| Contact | Caroline Medwell |
| Title | Principal Rep in Ontario |
| Company Address | 37 Front Street East, Suite 200 |
| City, Province, Postal | Toronto, Ontario, M5E 1B3 |
| Country | Canada |
| Telephone | 416-923-7724 ext. 4428 |
| Toll Free | |
| Fax | 905-639-6962 |
| c.medwell@ocna.org | |
| Company Website | |
| Licence Class(es) | Liability |
| Licence Conditions | Subject to the following conditions; that the attorney shall file any proposed change in the insurance contract or the subscribers agreement with the Superintendent of Insurance, 90 days or such other period of time acceptable to the Superintendent, before the proposed change is to take effect. The Exchange shall not undertake any liability on a contract of indemnity, inter-insurance, or insurance until: (a) an opinion by an actuary as to the adequacy of provisions made for unearned premiums, unpaid claims and claims adjustment expenses is filed with the Superintendent; and (b)audited financial statements are filed with the Superintendent;and (c)the Exchange has satisfied the Superintendent that the initial premiums or deposits of subscribers will result in a surplus of assets over liabilities. these filings shall be as of 31 December, 1989 and the assets and lia- bilities shall be determined in the same manner as they are determined for purposes of the annual statement required under section 81 of the Insurance Act. At all times, premiums, deposits or other assessments of subscribers shall be sufficient to maintain a surplus of assets and liabilities that shall not be less than: (a) $150,000 from the date on which this licence is issued until 3l December, 1990; and (b) $200,000 from 1 January, 1991 to 31 December, 1991; and (c) $250,000 from 1 January, 1992. This condition is subject to review by the Superintendent each year, on or before the date of renewal. As of March 30. 2020 limited to dealing with existing policies and other existing contracts. |
