Marine War Risks Act

An Act respecting marine war risks insurance and reinsurance agreements Short title This Act may be cited as the Marine War Risks Act. Definitions In this Act Account means the Marine War Risks Insurance Account established under section 5; (compte) aircraft[Repealed, 2014, c. 29, s. 5] Canadian means a person who is a Canadian citizen, a company or corporation created or incorporated under the laws of Canada or of a province thereof or that is licensed under any such laws to carry on business in Canada or a province thereof, or the Government of Canada or the government of a province or municipality of Canada or a department, branch or agency of any of them; (Canadien) cargo means any goods, securities, currency, articles or things defined as cargo by the Governor in Council; (cargaison) Minister means the Minister of Transport; (Ministre) vessel means a ship, boat or other type of water-craft that is registered in Canada under the Maritime Code, or under the Merchant Shipping Acts before the 1st day of August 1936, registered in the United Kingdom and owned, chartered or otherwise controlled by a Canadian, registered in any country designated by the Governor in Council, whether or not it is owned, chartered or otherwise controlled by a Canadian, or owned, chartered or otherwise controlled by a Canadian and employed, in or from Canada, in water transportation of goods or persons or in the fishing trade and industry, and includes the machinery, tackle, furniture, goods and stores thereof but does not include cargo; (navire) war risks means the risks of loss or damage arising from hostilities, rebellion, revolution, civil war, piracy, action taken to repel an imagined attack or from civil strife consequent on the happening of any of them. (risques de guerre) Insurance and reinsurance agreements The Minister, for the purpose of securing that ships are not laid up and that commerce is not interrupted by reason of lack of insurance facilities, may enter into an agreement, in the form and containing the terms and conditions that may be prescribed by the regulations or otherwise approved by the Governor in Council, with any person or association of persons for the insurance or reinsurance by the Minister against any or all war risks of vessels or cargo. Regulations The Governor in Council may make regulations for carrying the purposes and provisions of this Act into effect and, without restricting the generality of the foregoing, may make regulations respecting the nature of insurances and reinsurances to be made under this Act and the form, terms and conditions of agreements and other matters relating thereto; providing for the definition of cargo, including the description, either by class or individual items and either for general or specific purposes, of the goods, securities, currency, articles or things that are cargo, the place and time at which they become or cease to be cargo and any other matter related to the manner of determining cargo; and respecting the designation of countries of registry for the purposes of paragraph (c) of the definition vessel in section 2. Marine War Risks Insurance Account There shall be established in the accounts of Canada an account to be known as the Marine War Risks Insurance Account to which shall be credited amounts equal to the premiums and other moneys received for or arising out of agreements for insurance or reinsurance entered into under this Act; all sums that are allocated to the Account from appropriations by Parliament; and amounts directed to be credited to the Account by the Minister under section 6. Payments All payments of losses, costs, return of premiums or other moneys payable by the Minister under or arising out of agreements for insurance or reinsurance entered into under this Act and any other costs or expenses incurred in the administration of this Act shall be paid out of the Consolidated Revenue Fund. Charges All moneys paid out of the Consolidated Revenue Fund under subsection (2) and all amounts directed to be charged to the Account by the Minister under section 6 shall be charged to the Account. Temporary credits and charges Where the Minister is of opinion that the aggregate amount to the credit of the Account is or will be less than the aggregate amount required to pay the amounts charged or to be charged to the Account, he may from time to time direct that amounts be credited to the Account and at such times as he deems advisable direct that the amounts so previously credited be charged to the Account. Audit An audit of the Account and of the transactions in connection therewith shall, at such times and in such manner as he thinks proper, be made by the Auditor General of Canada, with a view to ascertaining whether or not such transactions have been carried out in accordance with this Act and whether or not the records of the Account clearly show the state of the Account. Report to Parliament The Auditor General shall, in such detail as he thinks proper having regard to the public interest and the security of Canada, submit to Parliament, within three months after the completion of each audit or, if Parliament is not then in session, within thirty days after the commencement of the next ensuing session, a report of his findings on the audit and his recommendations, if any, arising therefrom. Tabling of agreements The Minister shall lay copies of reinsurance agreements before Parliament within thirty days after they have been made or, if Parliament is not then in session, within thirty days after the commencement of the next ensuing session.