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 Adam Joseph Arquette
ORDER TO IMPOSE ADMINISTRATIVE PENALTY
Mr. Arquette is a licensed life insurance and accident and sickness insurance agent under the Act (license #12129000).
On October 17, 2016, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to Impose an Administrative Penalty in the amount of $3,000 on Mr. Arquette for two contraventions of clause 17(c) of Regulation 347/04, and one contravention of paragraphs 2 and 3 of subsection 2(1) of Regulation 7/00.
On October 26, 2016, Mr. Arquette requested a hearing before the Financial Services Tribunal. On March 10, 2017, Mr. Arquette withdrew his hearing request.
Subsection 441.3(7) of the Insurance Act provides that the Superintendent may carry out the proposal to impose an administrative monetary penalty when no hearing has been requested.
ORDER
An administrative monetary penalty of $3,000 is imposed on Adam Joseph Arquette.
TAKE NOTICE THAT Mr. Arquette 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. Mr. Arquette must pay the administrative penalty no later than 60 days after the date of the invoice.
If Mr. Arquette 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 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, March , 2017.
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Anatol Monid, Executive Director, Licensing and Market Conduct
By delegated authority from the Superintendent