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Financial Services Commission of Ontario Act, 1997, S.O. 1997, c. 28
Skip to contentO. Reg. 11/01 | ASSESSMENT OF EXPENSES AND EXPENDITURES |
O. Reg. 173/00 | ASSESSMENT OF EXPENSES AND EXPENDITURES - CREDIT UNIONS SECTOR |
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Financial Services Commission of Ontario Act, 1997
S.O. 1997, CHAPTER 28
Historical version for the period May 28, 2015 to June 3, 2015.
Last amendment: 2015, c. 9, s. 29.
CONTENTS
Definitions |
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Commission established |
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Purposes |
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Chair and vice-chairs |
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Superintendent |
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Tribunal established |
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Hearing panels |
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Employees |
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Conflict of interest |
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Immunity |
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Statement of priorities |
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Policy statements |
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Auditor General |
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Reports of Commission |
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Format of filed documents, etc. |
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Certificates issued by Superintendent |
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Admissibility as evidence |
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Certificates issued by Tribunal |
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Admissibility as evidence |
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Exclusive jurisdiction |
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Orders |
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Proceedings |
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Power over witnesses |
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Costs |
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Assessment of regulated sector |
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Payment of assessment |
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Fees and forms |
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Regulations |
Definitions
“Commission” means the Financial Services Commission of Ontario established under section 2; (“Commission”)
“Director” means the director of arbitrations appointed under the Insurance Act; (“directeur”)
Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “Director” is repealed. (See: 2014, c. 9, Sched. 5, ss. 1, 8)
“Minister” means the Minister of Finance, and “Ministry” has a corresponding meaning; (“ministre”, “ministère”)
“regulated sector” means a sector that consists of,
(a) all co-operative corporations to which the Co-operative Corporations Act applies,
(b) all credit unions, caisses populaires and leagues to which the Credit Unions and Caisses Populaires Act, 1994 applies,
(c) all persons engaged in the business of insurance and governed by the Insurance Act,
(c.1) all holders of a service provider’s licence issued under Part VI (Automobile Insurance) of the Insurance Act,
(d) all corporations registered or incorporated under the Loan and Trust Corporations Act,
(e) all mortgage brokerages, mortgage brokers, mortgage agents and mortgage administrators licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006, or
(f) all persons who establish or administer a pension plan within the meaning of the Pension Benefits Act and all employers or other persons on their behalf who are required to contribute to any such pension plan; (“secteur réglementé”)
Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of “regulated sector” in section 1 of the Act is amended by striking out “or” at the end of clause (e), by adding “or” to the end of clause (f) and by adding the following clause: (See: 2015, c. 9, s. 29 (1))
(g) all persons licensed to establish and administer pooled registered pension plans under the Pooled Registered Pension Plans Act, 2015 and all employers who enter into contracts with those persons;
“Superintendent” means the Superintendent of Financial Services appointed under section 5; (“surintendant”)
“Tribunal” means the Financial Services Tribunal established under section 6. (“Tribunal”) 1997, c. 28, s. 1; 2006, c. 29, s. 62 (1); 2013, c. 2, Sched. 6, s. 1.
Commission established
2. (1) There is hereby established a commission to be known in English as the Financial Services Commission of Ontario and in French as Commission des services financiers de l’Ontario. 1997, c. 28, s. 2 (1).
Members
(2) The Commission shall consist of the chair and the two vice-chairs of the Commission, the Superintendent and the Director. 1997, c. 28, s. 2 (2).
Note: On a day to be named by proclamation of the Lieutenant Governor, subsection (2) is amended by striking out “the Superintendent and the Director” at the end and substituting “and the Superintendent”. (See: 2014, c. 9, Sched. 5, ss. 2, 8)
Quorum
(3) A majority of the members of the Commission constitutes a quorum. 1997, c. 28, s. 2 (3).
Purposes
3. The purposes of the Commission are,
(a) to provide regulatory services that protect the public interest and enhance public confidence in the regulated sectors;
(b) to make recommendations to the Minister on matters affecting the regulated sectors; and
(c) to provide the resources necessary for the proper functioning of the Tribunal. 1997, c. 28, s. 3.
Chair and vice-chairs
4. (1) The Lieutenant Governor in Council shall appoint the chair and the two vice-chairs of the Commission. 2006, c. 34, s. 33 (1).
Acting chair
(2) If the chair of the Commission is absent or unable to act, or if the office of chair is vacant, the vice-chairs shall designate one of them to act in the place of the chair who shall have the powers of the chair. 1997, c. 28, s. 4 (2).
Acting vice-chair
(3) If a vice-chair of the Commission is absent or unable to act, or if the office of a vice-chair is vacant, the chair of the Commission may designate a member of the Tribunal to act in the place of the vice-chair who shall have the powers of a vice-chair. 1997, c. 28, s. 4 (3).
Transition
(4) The chair and the vice-chair of the Pension Commission of Ontario holding office immediately before this section comes into force shall be the chair and one of the vice-chairs respectively of the Financial Services Commission of Ontario until the Lieutenant Governor in Council appoints their successors under subsection (1). 1997, c. 28, s. 4 (4).
Superintendent
5. (1) There shall be a Superintendent of Financial Services appointed under Part III of the Public Service of Ontario Act, 2006 who shall be the chief executive officer of the Commission. 1997, c. 28, s. 5 (1); 2006, c. 35, Sched. C, s. 43 (1).
Powers and duties
(2) The Superintendent shall,
(a) be responsible for the financial and administrative affairs of the Commission;
(b) exercise the powers and duties conferred on or assigned to the Superintendent;
(c) administer and enforce this Act and every other Act that confers powers on or assigns duties to the Superintendent; and
(d) supervise generally the regulated sectors. 1997, c. 28, s. 5 (2).
Same
(2.1) If an agreement under section 100 of the Pension Benefits Act provides for the delegation to the Superintendent of any powers or duties of a person who has supervisory or regulatory powers under the pension benefits legislation of another jurisdiction, the Superintendent is authorized to exercise those powers and perform those duties. 2010, c. 1, Sched. 8, s. 1.
Note: On a day to be named by proclamation of the Lieutenant Governor, section 5 of the Act is amended by adding the following subsection: (See: 2015, c. 9, s. 29 (2))
Same
(2.2) If an agreement under section 5 (Bilateral agreement) or 6 (Multilateral agreement) of the Pooled Registered Pension Plans Act (Canada), as those sections apply for the purposes of the Pooled Registered Pension Plans Act, 2015, provides for the delegation to the Superintendent of any powers or duties of a person who has supervisory or regulatory powers under the pooled registered pension plan legislation of another jurisdiction, the Superintendent is authorized to exercise those powers and perform those duties. 2015, c. 9, s. 29 (2).
Delegation of powers and duties
(3) The Superintendent may, subject to the conditions that the Superintendent considers appropriate, delegate in writing to any person employed in the Commission the exercise of any power or the performance of any duty that this Act, any other Act or an agreement under section 100 of the Pension Benefits Act confers on or assigns to the Superintendent and all acts done and decisions made under the delegation are as valid and effective as if done or made by the Superintendent. 1997, c. 28, s. 5 (3); 2010, c. 26, Sched. 8, s. 1.
Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 5 (3) of the Act is repealed and the following substituted: (See: 2015, c. 9, s. 29 (3))
Delegation of powers and duties
(3) The Superintendent may, subject to the conditions that the Superintendent considers appropriate, delegate in writing to any person employed in the Commission the exercise of any power or the performance of any duty conferred on or assigned to the Superintendent under,
(a) this Act;
(b) any other Act;
(c) an agreement under section 100 of the Pension Benefits Act; or
(d) an agreement under section 5 (Bilateral agreement) or 6 (Multilateral agreement) of the Pooled Registered Pension Plans Act (Canada), as those sections apply for the purposes of the Pooled Registered Pension Plans Act, 2015. 2015, c. 9, s. 29 (3).
Effect of delegation
(3.1) An act done or decision made under a delegation given under subsection (3) is as valid and effective as if it had been done or made by the Superintendent. 2015, c. 9, s. 29 (3).
Same, hearings
(4) The Superintendent may appoint in writing any employee of the Commission, or any other person, to hold a hearing on behalf of the Superintendent and to exercise the powers and perform the duties of the Superintendent relating to the hearing. 1997, c. 28, s. 5 (4).
Oaths
(5) The Superintendent may administer an oath required under this Act and any other Act that confers powers on or assigns duties to the Superintendent. 1997, c. 28, s. 5 (5).
Tribunal established
6. (1) There is hereby established a tribunal to be known in English as the Financial Services Tribunal and in French as Tribunal des services financiers. 1997, c. 28, s. 6 (1).
Members by virtue of office
(2) The chair and the two vice-chairs of the Commission are, by virtue of their office, members of the Tribunal and the chair and the vice-chairs of the Tribunal respectively. 1997, c. 28, s. 6 (2).
Other members
(3) In addition to the chair and the two vice-chairs, the Lieutenant Governor in Council shall appoint at least six persons, and not more than 12, as members of the Tribunal. 2006, c. 34, s. 33 (2).
Experience and expertise
(4) In appointing members to the Tribunal, the Lieutenant Governor in Council shall, to the extent practicable, appoint members who have experience and expertise in the regulated sectors. 1997, c. 28, s. 6 (4).
Deficiency in number
(5) If there are fewer than nine, but at least two, members in office, the Tribunal shall be deemed to be properly constituted for a period not exceeding 90 days after the deficiency in the number of members first occurs. 1997, c. 28, s. 6 (5).
Additional members
(6) Despite subsection (3), the Lieutenant Governor in Council may appoint additional members to the Tribunal for a limited time and purpose and the order appointing the member shall provide that the member’s participation is limited to specified matters or classes of matters within the jurisdiction of the Tribunal. 1997, c. 28, s. 6 (6).
Salary and expenses
(7) The members of the Tribunal shall receive the remuneration and reimbursement of expenses that are fixed by the Lieutenant Governor in Council. 1997, c. 28, s. 6 (7).
Transition
(8) The members of the Pension Commission of Ontario holding office immediately before this section comes into force shall be members of the Tribunal until the Lieutenant Governor in Council appoints their successors under subsection 4 (1) or this section. 1997, c. 28, s. 6 (8).
Hearing panels
7. (1) A matter referred to the Tribunal may be heard and determined by a panel consisting of one or more members of the Tribunal, as assigned by the chair of the Tribunal. 1997, c. 28, s. 7 (1).
Assigning panels
(2) In assigning members of the Tribunal to a panel, the chair shall take into consideration the requirements, if any, for experience and expertise to enable the panel to decide the issues raised in any matter before the Tribunal. 1997, c. 28, s. 7 (2).
Employees
8. (1) Such employees as are considered necessary for the proper conduct of the affairs of the Commission may be appointed under Part III of the Public Service of Ontario Act, 2006. 2006, c. 35, Sched. C, s. 43 (2).
Professional assistance
(2) The Superintendent or the Tribunal respectively may,
(a) engage persons, other than those mentioned in subsection (1), to provide professional, technical or other assistance to the Commission or the Tribunal respectively; and
(b) establish the terms of engagement and provide for the payment of the remuneration and expenses of the persons engaged under clause (a). 1997, c. 28, s. 8 (2).
Conflict of interest
9. (1) The Commission shall establish conflict of interest guidelines with which the members of the Commission, the members of the Tribunal and the employees of the Commission shall comply. 1997, c. 28, s. 9 (1).
Copy to Minister
(2) The Commission shall deliver a copy of the guidelines to the Minister. 1997, c. 28, s. 9 (2).
Immunity
10. (1) No action or other proceeding for damages shall be instituted against the Superintendent, the Director, any member of the Commission or the Tribunal, any employee of the Commission or any person engaged by the Superintendent or the Tribunal for any act done in good faith in the execution or intended execution of the person’s powers or duties or for any neglect or default in the execution, in good faith, of the person’s powers or duties. 1997, c. 28, s. 10 (1).
Note: On a day to be named by proclamation of the Lieutenant Governor, subsection (1) is amended by striking out “the Director”. (See: 2014, c. 9, Sched. 5, ss. 3 (1), 8)
Crown liability
(1.1) Despite subsections 5 (2) and (4) of the Proceedings Against the Crown Act, subsection (1) does not relieve the Crown of any liability to which it would otherwise be subject. 2009, c. 33, Sched. 16, s. 5.
Testimony in civil proceedings
(2) Neither the Superintendent, the Director, nor any member of the Tribunal shall be required to testify in a civil proceeding, in a proceeding before the Superintendent or the Tribunal or in a proceeding before any other tribunal respecting information obtained in the discharge of the person’s duties under this Act or any other Act. 1997, c. 28, s. 10 (2).
Note: On a day to be named by proclamation of the Lieutenant Governor, subsection (2) is amended by striking out “the Director”. (See: 2014, c. 9, Sched. 5, ss. 3 (2), 8)
Same, employees
(3) Except with the consent of the Superintendent, no employee of the Commission or any person engaged by the Superintendent or the Tribunal shall be required to testify in a civil proceeding, in a proceeding before the Superintendent or the Tribunal or in a proceeding before any other tribunal respecting information obtained in the discharge of the person’s duties under this Act or any other Act. 1997, c. 28, s. 10 (3).
Note: On a day to be named by proclamation of the Lieutenant Governor, section 10 is amended by adding the following subsection: (See: 2014, c. 9, Sched. 5, ss. 3 (3), 8)
Transition re: director of arbitrations
(4) Subsections (1), (1.1) and (2) apply, with necessary modifications, with respect to every person who held office as the director of arbitrations as that office existed immediately before the repeal of section 6 of the Insurance Act by section 2 of Schedule 3 to the Fighting Fraud and Reducing Automobile Insurance Rates Act, 2014 or as that office may be continued after that repeal by regulations under section 283 of the Insurance Act. 2014, c. 9, Sched. 5, s. 3 (3).
Statement of priorities
11. (1) Commencing with its 2005 fiscal year, the Commission shall, not later than 90 days after the start of each fiscal year, deliver to the Minister and publish in The Ontario Gazette,
(a) a statement setting out the proposed priorities of the Commission for the fiscal year in connection with the administration of this Act and all other Acts that confer powers on or assign duties to the Commission or the Superintendent; and
(b) a summary of the reasons for the adoption of the priorities described in clause (a). 1997, c. 28, s. 11 (1); 2004, c. 31, Sched. 14, s. 1.
Invitation
(2) The Commission shall, at least 60 days before the publication date of the statement, publish a notice in The Ontario Gazette inviting interested persons to make written representations as to the matters that should be identified as priorities. 1997, c. 28, s. 11 (2).
Publication of information
(3) The Commission may publish any information that it considers in the public interest. 1997, c. 28, s. 11 (3).
Policy statements
12. (1) The Minister may issue policy statements on matters related to this Act or any other Act that confers powers on or assigns duties to the Commission or the Superintendent. 1997, c. 28, s. 12 (1).
When effective
(2) A policy statement takes effect on the day it is published in The Ontario Gazette. 1997, c. 28, s. 12 (2).
Effect of statements
(3) The Commission, the Superintendent and the Tribunal shall have regard to the policy statements in making decisions. 1997, c. 28, s. 12 (3).
13. Repealed. See: Table of Public Statute Provisions Repealed Under Section 10.1 of the Legislation Act, 2006 – December 31, 2011.
Auditor General
14. The Auditor General shall examine annually the accounts and financial transactions of the Commission. 1997, c. 28, s. 14; 2004, c. 17, s. 32.
Reports of Commission
15. (1) Within a reasonable time after the close of each fiscal year, the Commission shall file with the Minister an annual report on the affairs of the Commission. 1997, c. 28, s. 15 (1).
Tabling
(2) The Minister shall submit the report to the Lieutenant Governor in Council and lay it before the Legislative Assembly if it is in session or, if not, at the next session. 1997, c. 28, s. 15 (2).
Other reports
(3) The Commission shall submit to the Minister all reports, other than the annual report, and all information that the Minister requires. 1997, c. 28, s. 15 (3).
Format of filed documents, etc.
15.1 (1) This section applies with respect to documents and information to be delivered to, filed with or issued by the Superintendent under this or any other Act. 1999, c. 12, Sched. I, s. 3 (1).
Conflict
(2) In the event of a conflict between this section or a rule made under this section and a provision of this or any other Act, any regulation or any other rule, this section or the rule made under this section, as the case may be, prevails. 1999, c. 12, Sched. I, s. 3 (1).
Permitted formats
(3) Despite any requirement in or under this or any other Act respecting the format in which a document or information must be delivered to, filed with or issued by the Superintendent, the document or information may be delivered, filed or issued in electronic format or another format the Superintendent may approve. 1999, c. 12, Sched. I, s. 3 (1).
Required formats
(4) Despite any requirement in or under this or any other Act, the Superintendent may require a document or information that is to be delivered to, filed with or issued by him or her to be delivered, filed or issued in electronic format or another format specified by the Superintendent. 1999, c. 12, Sched. I, s. 3 (1).
Rules
(5) The Superintendent may make rules governing the delivery, filing, inspection, service or copying of documents and information in the formats approved by him or her under subsection (3) or specified by him or her under subsection (4). 1999, c. 12, Sched. I, s. 3 (1).
Same
(6) A rule may specify the manner in which a document or information that is not written on paper must be signed or certified, and may waive any requirement that a document or information must be signed or certified. 1999, c. 12, Sched. I, s. 3 (1).
Conversion
(7) The Superintendent may convert a document or information delivered to, filed with or issued by him or her from one format into another format chosen by him or her; the Superintendent is not required to retain the document or information in the format in which it is delivered, filed or issued. 1999, c. 12, Sched. I, s. 3 (1).
Records
(8) The Superintendent may maintain or store his or her records in any format the Superintendent considers suitable. 1999, c. 12, Sched. I, s. 3 (1).
Certificates issued by Superintendent
16. The Superintendent may issue a certificate,
(a) stating that, as of a given day,
(i) a person or entity was or was not licensed under an Act that confers powers on or assigns duties to the Superintendent, or
(ii) the licence was renewed, suspended, revived, revoked or cancelled;
(b) stating that, as of a given day,
(i) a person or a pension plan was or was not registered under an Act that confers powers on or assigns duties to the Superintendent,
Note: On a day to be named by proclamation of the Lieutenant Governor, subclause 16 (b) (i) of the Act is amended by striking out “a person or a pension plan” at the beginning and substituting “a person or a plan”. (See: 2015, c. 9, s. 29 (4))
(ii) the registration was subject to terms or restrictions, or
(iii) the registration was revoked;
(c) stating that a copy of, or extract from, a document or thing in the custody of the Superintendent is a true copy of, or extract from, the document or thing;
(c.1) stating that a copy of, or extract from, a document or information in the custody of the Superintendent that is not in a written format is a print-out from the document or information on record with the Superintendent and is a true copy of, or extract from, the document or information;
(d) stating the date when a document was served on, delivered to or filed with the Superintendent;
(e) stating the non-filing of any document or material required or permitted to be filed with the Superintendent;
(f) stating the date when the Superintendent received or issued a document or notification;
(g) stating when the facts on which a proceeding for an offence is based first came to the knowledge of the Superintendent; or
(h) stating the day on which the Superintendent became aware of a contravention or failure to comply for which an administrative penalty may be imposed under any Act that confers powers on or assigns duties to the Superintendent. 1997, c. 28, s. 16; 1999, c. 12, Sched. I, s. 3 (2); 2006, c. 29, s. 62 (2, 3); 2012, c. 8, Sched. 15, s. 1.
Admissibility as evidence
17. (1) An official document that purports to be signed by or on behalf of the Superintendent shall be received in evidence in any proceeding as proof, in the absence of evidence to the contrary, of the facts stated in the official document without proof of the signature or the position of the person appearing to have signed the official document. 1997, c. 28, s. 17 (1).
Definition
(2) In subsection (1),
“official document” means a certificate, order, decision, licence, direction, inquiry or notice of the Superintendent under this Act and every other Act that confers powers on or assigns duties to the Superintendent. 1997, c. 28, s. 17 (2).
True copies
(3) A true copy certified by the Superintendent under clause 16 (c) or (c.1) is admissible in evidence to the same extent as and has the same evidentiary value as the document or thing of which it is a copy. 1997, c. 28, s. 17 (3); 1999, c. 12, Sched. I, s. 3 (3).
Certificates issued by Tribunal
18. (1) The Tribunal may issue a certificate,
(a) stating that a copy of, or extract from, a document or thing in the custody of the Tribunal is a true copy of, or extract from, the document or thing;
(b) stating the date when a document was served on, delivered to or filed with the Tribunal; or
(c) stating the date when the Tribunal received or issued a document or notification. 1997, c. 28, s. 18 (1).
Signatory
(2) The chair or a vice-chair of the Tribunal, or a person designated by the chair, may sign certificates on behalf of the Tribunal. 1997, c. 28, s. 18 (2).
Admissibility as evidence
19. (1) An official document that purports to be signed on behalf of the Tribunal shall be received in evidence in any proceeding as proof, in the absence of evidence to the contrary, of the facts stated in the official document without proof of the signature or the position of the person appearing to have signed the official document. 1997, c. 28, s. 19 (1).
Definition
(2) In subsection (1),
“official document” means a certificate, order, decision or notice of the Tribunal under this Act and every other Act that confers powers on or assigns duties to the Tribunal. 1997, c. 28, s. 19 (2).
True copies
(3) A true copy certified by the Tribunal under clause 18 (1) (a) is admissible in evidence to the same extent as and has the same evidentiary value as the document or thing of which it is a copy. 1997, c. 28, s. 19 (3).
Exclusive jurisdiction
20. The Tribunal has exclusive jurisdiction to,
(a) exercise the powers conferred on it under this Act and every other Act that confers powers on or assigns duties to it; and
(b) determine all questions of fact or law that arise in any proceeding before it under any Act mentioned in clause (a). 1997, c. 28, s. 20.
Orders
21. (1) The Tribunal shall determine matters before it by order. 1997, c. 28, s. 21 (1).
Conditions
(2) The Tribunal may make an order subject to the conditions that are set out in the order. 1997, c. 28, s. 21 (2).
Interim orders
(3) The Tribunal may make interim orders before making the final order in a matter before it. 1997, c. 28, s. 21 (3).
No appeal
(4) An order of the Tribunal is final and conclusive for all purposes unless the Act under which the Tribunal made it provides for an appeal. 1997, c. 28, s. 21 (4).
Proceedings
22. For a proceeding before the Tribunal, the Tribunal may,
(a) make rules for the practice and procedure to be observed;
(b) determine what constitutes adequate public notice;
(c) before or during the proceeding, conduct any inquiry or inspection that the Tribunal considers necessary; or
(d) in determining any matter, consider any relevant information obtained by the Tribunal in addition to evidence given at the proceeding, if the Tribunal first informs the parties to the proceeding of the additional information and gives them an opportunity to explain or refute it. 1997, c. 28, s. 22.
Power over witnesses
23. (1) For the purpose of exercising its powers and performing its duties under this or any other Act, the Tribunal has the same power that the Superior Court of Justice has in the trial of civil actions to summon and enforce the attendance of witnesses and to compel them to give evidence on oath or otherwise and to produce documents, records and things. 1997, c. 28, s. 23 (1); 2006, c. 19, Sched. C, s. 1 (1).
Evidence by affidavit
(2) The Tribunal may require or permit persons to give evidence before it by affidavit. 1997, c. 28, s. 23 (2).
Costs
24. (1) The Tribunal may order that a party to a proceeding before it pay the costs of another party or the Tribunal’s costs of the proceeding. 1997, c. 28, s. 24 (1).
Tribunal’s costs
(2) The Tribunal’s costs of a proceeding consist of the expenses, including the costs of investigations, that the Tribunal and the Superintendent have incurred in connection with the proceeding. 1997, c. 28, s. 24 (2).
Amount
(3) The Tribunal shall determine the amount of an order for costs in accordance with the rules of the Tribunal. 1997, c. 28, s. 24 (3).
Assessment of regulated sector
25. (1) The Lieutenant Governor in Council may assess all entities that form part of a regulated sector with respect to all expenses and expenditures that the Ministry, the Commission and the Tribunal have incurred and made in respect of the regulated sector under this Act or any other Act that confers powers on or assigns duties to the Ministry, the Commission, the Superintendent, the Tribunal or the Director. 1997, c. 28, s. 25 (1).
Note: On a day to be named by proclamation of the Lieutenant Governor, subsection (1) is amended by striking out “the Tribunal or the Director” at the end and substituting “or the Tribunal”. (See: 2014, c. 9, Sched. 5, ss. 4 (1), 8)
Determination of amount
(2) If an assessment is made under subsection (1), the share of the assessment in respect of the regulated sector and the share of the assessment payable by an entity that forms part of the sector shall be determined in the manner prescribed by the regulations made under this Act. 1997, c. 28, s. 25 (2).
Same, variations
(3) The manner of determining the share may vary for each regulated sector or for the entities that form part of the sector. 1997, c. 28, s. 25 (3).
Same, fees received
(4) In setting an assessment under subsection (1) in respect of a regulated sector, the Lieutenant Governor in Council shall take into account the fees that the Crown has received from the entities that form part of the sector. 1997, c. 28, s. 25 (4).
Same, dispute resolution
(5) If an assessment made under subsection (1) covers expenses incurred for dispute resolution under sections 280 to 284 of the Insurance Act, the regulations made under this Act may provide that the assessment is based on the degree of usage made of the dispute resolution system that is specified in the regulations. 1997, c. 28, s. 25 (5).
Note: On a day to be named by proclamation of the Lieutenant Governor, subsection (5) is repealed. (See: 2014, c. 9, Sched. 5, ss. 4 (2), 8)
Recommendation of Commission
(6) On request, the Commission shall recommend to the Lieutenant Governor in Council the manner in which the regulations made under this Act should determine the share of the assessment in respect of a regulated sector and the share of the assessment payable by an entity that forms part of the sector. 1997, c. 28, s. 25 (6).
Payment of assessment
26. (1) An entity that is assessed under section 25 shall pay the assessment. 1997, c. 28, s. 26 (1).
Unpaid assessments
(2) If an entity that is assessed does not pay the assessment, the unpaid amount of the assessment is a debt due to the Crown and the Crown may recover the debt by action or by any other remedy or procedure available by law to the Crown for the collection of debts owed to the Crown, whether or not the Superintendent exercises the rights set out in subsection (3), (4) or (5). 1997, c. 28, s. 26 (2).
Insurer
(3) If an insurer that is assessed does not pay the assessment, the Superintendent may suspend or cancel the insurer’s license issued under the Insurance Act. 1997, c. 28, s. 26 (3).
Loan and trust corporations
(4) If a corporation registered under the Loan and Trust Corporations Act that is assessed does not pay the assessment, the Superintendent may revoke the registration of the corporation under that Act. 1997, c. 28, s. 26 (4).
Mortgage brokerages, etc.
(5) If a person or entity who has a licence issued under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and who is assessed does not pay the assessment, the Superintendent may revoke the person’s or entity’s licence. 2006, c. 29, s. 62 (4).
Holder of service provider’s licence
(5.1) If a person or entity who holds a service provider’s licence issued under Part VI (Automobile Insurance) of the Insurance Act and who is assessed does not pay the assessment, the Superintendent may revoke the licence. 2013, c. 2, Sched. 6, s. 2.
Revival
(6) The Superintendent may revive the licence or restore the registration, as the case may be, if the entity that is assessed pays the amount owing on the assessment. 1997, c. 28, s. 26 (6).
Fees and forms
27. (1) Subject to the approval of the Minister, the Commission may require the payment of fees in relation to any matter under this Act and may set the amount of those fees. 1997, c. 28, s. 27 (1).
Forms
(2) The Superintendent may approve forms for any purpose of this Act and require their use. 1997, c. 28, s. 27 (2).
Content
(3) The forms may provide that the person required to use them shall provide the information specified in them. 1997, c. 28, s. 27 (3).
Regulations
28. The Lieutenant Governor in Council may make regulations prescribing any matter mentioned in this Act as prescribed. 1997, c. 28, s. 28.
29.-229. Omitted (amends or repeals other Acts). 1997, c. 28, ss. 29-229.
230. Omitted (provides for coming into force of provisions of this Act). 1997, c. 28, s. 230.
231. Omitted (enacts short title of this Act). 1997, c. 28, s. 231.
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