Superintendent
of surintendant des
Financial services
Services financiers
___________________________________________________________________________
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 La Capitale Insurance and Financial Services
ORDER TO IMPOSE AN ADMINISTRATIVE
MONETARY PENALTY
On September 26, 2016 the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to impose an Administrative Monetary Penalty in the amount of $15,000 on La Capitale Insurance and Financial Services (“La Capitale”). The Superintendent had determined that La Capitale contravened or did not comply with subsection 12(1) of Ontario Regulation 347/04 under the Insurance Act (the “Act”), by failing to establish or maintain a system reasonably designed to ensure that each insurance agent working with La Capitale complied with the Act.
La Capitale did not request a hearing by the Financial Services Tribunal within 15 days after the Notice of Proposal was given. The Superintendent is therefore issuing this Order pursuant to subsection 441.3(7) of the Insurance Act.
ORDER
An Administrative Monetary Penalty of $15,000 is imposed on La Capitale Insurance and Financial Services.
TAKE NOTICE THAT La Capitale Insurance and Financial Services must pay the administrative penalty no later than 30 days after being given notice of this Order. You will be receiving shortly an invoice from Ontario Shared Services, a part of the Ministry of Government Services, with information as to where and how to make the payment.
If you fail to pay the Administrative Monetary 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 Monetary 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, , 2016.
______________________________
Anatol Monid
Executive Director
Licensing and Market Conduct Division
By delegated authority from the
Superintendent of Financial Services