Superintendent
of surintendant des
Financial services
Services financiers
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REGARDING the Insurance Act, R.S.O. 1990, c. I.8, as amended (the “Act”), in particular sections 441.1, 441.2 and 441.3
AND REGARDING Ericson Adapon
ORDER TO IMPOSE AN ADMINISTRATIVE
MONETARY PENALTY
On July 25, 2014, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to impose an Administrative Monetary Penalty in the amount of $1,000 on Mr. Adapon. The Superintendent had determined that Mr. Adapon did not fulfil his duty as a licensee to provide the Superintendent with requested information about his insurance business activities and therefore contravened section 442.3(1) of the Act.
Mr. Adapon requested a hearing in accordance with the Act. Subsequently, Mr. Adapon agreed to pay a $1,000 Administrative Monetary Penalty. The Superintendent and Mr. Adapon entered into Minutes of Settlement to resolve this matter and Mr. Adapon has undertaken to withdraw the request for hearing.
ORDER
An Administrative Monetary Penalty of $1,000 is imposed on Ericson Adapon.
TAKE NOTICE THAT Mr. Adapon will be receiving shortly an invoice from Ontario Shared Services (“OSS”), a part of the Ministry of Government and Consumer Services, with information as to where and how to make the payment. Mr. Adapon must pay the administrative penalty no later than six (6) months after the date of the invoice issued by OSS.
If Mr. Adapon fails to pay the administrative penalty in accordance with the terms of this Order, the Superintendent may file the Order with the Superior Court of Justice and the Order may be enforced as if it were an order of the court. An administrative penalty that is not paid in accordance with the terms of an order imposing the penalty is a debt due to the Crown and is enforceable as such.
DATED at Toronto, Ontario, ____________________, 2015.
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Anatol Monid
Executive Director, Licensing and Market Conduct Division
By Delegated Authority from:
The Superintendent of Financial Services