action or proceeding either at Law or in Equitj, or to file any claim in Insolvency, without first obtaining a License from the Minister of Finance to carry on business in Canada; Proviso: as to existing policiesbut the premiums to become due on policies actually issued previous to this date, may continue to be received, and the losses arising thereon may be paid as if this Act had not been passed.
Minister of Finance to grant license, and when.3. The Minister of Finance shall issne such License as aforesaid, so soon as the Company applying for the same has deposited through him in the hands of the Receiver General, the sums of money or securities hereinafter mentioned and required, and such Licence shall specify the business to be carried on by the Company.
Deposit to be previously made by companies obtaining licenses.4. The deposit to be so made, as aforesaid, shall be as follows, to wit: by every Life, Fire, Inland Marine, Guarantee or Accident Insurance Company, a sum of not less than Fifty thousand Dollars, and such sum shall be deposited before the License is issued, Exception in favor of certain companies, who may deposit by instalments.except only in the case of Companies incorporated before the passing of this Act, by Act of the Parliament of Canada, or of the Legislature of any of the late Provinces of Canada, Lower Canada or Upper Canada, or of Nova Scotia or New Brunswick, or which may have been or may hereafter be incorporated by the Parliament of Canada or by the Legislature of any Province of the Dominion, and carrying on the business of Life or Fire Insurance or of Inland Marine Insurance or both the latter, but no other, which Companies may make such deposit in three equal annual instalments, the first of which shall be paid before the issue of the License, on or before the first day of August, one thousand eight hundred and sixty-nine.
Deposit for each branch of business.5. When any Company carries on more than one description of Insurance business, it shall make a separate deposit as aforesaid, for each Branch of its business; Proviso: as to combination of certain branches.Provided that a Company combining Life and Accident Insurance or Fire and Inland Marine Insurance shall only be required to make one deposit for each such combination of two branches of business; and with respect to any Insurance business other than those hereinbefore specified, the Minister of Finance may prescribe the amount of deposit which shall be required.
Additional obligation of a Company whose deposit is less than $100,000: to deposit certain moneys received from premiums.6. Except only as regards Companies entitled to make their deposits by instalments as aforesaid, whenever and so long as the deposit of any Company, under this Act, shall be less than one hundred thousand dollars, the Agent of such Company shall Send in yearly to the Minister of Finance, within one month after the first day of January of each year, returns under oath, of the amount of premiums received by the Company on risks in Canada, and after deducting twenty-five per cent, therefrom, and the net amount of losses or claims actually paid, shall deposit in the hands of the Receiver General for the purposes of this Act, and subject to its provisions, the balance of such
