Canadian Life Line Limited Act, 1995

EXPLANATORY NOTE

The purpose of the Bill is set out in the Preamble.

Bill Pr1995

An Act respecting

Canadian Life Line Limited

Preamble

Canadian Life Line Limited has applied for special legislation to exempt it from the prohibition in the Insurance Act against persons, other than insurers, trading in insurance policies. The applicant represents that it was incorporated as a limited company under the law of the Province of Nova Scotia on January 4, 1995. The applicant further represents that it is not an insurer within the meaning of the Insurance Act.

It is appropriate to grant the application.

Therefore, Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

Exemption from s. 115 of the Insurance Act

1. (1) Despite section 115 of the Insurance Act, Canadian Life Line Limited and its duly authorized agents may advertise or hold out as a purchaser of life insurance policies or of benefits thereunder and may traffic or trade in life insurance policies for the purpose of procuring the sale, surrender, transfer, assignment, pledge or hypothecation thereof to Canadian Life Line Limited, its agent or any other person.

Definitions

(2) Words and expressions used in subsection (1) have the same meaning as they do in section 115 of the Insurance Act.

Commencement

2. This Act comes into force on the day it receives Royal Assent.

Short title

3. The short title of this Act is the Canadian Life Line Limited Act, 1995.