General Principles (Insurance Law)
From Riverview Legal Group
Insurance Act, R.S.O. 1990, c. I.8
Authorization to Issue Insurance
42 (1) Upon due application and upon proof of compliance with this Act, the Chief Executive Officer may issue a licence to undertake contracts of insurance and carry on business in Ontario to any insurer coming within one of the following classes:
- 1. Joint stock insurance companies.
- 2. Mutual insurance corporations.
- 3. Cash-mutual insurance corporations.
- 4. Fraternal societies.
- 5. Repealed: 1997, c. 19, s. 10 (6).
- 6. Companies duly incorporated to undertake insurance contracts and not within classes 1 to 5.
- 7. Reciprocal insurance exchanges.
- 8. Underwriters or syndicates of underwriters operating on the plan known as Lloyds.
