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Superintendent of Financial Services |
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surintendant des services financiers |
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REGARDING the Insurance Act, R.S.O. 1990, c. I.8, as amended, in particular sections 441.1, 441.2 and 441.3
AND REGARDING Sun Life Assurance Company of Canada
ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY
Sun Life Assurance Company of Canada (“Sun Life”) is licenced as an insurer under the Insurance Act (the “Act”) to distribute insurance products in Ontario (licence #299).
On August 29, 2018, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to Impose an Administrative Penalty (the “Notice”) in the amount of $11,000 against Sun Life. The Superintendent had determined that Sun Life had contravened subsection 403(1) of the Act.
The Notice was served on Sun Life by personal service. Sun Life acknowledged service on October 4, 2018. Sun Life had 15 days after receipt of the Notice to request a hearing before the Financial Services Tribunal (the “Tribunal”) in accordance with subsection 441.3(5) of the Act
The Registrar of the Tribunal confirmed that, as of October 22, 2018, no request for hearing has been filed with the Tribunal by Sun Life or anyone on its behalf.
Subsection 441.3(7) of the Act provides that the Superintendent may carry out the proposal to impose an administrative penalty when no hearing has been requested.
ORDER
Pursuant to section 441.3 of the Act, an administrative penalty of $11,000 is imposed on Sun Life Assurance Company of Canada.
TAKE NOTICE THAT Sun Life 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. Sun Life must pay the administrative penalty no later than 30 days after the date of the invoice.
If Sun Life 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 on the day of , 2018.
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Anatol Monid
Executive Director
Licensing and Market Conduct Division
By Delegated Authority from
The Superintendent of Financial Services