The Fire Insurance Reserve Fund Act

The Fire Insurance Reserve Fund Act, C.C.S.M. c. F70 bilingual version (HTML) Table of Contents Section 1 Reserve fund continuing 2 Composition of fund 3 Interest on fund 4 Account in books of province 5 Charging of premiums to fund 6 Losses chargeable to fund 7 Charge in lieu of premium 8 Annual statement in Public Accounts HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows: Reserve fund continuing 1 "The Fire Insurance Reserve Fund" (hereinafter called "the fund") is continued to provide for the rebuilding, replacing, or repairing, of any buildings or chattels the property of the government destroyed or damaged by fire where the loss is not covered by fire insurance. Composition of fund 2(1) The fund shall consist of (a) any sums credited to the fund under section 7; (b) any moneys voted by the Legislature for the fund; (c) any interest earned by the amount to the credit of the fund. Payment into fund of interest 2(2) Any interest as provided in section 3 shall be paid into the fund. Interest on fund 3(1) Interest on the amount of moneys standing to the credit of the fund may be paid at such times and in such manner and at such rate as the Lieutenant Governor in Council may determine. Disposition of interest 3(2) Where the amount to the credit of the fund at the end of any fiscal year is less than $750,000., all interest received by the Minister of Finance during the next ensuing fiscal year on any part of the fund invested by him shall be credited to the fund. Transfer of surplus 3(3) Where, at the end of any fiscal year, the amount to the credit of the fund is $750,000. or more, the Minister of Finance shall transfer that portion thereof in excess of $750,000. and pay it into the Consolidated Fund; and the moneys so transferred and paid shall be deemed to be revenue receipts of the government for the fiscal year then ended. Valuation of securities 3(4) In determining the amount to the credit of the fund at any time, securities in which the fund or any part thereof is invested shall be valued at the cost thereof or at the market value thereof whichever sum is the lesser. S.M. 1996, c. 59, s. 91 . Account in books of province 4 There shall be carried on the books of the government an account to be called: "Fire Insurance Reserve Fund Account" to which shall be credited amounts paid into the fund mentioned in subsection 2(1), and to which shall be charged all payments out of the fund made under sections 5, 6, and 7. Charging of premiums to fund 5(1) Where the Lieutenant Governor in Council deems that the risk of loss or damage by fire, to any particular building or chattel that is the property of the government, is unduly hazardous and by order in council so declares, he may, by that order in council, direct that the building or chattel be insured and that the premium payable under the contract of fire insurance may be charged to, and paid from, the fund. Contract of fire insurance 5(2) For the purposes of this section the expression "contract of fire insurance" includes a contract that insures the property therein described against loss or damage by fire and against loss or damage from other hazards that may be insured under a licence to transact fire insurance. Losses chargeable to fund 6 Where the Lieutenant Governor in Council, by order in council, so directs, the whole of the loss suffered by the government by reason of the destruction or damage by fire, lightning, or explosion due to ignition, of any building or chattel, after crediting the amount received in respect thereof under any contract of fire insurance, or such portion of that loss as may be specified in the order in council, may be charged to, and paid from, the fund; and the Lieutenant Governor in Council may declare and fix the amount of the loss on such basis as he deems reasonable. Charge in lieu of premium 7(1) Where the Lieutenant Governor in Council, by order in council, directs that any chattels that are the property of the government, and (a) produce an annual or other periodical revenue; or (b) are held for sale and are likely to be, or may be, sold at a profit to the government; shall not be insured against fire, lightning, or explosion due to ignition, by a contract made with a fire insurance company, but that any loss that may be suffered by the government by reason of, or as a consequence of, the destruction or damage of the chattels by fire, lightning, or explosion due to ignition, or any part of such a loss that may be specified in the order in council, shall be charged to, and paid from, the fund, the Minister of Public Works, on the recommendation of the Superintendent of Insurance, may charge against the department or branch of the executive government of the province that has the control or management of the chattels such sum as the Minister of Public Works may fix, in lieu of a premium on a policy of fire insurance on the chattels. Payment of charge to Minister of Finance 7(2) Where, pursuant to subsection (1), the Minister of Public Works makes a charge against any department or branch of the executive government of the province, the minister in charge of that department shall, from moneys authorized by an Act of the Legislature to be paid and applied for the purposes of that department, pay to the Minister of Finance the sum so charged, and the Minister of Finance, on receipt thereof, shall credit that sum to the fund. Annual statement in Public Accounts 8 A statement of the Fire Insurance Reserve Fund Account showing the standing thereof shall annually be included in the Public Accounts.