Insurance Agents Licensing Regulations

made under subsection 5(3) and Section 52 of the
Insurance Act
R.S.N.S. 1989, c. 231
O.I.C. 93-461A (May 31, 1993), N.S. Reg. 81/93
as amended up to O.I.C. 2003-416 (Oct. 10, 2003, effective Jan. 1, 2006), N.S. Reg. 172/2003

Definitions
1 In these regulations

(a) "agency" means a sole proprietorship, partnership or corporation which acts as an agent and which effects, negotiates, solicits or places a contract for insurance or renewal thereof;

(b) "agent" includes broker;

(ba) "LLQP" means the Life License Qualification Program conducted by an accredited course provider;
Clause 1(ba) added: O.I.C. 2003-50, N.S. Reg. 27/2003.

(bb) "CAIB Program" means the Canadian Association of Insurance Brokers educational program;
Clause 1(bb) added: O.I.C. 2003-416, N.S. Reg. 172/2003.

(bc) "CIP Program" means the Chartered Insurance Professionals educational program offered by the Insurance Institute of Canada;
Clause 1(bc) added: O.I.C. 2003-416, N.S. Reg. 172/2003.

(c) "trust account" means an account in a bank, trust company, loan company, or credit union which is separate and apart from all other accounts and designated as a trust account in which all monies paid to an agent on behalf of insurers or consumers are deposited and includes a receipt, certificate or other instrument issued by a chartered bank, trust or loan company, credit union, by the Government of Canada or of a province of Canada evidencing a deposit made in trust for a term not exceeding one year if the principal sum evidenced by the receipt, certificate or other instrument is redeemable on demand;

(d) "trust monies" means all monies received or receivable by an agent or agency in the course of business from the public on behalf of insurers and all monies received by the agency or agent on behalf of the public from insurers.     [ top ]

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