Classes of Insurance Regulation

Classes of Insurance Regulation, M.R. 221/2014 The Insurance Act , C.C.S.M. c. I40 Regulation 221/2014 Registered August 25, 2014 bilingual version (HTML) Classes of insurance prescribed 1(1) The following classes of insurance are prescribed for the purposes of The Insurance Act : (a) accident and sickness insurance; (b) aircraft insurance; (c) automobile insurance; (d) boiler and machinery insurance; (e) credit insurance; (f) credit protection insurance; (g) fidelity insurance; (h) hail insurance; (i) legal expenses insurance; (j) liability insurance; (k) life insurance; (l) marine insurance; (m) mortgage insurance; (n) other approved products insurance; (o) property insurance; (p) surety insurance; (q) title insurance. 1(2) The second column of the table in the Schedule sets out — opposite the name of each class of insurance — the particulars of the insurance that the class consists of or that are excluded from it. Repeal 2 The Classes of Insurance Regulation , Manitoba Regulation 165/2008, is repealed. Coming into force 3 This regulation comes into force on the same day that sections 1 to 43 of The Insurance Amendment Act , S.M. 2012, c. 29, come into force. SCHEDULE (Section 1) Class of Insurance Particulars of Insurance (Inclusions and Exclusions) Accident and sickness insurance The class of accident and sickness insurance is insurance under which the insurer undertakes (a) to indemnify a person against loss, or to pay insurance money or another thing of value in respect of loss, resulting from bodily injury to, or the death of, a person caused by an accident; (b) to pay a specified amount of insurance money in the event of bodily injury to, or the death of, a person caused by an accident; (c) to indemnify a person against loss, or to pay insurance money or another thing of value in respect of loss, resulting from the sickness or disability of a person not caused by an accident, other than loss resulting from the death of the person as a consequence of sickness; (d) to pay a specified amount of insurance money in the event of the sickness or disability of a person not caused by an accident; or (e) to pay insurance money in respect of the health care — including dental care and preventative care — of a person. Aircraft insurance The class of aircraft insurance is insurance under which insurer undertakes (a) to indemnify a person against liability arising out of (i) bodily injury to or the death of another person, or (ii) the loss of or damage to property, caused by an aircraft or resulting from the use of an aircraft; or (b) to indemnify a person against, or to pay insurance money or another thing of value in respect of, the loss of or damage to, or the loss of use of, an aircraft. Automobile insurance The class of automobile insurance is insurance under which insurer (a) undertakes to indemnify a person against liability arising out of (i) bodily injury to or the death of another person, or (ii) the loss of or damage to property, caused by an automobile or the use or operation of an automobile; (b) undertakes indemnify a person against, or to pay insurance money or another thing of value in respect of, the loss or loss of use of, or damage to, an automobile; or (c) as part of a contract of automobile insurance that provides the insurance described in subclause (a)⁠(i), undertakes (i) to indemnify a person against loss, or to pay insurance money or another thing of value in respect of loss, resulting from bodily injury to, or the death of, a person caused by an accident, or (ii) to pay a specified amount of insurance money in the event of bodily injury to, or the death of, a person caused by an accident, when the accident is caused by an automobile or the use or operation of one, whether or not liability exists in respect of the accident. Boiler and machinery insurance The class of boiler and machinery insurance is insurance under which insurer undertakes (a) to indemnify a person against liability arising out of (i) bodily injury to or the death of another person, or (ii) the loss of or damage to property; caused by the explosion or rupture of, or accident to, a pressure vessel of any kind or pipes and machinery connected to or operated by the pressure vessel or by a breakdown of machinery; or (b) to indemnify a person against, or to pay insurance money or another thing of value in respect of, loss of or damage to property caused by the explosion or rupture of, or accident to, a pressure vessel of any kind or pipes and machinery connected to or operated by the pressure vessel or by a breakdown of machinery. Credit insurance The class of credit insurance is insurance under which the insurer undertakes to indemnify a person against loss, or to pay insurance money or another thing of value in respect of a person's loss, resulting from the insolvency or default of a person to whom the credit was given. Credit protection insurance The class of credit protection insurance is insurance under which the insurer undertakes to pay insurance money to pay off, in whole or in part, credit balances or debts of an individual in the event of the impairment or potential impairment in the individual's income or ability to earn an income. Fidelity insurance The class of fidelity insurance is insurance under which the insurer undertakes (a) to indemnify a person against loss, or to pay insurance money or another thing of value in respect of loss, caused (i) by theft, (ii) by the abuse of trust, or (iii) by the unfaithful performance of duties, by a person in a position of trust; or (b) to pay insurance money or another thing of value to guarantee the proper fulfilment of the duties of an office. Hail insurance The class of hail insurance is insurance under which the insurer undertakes to indemnify a person against, or to pay insurance money in respect of, the loss of or damage to crops in the field caused by hail. Legal expenses insurance The class of legal expenses insurance is insurance under which insurer undertakes to indemnify a person against, to pay insurance money or another thing of value in respect of, costs incurred by the person for legal services specified in the legal expenses insurance policy, including (a) the retainer, if any, and fees incurred for the services, and (b) other costs incurred in respect of the provision of the services. Liability insurance The class of liability insurance is insurance under which the insurer, otherwise than incidentally to another class of insurance, (a) undertakes to indemnify a person against liability arising out of bodily injury to or the disability or death of a person, including an employee; (b) undertakes to indemnify a person against liability arising out of the loss of or damage to property; or (c) undertakes, as part of a contract of liability insurance that provides the insurance described in clause (a), to indemnify a person against, or to pay insurance money or another thing of value in respect of, expenses arising out of bodily injury to a person other than the insured or a member of the insured's family, whether or not liability exists. Life insurance The class of life insurance (a) is insurance under which the insurer's undertaking is payable (i) on death, (ii) in respect of an event or contingency dependent on human life, (iii) at a fixed or determinable future time, or (iv) for a term dependent on human life; and (b) without limiting the generality of clause (a), includes (i) insurance under which the insurer, as part of a contract of insurance that is within the class of life insurance, as that class is described in clause (a), undertakes (A) to pay an additional amount of insurance money in the event of the death by accident of the person whose life is insured, and (B) to pay insurance money or another thing of value in the event that the person whose life is insured becomes disabled as a result of bodily injury or disease, and (ii) an undertaking to provide an annuity, or what would be an annuity except that the periodic payments may be unequal in amount, for a term that depends solely or partly on a human life. Marine insurance The class of marine insurance is marine insurance as defined and described in The Marine Insurance Act . Mortgage insurance The class of mortgage insurance is insurance under which the insurer undertakes to indemnify a person against loss, or to pay insurance money or another thing of value in respect of loss, caused by default on the part of a borrower under a loan secured by (a) a mortgage or charge on real property; or (b) another security interest in real property. Other approved products insurance The class of other approved products insurance is insurance under which the insurer undertakes to indemnify a person against loss or liability, or to pay insurance money or another thing of value in respect of loss, resulting from a risk that does not fall within another class of insurance. Property insurance The class of property insurance is insurance under which the insurer undertakes to indemnify a person against, or to pay insurance money or another thing of value in respect of, the loss of or damage to property, including loss caused by forgery. Surety insurance The class of surety insurance is insurance under which the insurer undertakes to pay insurance money or another thing of value as a guarantee (a) of the due performance of a contract or undertaking; or (b) for the payment of a penalty or indemnity for any default. Title insurance The class of title insurance is insurance under which the insurer undertakes to indemnify a person against, or to pay insurance money or another thing of value in respect of, loss or damage caused by (a) the existence of a mortgage, charge, lien, encumbrance, servitude or other restriction on real property; (b) the existence of a mortgage, charge, lien, pledge, encumbrance or other restriction on personal property; (c) a defect in any document that evidences the creation of any restriction referred to in clause (a) or (b); (d) a defect in the title to property; or (e) any other matter affecting the title to property or affecting the right to the use and enjoyment of property.