PART II GENERAL PROVISIONS APPLICABLE TO INSURERS
Chief Executive Officer’s report
58 (1) Upon examination, from annual statements, or upon any other evidence, the Chief Executive Officer shall make a report if he or she, (a)  finds, with respect to an insurer incorporated or organized under the laws of Ontario, that the assets of the insurer are insufficient to justify its continuance in business or to provide for its obligations; (b)  is of the opinion that there exists a state of affairs that is or may be prejudicial to the interests of persons who have contracts of insurance with an insurer licensed in Ontario; (c)  finds that an insurer licensed in Ontario has failed to comply with any provision of law or with its Act or instrument of incorporation or association; or (d)  becomes aware that the licence of an insurer licensed in Ontario has been suspended or cancelled by any government in Canada. 1997, c. 28, s. 94; 2018, c. 8, Sched. 13, s. 22. Notice to insurer (2) The Chief Executive Officer may give notice in writing, which shall include a copy of the report made under subsection (1), to the insurer stating that the Chief Executive Officer intends, (a)  to suspend or cancel the insurer’s licence; or (b)  to take possession and control of the assets of the insurer if incorporated or organized under the laws of Ontario. 1997, c. 28, s. 94; 2018, c. 8, Sched. 13, s. 22. Request for hearing (3) Within 15 days after receiving the notice, the insurer may request in writing that the Tribunal hold a hearing before the Chief Executive Officer takes any action described in the notice. 1997, c. 28, s. 94; 2018, c. 8, Sched. 13, s. 22. Hearing (4) If, within the time period allowed, the insurer requests a hearing, the Tribunal shall hold a hearing. 1997, c. 28, s. 94. No request for hearing (5) If, within the time period allowed, the insurer does not request a hearing, the Chief Executive Officer may, by order, (a)  suspend or cancel the licence of the insurer; or (b)  take possession and control of the assets of the insurer if incorporated or organized under the laws of Ontario. 1997, c. 28, s. 94; 2018, c. 8, Sched. 13, s. 22. Interim order (6) If the Chief Executive Officer is of the opinion that the interests of the public may be adversely affected by any delay in making an order mentioned in subsection (5), the Chief Executive Officer may make an interim order before the expiry of the time period for the insurer to request a hearing or, if the Tribunal holds a hearing, before the final determination of the hearing. 1997, c. 28, s. 94; 2018, c. 8, Sched. 13, s. 22. Interim order in force (7) Unless the Chief Executive Officer revokes an interim order, (a)  the interim order remains in force indefinitely if, within the time allowed, the insurer does not request a hearing; (b)  the interim order remains in force until the final determination of the hearing if, within the time period allowed, the insurer requests a hearing. 1997, c. 28, s. 94; 2018, c. 8, Sched. 13, s. 22. Powers of Tribunal (8) At a hearing, if the Tribunal finds that one or more of the circumstances described in clauses (1) (a), (b), (c) and (d) exist, it may, (a)  suspend or cancel the licence of the insurer; or (b)  order the Chief Executive Officer to take possession and control of the assets of the insurer if incorporated or organized under the laws of Ontario. 1997, c. 28, s. 94; 2018, c. 8, Sched. 13, s. 22. Copy of order to insurer (9) If the Tribunal makes an order described in clause (8) (b), the Chief Executive Officer shall deliver a copy of the order to an officer of the insurer. 1997, c. 28, s. 94; 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 94 - 01/07/1998 2018, c. 8, Sched. 13, s. 22 - 08/06/2019 59 Repealed:  1997, c. 28, s. 94. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 94 - 01/07/1998 60 Repealed:  1997, c. 19, s. 10 (11). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 10 (11) - 10/10/1997 61 Repealed:  1997, c. 28, s. 95. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 95 - 01/07/1998 Chief Executive Officer takes control