A-33, r. 6.1 - Regulation respecting the practice of the profession of hearing-aid acoustician within a partnership or a joint-stock company

Section 10 Disposition versions

2016-01-01

10. The security must include

(1)  an undertaking by the insurer to pay in lieu of the partnership or joint-stock company, over and above the amount of the security to be furnished by the hearing-aid acoustician pursuant to the Regulation respecting the professional liability insurance of hearing-aid acousticians (chapter A-33, r. 2) up to the amount of the security, any sum that the partnership or joint-stock company may be legally bound to pay to an injured third party on a claim arising from fault on the part of a hearing-aid acoustician in the carrying on of professional activities within the partnership or joint-stock company;

(2)  an undertaking by the insurer to take up the cause of the partnership or joint-stock company and defend it in any action against it and to pay, in addition to the amounts covered by the security, all expenses and legal costs of actions against the partnership or joint-stock company, including those of the inquiry and defence and interest on the amount of the security;

(3)  an undertaking that the security is not less than $1,000,000 per claim and $5,000,000 for all claims filed against the partnership or joint-stock company within a 12-month coverage period;

(4)  an undertaking by the insurer or surety to give the secretary of the Order a 30-day prior notice before terminating or modifying the insurance or suretyship contract when the modification affects a condition set out in this section; and

(5)  an undertaking by the insurer or surety to provide the secretary of the Order with a notice that the insurance or suretyship contract has not been renewed; the notice must be sent within 15 days following the expiry of the contract.

The suretyship contract referred to in section 9 must be with a bank, savings and credit union, trust or insurance company and provide that the surety will provide the coverage in accordance with the conditions set out in this Regulation and will pay, by waiving the benefit of division and discussion, in lieu of the partnership or joint-stock company up to the amount of the suretyship.

O.C. 548-2010, s. 10; I.N. 2016-01-01 (NCCP).

2012-09-01

10. The security must include

(1)  an undertaking by the insurer to pay in lieu of the partnership or joint-stock company, over and above the amount of the security to be furnished by the hearing-aid acoustician pursuant to the Regulation respecting the professional liability insurance of hearing-aid acousticians (chapter A-33, r. 2) up to the amount of the security, any sum that the partnership or joint-stock company may be legally bound to pay to an injured third party on a claim arising from fault on the part of a hearing-aid acoustician in the carrying on of professional activities within the partnership or joint-stock company;

(2)  an undertaking by the insurer to take up the cause of the partnership or joint-stock company and defend it in any action against it and to pay, in addition to the amounts covered by the security, all legal costs of actions against the partnership or joint-stock company, including the costs of the inquiry and defence and interest on the amount of the security;

(3)  an undertaking that the security is not less than $1,000,000 per claim and $5,000,000 for all claims filed against the partnership or joint-stock company within a 12-month coverage period;

(4)  an undertaking by the insurer or surety to give the secretary of the Order a 30-day prior notice before terminating or modifying the insurance or suretyship contract when the modification affects a condition set out in this section; and

(5)  an undertaking by the insurer or surety to provide the secretary of the Order with a notice that the insurance or suretyship contract has not been renewed; the notice must be sent within 15 days following the expiry of the contract.

The suretyship contract referred to in section 9 must be with a bank, savings and credit union, trust or insurance company and provide that the surety will provide the coverage in accordance with the conditions set out in this Regulation and will pay, by waiving the benefit of division and discussion, in lieu of the partnership or joint-stock company up to the amount of the suretyship.

O.C. 548-2010, s. 10.