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 The Mutual Fire Insurance Company of British Columbia
ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY
The Mutual Fire Insurance Company of British Columbia holds an Ontario licence for an insurer issued by the Superintendent of Financial Services (“Superintendent”), licence number 4213.
On October 18, 2016, the Superintendent issued a Notice of Proposal to Impose an Administrative Monetary Penalty in the amount of $1,000 on The Mutual Fire Insurance Company of British Columbia. The Superintendent determined that The Mutual Fire Insurance Company of British Columbia paid or allowed or agreed to pay compensation for placing or negotiating insurance to an unlicensed agent, in contravention of section 403(1) of the Act.
The Notice of Proposal was sent by registered mail on October 21, 2016. The Mutual Fire Insurance Company of British Columbia had until November 7, 2016 to file a request for hearing with the Financial Services Tribunal (“Tribunal”).
On November 10, 2016, the Registrar of the Tribunal confirmed that neither The Mutual Fire Insurance Company of British Columbia nor anyone on its behalf requested a hearing in writing.
ORDER
An Administrative Monetary Penalty in the amount of $1,000 is imposed on The Mutual Fire Insurance Company of British Columbia.
TAKE NOTICE THAT The Mutual Fire Insurance Company of British Columbia will be receiving shortly an invoice from Ontario Shared Services, a part of the Ministry of Government and Consumer Services, with information as to where and how to make the payment. The Mutual Fire Insurance Company of British Columbia must pay the Administrative Monetary Penalty no later than 30 days after the date of the invoice.
If The Mutual Fire Insurance Company of British Columbia fails 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, December 6, 2016.
_________________________________
Anatol Monid
Executive Director, Licensing and Market Conduct Division
By Delegated Authority from
The Superintendent of Financial Services