A-32 - Act respecting insurance

Section 277 Disposition versions

2004-12-17

277. Every insurer, other than a mutual benefit association, must establish provisions and reserves that are good and sufficient having regard to its obligations to the insured, and that conform to the following provisions:

(a)  the assumptions used to establish the provisions and reserves must be the assumptions that the actuary designated in accordance with Division III.1 of Chapter IV of this Title considers good and sufficient having regard to the insurer’s position and the insurance contracts, and considered appropriate by the Authority;

(b)  the computation methods used must be consistent with the regulations.

1974, c. 70, s. 277; 1979, c. 33, s. 24; 1984, c. 22, s. 61; 1996, c. 63, s. 50; 2002, c. 45, s. 243; 2004, c. 37, s. 90.

2004-02-01

277. Every insurer, other than a mutual benefit association, must establish provisions and reserves that are good and sufficient having regard to its obligations to the insured, and that conform to the following provisions:

(a)  the assumptions used to establish the provisions and reserves must be the assumptions that the actuary designated in accordance with Division III.1 of Chapter IV of this Title considers good and sufficient having regard to the insurer’s position and the insurance contracts, and considered appropriate by the Agency;

(b)  the computation methods used must be consistent with the regulations.

1974, c. 70, s. 277; 1979, c. 33, s. 24; 1984, c. 22, s. 61; 1996, c. 63, s. 50; 2002, c. 45, s. 243.

1996-12-23

277. Every insurer, other than a mutual benefit association, must establish provisions and reserves that are good and sufficient having regard to its obligations to the insured, and that conform to the following provisions:

(a)  the assumptions used to establish the provisions and reserves must be the assumptions that the actuary designated in accordance with Division III.1 of Chapter IV of this Title considers good and sufficient having regard to the insurer’s position and the insurance contracts, and considered appropriate by the Inspector General;

(b)  the computation methods used must be consistent with the regulations.

1974, c. 70, s. 277; 1979, c. 33, s. 24; 1984, c. 22, s. 61; 1996, c. 63, s. 50.

1984-06-20

277. Every insurer transacting damage insurance must maintain sufficient reserves to guarantee its obligations to its insured in accordance with the following provisions:

(a)  the assumptions used to establish the reserves must be those that the actuary appointed in accordance with the second paragraph of section 309 considers appropriate with regard to the financial condition of the insurer and its damage insurance contracts, and considered acceptable by the Inspector General;

(b)  the computation methods used must be consistent with the standards and methods established by regulation.

1974, c. 70, s. 277; 1979, c. 33, s. 24; 1984, c. 22, s. 61.

1979-06-22

277. Every insurer other than a mutual association transacting damage insurance must maintain sufficient reserves to guarantee its obligations to its insured persons and to cover:

(a)  unearned premiums;

(b)  outstanding losses and costs;

(c)  unreported losses;

(d)  reinsurance with unlicensed insurers; and

(e)  all other reserves prescribed by the regulations.

Such reserves must be computed in conformity with the standards and methods established by regulation.

1974, c. 70, s. 277; 1979, c. 33, s. 24.

1977-12-31

277. Every insurer other than a mutual association transacting damage insurance must maintain sufficient reserves to guarantee its obligations to its insured persons and to cover:

(a)  unearned premiums;

(b)  outstanding losses and costs;

(c)  unreported losses;

(d)  reinsurance with unlicensed insurers; and

(e)  all other reserves prescribed by the regulations.

Such reserves must be computed according to a system which allows a ready evaluation of the liabilities arising from policies issued by that insurer.

1974, c. 70, s. 277.