PART IV FIRE INSURANCE
Fire Mutuals Guarantee Fund
169 (1) The agreement establishing the Fire Mutuals Guarantee Fund is continued and may be amended with the approval of the Chief Executive Officer.  1999, c. 12, Sched. I, s. 4 (18); 2018, c. 8, Sched. 13, s. 22. Members (2) The following persons may be members of the Fund, with the approval of the Chief Executive Officer: 1.  Mutual insurance corporations including those that are incorporated under subsection 148 (3) of the Corporations Act. 2.  Joint stock insurance companies, all the shares of which are owned by one or more mutual insurance corporations that are members of the Fund.  1999, c. 12, Sched. I, s. 4 (18); 2018, c. 8, Sched. 13, s. 22. Purposes (3) The Fund has the following purposes, and such additional purposes as may be set out in the agreement: 1.  To pay the insurance claims and repay the unearned premiums of policyholders who are members of the Fund, if a member is unable to meet its obligations. 2.  To pay the insurance claims of third parties against policyholders who are members of the Fund, if a member is unable to meet its obligations.  1999, c. 12, Sched. I, s. 4 (18). Same (3.1) With the approval of the Chief Executive Officer, the assets of the Fund may be used for the purposes of the Fund.  1999, c. 12, Sched. I, s. 4 (18); 2018, c. 8, Sched. 13, s. 22. Powers (3.2) If the Fund is authorized to do so by the agreement, the Fund may, (a)  assess its members in respect of any payments that the Fund has authorized in respect of a member who is unable to meet its obligations; and (b)  until the assessments are paid, borrow money or establish lines of credit for the purposes of making payments in respect of the member who is unable to meet its obligations.  1999, c. 12, Sched. I, s. 4 (18). Administration (3.3) The assets of the Fund shall be held in trust by a trust corporation registered under the Loan and Trust Corporations Act.  1999, c. 12, Sched. I, s. 4 (18). Assets of Fund (4) The assets of the Fund shall, (a)  be maintained at no less than a book value of $1,000,000 including the value of any assessments made to restore the book value of $1,000,000, or such further amount as may be specified from time to time by the Chief Executive Officer; (b)  be maintained or increased by assessments on parties to the agreement on the basis set out in the agreement referred to in subsection (1); (c)  Repealed:  2006, c. 33, Sched. O, s. 8 (1). (d)  be invested and valued in accordance with the regulations.  R.S.O. 1990, c. I.8, s. 169 (4); 1999, c. 12, Sched. I, s. 4 (19); 2006, c. 33, Sched. O, s. 8; 2018, c. 8, Sched. 13, s. 22. Relief from assessment (5) No assessment referred to in clause (3.2) (a) or (4) (b) shall be paid by an insurer if its effect would be to reduce the surplus of that insurer below the minimum amount specified by the Chief Executive Officer, and such a waiver of an assessment shall not be cause for the insurer’s expulsion from the Fund.  R.S.O. 1990, c. I.8, s. 169 (5); 1999, c. 12, Sched. I, s. 4 (20); 2018, c. 8, Sched. 13, s. 22. Interest of Chief Executive Officer in Fund (6) The Chief Executive Officer shall be deemed to have an interest in the Fund as representative of all persons who may be claimants against insurers that are parties to the agreement and the trustees shall from time to time furnish the Chief Executive Officer with such information and accounts with respect to the Fund as the Chief Executive Officer may require.  R.S.O. 1990, c. I.8, s. 169 (6); 2018, c. 8, Sched. 13, s. 22. Cessation of membership (7) The Chief Executive Officer may permit an insurer to cease to be a member of the Fund and may impose such terms and conditions respecting the cessation as the Chief Executive Officer considers appropriate.  1999, c. 12, Sched. I, s. 4 (21); 2018, c. 8, Sched. 13, s. 22. Withdrawal of approval (7.1) The Chief Executive Officer may withdraw his or her approval under subsection (2) when an insurer is in default of payment of its assessment under the agreement.  1999, c. 12, Sched. I, s. 4 (21); 2018, c. 8, Sched. 13, s. 22. (8) Repealed: 2019, c. 14, Sched. 9, s. 20. Application of Act (9) All parties to the agreement and their officers and directors shall be deemed to be persons engaged in the business of insurance for the purposes of this Act and the regulations and any contravention of the trust agreement constitutes an offence.  R.S.O. 1990, c. I.8, s. 169 (9). Passing of accounts (10) An account filed with the Chief Executive Officer under subsection (6), except so far as mistake or fraud is shown, is binding and conclusive upon all interested persons as to all matters shown in the account and the trustees’ administration thereof, unless the Chief Executive Officer, within six months of the date upon which the account is filed with him or her, requires in writing that such account be filed and passed before a judge of the Superior Court of Justice.  R.S.O. 1990, c. I.8, s. 169 (10); 2006, c. 19, Sched. C, s. 1 (1); 2018, c. 8, Sched. 13, s. 22. Idem (11) The provisions of the Estates Act and the rules made thereunder and of the Trustee Act with respect to the passing of accounts of the trustees apply, with necessary modifications, to the passing of accounts under subsection (10).  R.S.O. 1990, c. I.8, s. 169 (11). Section Amendments with date in force (d/m/y) 1999, c. 12, Sched. I, s. 4 (18-21) - 22/12/1999 2006, c. 19, Sched. C, s. 1 (1) - 22/06/2006; 2006, c. 33, Sched. O, s. 8 - 05/05/2008 2018, c. 8, Sched. 13, s. 22 - 08/06/2019 2019, c. 14, Sched. 9, s. 20 - 10/12/2019 170 Repealed:  1999, c. 12, Sched. I, s. 4 (22). Section Amendments with date in force (d/m/y) 1999, c. 12, Sched. I, s. 4 (22) - 22/12/1999 PART V   LIFE INSURANCE Definitions