Insurance Companies Act

Marginal note:Class of insurance

• 12 (1) A class of insurance is a class set out in the schedule.

• Marginal note:Reference to particular class

  (2) A reference in this Act to a particular class of insurance is a reference to the insurance of risks falling within that particular class determined in accordance with subsections (3) to (6) and the schedule.

• Marginal note:Property

  (3) A class of insurance that includes insurance against the loss of, or damage to, property includes insurance against loss of use, occupancy, rents and profits resulting from that loss or damage.

• Marginal note:Personal injuries and death

  (4) Unless specifically mentioned in the schedule, no class of insurance includes insurance against liability arising out of bodily injury to, or the death of, a natural person or the loss of, or damage to, property.

• Marginal note:Idem

  (5) A class of insurance that includes insurance against liability arising out of bodily injury to, or the death of, a natural person or the loss of, or damage to, property includes insurance against loss, damage or expenses incident to a claim giving rise to that liability.

• Marginal note:Endowments

  (6) The class of life insurance includes the issuance of endowment insurance the funds of which are to be paid at a fixed or determinable future time if the person whose life is insured is then alive or at the person’s death if the person dies before that time.

• Marginal note:Amendment

  (7) The Governor in Council may, by order, amend subsections (3) to (5) and the schedule.