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Department of Finance and Treasury Board - Financial institutions

Insurer Licence

Who Needs This Licence?
Any insurer that wants to carry on business in Nova Scotia.
 
Issuing Department / Agency:
Nova Scotia Department of Finance and Treasury Board
 
Where can you get this licence and / or further information?

Financial Institutions Division
Finance and Treasury Board

Tel: 902-424-6331
Fax: 902-424-1298

e-mail:  FININST@novascotia.ca
 

Office Location:
Provincial Building
1723 Hollis Street, 4th Floor
Halifax, NS  B3J 1V9

Mailing Address:
PO Box 2271
Halifax, NS B3J 3C8

Application Forms & Process:

In order to licence an Insurer, please contact the Financial Institutions Division by visiting or writing the office listed above.

An applications form can be obtained from the following website:

The application is filed with the Superintendent of Insurance, who must be satisfied that the Insurance Company would provide a public benefit, is not objectionable, and would be successful.

Prior to the issuance of a license to an insurer, the insurer shall file with the Superintendent

  1. a certified copy of its Act of incorporation or charter or other documents of incorporation or formation which shall include its by-laws verified in a manner satisfactory to the Superintendent;

  2. an affidavit or statutory declaration that the insurer is still in existence and legally authorized to transact business;

  3. a certified copy of its last balance sheet and auditor's report;

  4. notice of the place where the head office of the insurer is situate, if outside the Province;

  5. notice of the place where the chief agency or head office of the insurer in the Province is to be situate;

  6. a statement showing the amount of capital of the insurer and the number of shares into which it is divided, the number of shares subscribed and the amount paid thereon;

  7. a certified copy of the power of attorney to its Canadian chief agent, if any;

  8. notice of appointment of chief agent or resident manager for the Province;

  9. a statement in such form as is required by the Superintendent of the condition and affairs of the insurer on the thirty-first day of December then last preceding or up to the usual balancing.
    day of the insurer or as the Superintendent requires; and

  10. such other information as the Superintendent requires.
Waiting Period:

10 business days
Provided that all the items that must accompany the application have been received
 

Expiry & Renewal:
Annual license or renewal fees of an insurer or inter-insurance exchange shall be due and payable on the anniversary of the date of incorporation or formation of the insurer. The renewal application must be accompanied by the applicable annual fee.
 
Price: (No tax is charged)
  1. Fees payable by an insurer or by an inter-insurance exchange upon application for a license or any renewal thereof are set out in Schedule "A" to the Regulations to the Insurance Act and are related to the class of Insurance for which the application is made.
     
  2. The total annual license or renewal fee payable by any insurer or inter-insurance exchange shall not exceed $1,990.45.

Please pay by cheque or money order to the Minister of Finance.
 

Related Requirements:

The business must be registered with the Nova Scotia Registry of Joint Stock Companies.
 

Legislative Authority:
Insurance Act, Revised Statutes of Nova Scotia, 1989, Chapter 231.
 




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