Section 151. Knowledge of, and statement by, insurance agent.
(1) A person who is authorized by a licensed insurer to be its insurance agent and who solicits or negotiates a contract of insurance in that capacity shall be deemed, for the purpose of the formation of the contract of insurance, to be the agent of the licensed insurer and the knowledge of that insurance agent shall be deemed to be the knowledge of the licensed insurer.
(2) A statement made, or an act done, by the insurance agent shall be deemed, for the purpose of the formation of the contract of insurance, to be a statement made, or act done, by the licensed insurer notwithstanding the insurance agent's contravention of subsection 150(4) or any other provision of this Act.
(3) Subsection (1) shall not apply-
(a) where there is collusion or connivance between the insurance agent and the proposer in the formation of the contract of insurance; or
(b) where a person has ceased to be an insurance agent of a licensed insurer and it has taken all reasonable steps to inform, or bring to the knowledge of, potential policy owners and the public in general of the fact of such cessation.