June 14, 1935 (17th Parliament, 6th Session)

LIB-PRO

William Gilbert Weir

Liberal Progressive

Mr. WEIR (Macdonald):

The explanation of this bill is contained in the explanatory notes attached to it. Its purpose is to restore in force the act incorporating the Wapiti Insurance Company, chapter eighty-four of the statutes -of Canada, 1929, which expired on May 1, 1933, under the provisions of the Insurance Act, and an act respecting the Wapiti Insurance Company, chapter seventy-four of the statutes of Canada, 1931, section 2, and in this way permit the Department of Insurance to issue its dominion licence to a Canadian rather than a provincial company.
This company has had a provincial charter for some time. In 1929 it applied for a dominion charter. It was unable to take out its dominion licence at that time, and in fact was unable to do so at the expiry date two years later. An extension of time was granted by act of parliament in 1931 but owing to the continuance of the depression the company was still unable to make the necessary arrangement to go ahead under dominion charter. It contemplated continuing as a provincial company and operating with a dominion licence only. On taking the matter up with the superintendent of insurance at Ottawa it was suggested that they, should apply for a renewal -of their dominion charter rather than continue as a provincial company. This was done. The reason for the delay in having the bill introduced in the House of Commons was that the proposal for a renewal of their dominion charter had to be approved at an annual meeting of the company, which could not be held until some time in February. The bill has already been before the committee of the senate and received its approval, also the approval of the banking and commerce committee of this house, and the approval of the superintendent of insurance. I understand that the company is now in a position to go ahead and reorganize, and this is merely to reinstate the company under a dominion charter and under the jurisdiction of the Dominion Department of Insurance.

Topic:   WAPITI INSURANCE COMPANY
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