii) where, in the opinion of the Superintendent, the risk is substantially a transit risk; (j) “insurance” means the undertaking by one person to indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of the insurance may be exposed, or to pay a sum of money or other thing of value upon the happening of a certain event; (j.1) “insurance fund” as applied to a fraternal society or as applied to any corporation not incorporated exclusively for the transaction of insurance, includes all money, securities for money and assets appropriated by the rules of the society or corporation to the payment of insurance liabilities or appropriated for the management of the insurance branch, department or division of the society, or otherwise legally available for insurance liabilities, but does not include funds of a trade union appropriated to or applicable for the voluntary assistance of wage earners unemployed or upon strike; (j.2) “insured” means a person insured by a contract whether named or not; (k) “insurer” includes any corporation, or any society or association incorporated or unincorporated, any fraternal society or person, or any underwriter or group of underwriters, that undertakes or effects, or agrees, or offers to undertake or effect, a contract of insurance; (k.1) “life insurance” means insurance whereby an insurer undertakes to pay insurance money (i) on death, or (ii) on the happening of an event or contingency dependent on human life, or (iii) at a fixed or determinable future time, or (iv) for a term dependent on human life, and without restricting the generality of the foregoing, includes 4 ... - tailieumienphi.vn