Department of Finance and Treasury Board - Financial institutions
Insurer Licence |
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Who Needs This Licence? |
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Any insurer that wants to carry
on business in Nova Scotia.
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Issuing Department
/ Agency: |
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Nova
Scotia Department of Finance and Treasury Board
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Where can you get this licence and / or further information? |
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Financial
Institutions Division
Finance and Treasury Board
Tel: 902-424-6331
Fax: 902-424-1298
e-mail: FININST@novascotia.ca
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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: |
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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
- 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;
- an affidavit or statutory declaration that the insurer is still
in existence and legally authorized to transact business;
- a certified copy of its last balance sheet and auditor's report;
- notice of the place where the head office of the insurer is situate,
if outside the Province;
- notice of the place where the chief agency or head office of the
insurer in the Province is to be situate;
- 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;
- a certified copy of the power of attorney to its Canadian chief
agent, if any;
- notice of appointment of chief agent or resident manager for the
Province;
- 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
- such other information as the Superintendent requires.
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Waiting Period: |
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10 business days
Provided that all the items that must accompany the application have been received
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Expiry & Renewal: |
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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.
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Price:
(No tax is charged) |
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- 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.
- 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.
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Related Requirements: |
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The business must be registered
with the Nova Scotia
Registry of Joint Stock Companies.
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Legislative Authority: |
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Insurance
Act, Revised Statutes of Nova Scotia, 1989, Chapter 231.
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