A-32.1 - Insurers Act

Section 492 Disposition versions

2019-06-13

492. A monetary administrative penalty of $2,500 may be imposed on

(1)  an authorized insurer

(a)  that fails to perform its obligations under an undertaking given to the Authority under section 40, 102, 145 or 155,

(b)  that, in contravention of section 50, fails to adopt a complaint processing policy or that, in contravention of section 82, fails to adopt an investment policy approved by its board of directors or whose ethics committee, in contravention of section 104, fails to adopt rules of ethics,

(c)  that, in contravention of section 50, fails to keep the register of complaint records submitted for its examination prescribed by that section,

(d)  if, in contravention of section 94, neither a director nor a committee has reported to the board of directors on the responsibility conferred on the director or committee of seeing that sound commercial practices and sound and prudent management practices are adhered to and situations contrary to such practices are detected, or

(e)  that, without the Authority’s authorization under section 102, has not, in contravention of section 100, established an audit committee or an ethics committee or has established one whose composition contravenes section 101;

(2)  an insurance company that

(a)  fails to perform its obligations under an undertaking given to the Authority under section 243, or

(b)  is bound by insurance contracts conferring rights to policy dividends on its beneficiaries without having established, in contravention of section 543, a policy approved by its board of directors for determining the dividend and the bonuses payable to the holders of such contracts;

(3)  a self-regulatory organization that, in contravention of section 365, fails to establish an investment policy approved by its board of directors for its insurance fund; or

(4)  a federation of mutual companies that

(a)  in contravention of section 389, fails to establish a policy on the examination of complaint records,

(b)  in contravention of section 390, fails to keep the register of complaint records submitted for its examination prescribed by that section,

(c)  in contravention of section 399, fails to establish an audit committee within its board of directors,

(d)  in contravention of section 400, has as its president or vice-president or as the chair or vice-chair of its board of directors its general manager or the general manager of one of its member companies, or

(e)  in contravention of section 426, fails to establish an investment policy approved by its board of directors for its guarantee fund.

2018, c. 23, s. 3.

Not in force

In force: 2019-06-13

492. A monetary administrative penalty of $2,500 may be imposed on

(1)  an authorized insurer

(a)  that fails to perform its obligations under an undertaking given to the Authority under section 40, 102, 145 or 155,

(b)  that, in contravention of section 50, fails to adopt a complaint processing policy or that, in contravention of section 82, fails to adopt an investment policy approved by its board of directors or whose ethics committee, in contravention of section 104, fails to adopt rules of ethics,

(c)  that, in contravention of section 50, fails to keep the register of complaint records submitted for its examination prescribed by that section,

(d)  if, in contravention of section 94, neither a director nor a committee has reported to the board of directors on the responsibility conferred on the director or committee of seeing that sound commercial practices and sound and prudent management practices are adhered to and situations contrary to such practices are detected, or

(e)  that, without the Authority’s authorization under section 102, has not, in contravention of section 100, established an audit committee or an ethics committee or has established one whose composition contravenes section 101;

(2)  an insurance company that

(a)  fails to perform its obligations under an undertaking given to the Authority under section 243, or

(b)  is bound by insurance contracts conferring rights to policy dividends on its beneficiaries without having established, in contravention of section 543, a policy approved by its board of directors for determining the dividend and the bonuses payable to the holders of such contracts;

(3)  a self-regulatory organization that, in contravention of section 365, fails to establish an investment policy approved by its board of directors for its insurance fund; or

(4)  a federation of mutual companies that

(a)  in contravention of section 389, fails to establish a policy on the examination of complaint records,

(b)  in contravention of section 390, fails to keep the register of complaint records submitted for its examination prescribed by that section,

(c)  in contravention of section 399, fails to establish an audit committee within its board of directors,

(d)  in contravention of section 400, has as its president or vice-president or as the chair or vice-chair of its board of directors its general manager or the general manager of one of its member companies, or

(e)  in contravention of section 426, fails to establish an investment policy approved by its board of directors for its guarantee fund.

2018, c. 23, s. 3.