� �":� (BRITISH
OLUMBIA
IN THE MATTER OF THE FINANCIAL INSTITUTIONS ACT RSBC 1996, CHAPTER 141 {THE "ACT")
AND MANULIFE FINANCIAL CORPORATION AND THE MANUFACTURERS LIFE INSURANCE COMPANY AND BENESURE CANADA INC. {THE "COMPANIES")
SETTLEMENT AGREEMENT AND CONSENT ORDER WHEREAS the Superintendent of Financial Institutions ("Superintendent") ordered the investigation of the practices and procedures of the Companies with respect to the sale of creditor's group (mortgage) insurance known as the Mortgage Protection Plan ("MPP") in British Columbia through mortgage brokers under the Insurance Licensing Exemptions Regulation;
WHEREAS contraventions of sections 75, 91, 176 and 178 of the Act were observed by the Superintendent;
WHEREAS the investigation proceeded on a confidential basis with the full cooperation of the Companies and the Companies have provided Undertakings to rectify the matters giving rise to the Superintendent's concerns;
WHEREAS the Superintendent, after investigation, is not aware of any harm to policyholders, and the Companies advise and confirm that the insurance coverages issued by the Companies under the MPP program continue to be valid and in effect;
WHEREAS the Companies acknowledge the authority of the Superintendent over the matters investigated, and consent to the terms of the Order stated herein;
AND WHEREAS the Companies consent to the terms of this Order; Superintendent of Financial Institutions 2800 - 555 West Hastings Street Vancouver, BC V68 4N6 Telephone: 604-660-3555 Facsimile: 604-660-3365 http://www.fic.gov.bc.ca
2 NOW THEREFORE the Superintendent orders, pursuant to Sections 253.1 and 241.1 of the Act, the following:
1) The Companies will each pay, within 30 days of the date of this order, an administrative penalty of $50,000.00 (for a total of $150,000); and
2) The Companies will pay, jointly and severally and within 30 days of the date of this order, an amount of costs of the investigation of $31, 151.92;
AND FURTHER each of the Companies waives its right of appeal under Section 242(1) of the Act.
APPROVED AS TO FORM AND CONTENT: Sandra A. Wilkinson Solicitor for the Staff of the Superintendent of Financial Institutions
WITH THE CONSENT OF: MANULIFE FINANCIAL CORPORATION
MANUFACTURERS LIFE INSURANCE COMPANY
3 BENESURE CANADA INC. by its authorised signatory:
Name: Title:
Dated at the City of Vancouver, Provi 2£ nce of British�lumbia this day of b� , 2014.
Superintendent of Financial Institutions Province of British Columbia
• Costs breakdown: Legal $15,750.00 Investigation time $11,277.50 Travel expenses $4,124.42