hordruma/ontario_laws_and_regs huggingface dataset:
PART XV RATES AND RATING BUREAUS
Risk classification systems
417 (1) No insurer shall use a risk classification system in classifying risks for a coverage or category of automobile insurance unless the system, (a)  is approved by the Chief Executive Officer or Tribunal as the case may be; (b)  is authorized under section 413; or (c)  is required under the regulations.  1993, c. 10, s. 45; 1997, c. 28, s. 133 (1); 2018, c. 8, Sched. 13, s. 22. Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 417 (1) of the Act is repealed and the following substituted: (See: 2017, c. 34, Sched. 21, s. 35) Automobile insurance, systems and rates Risk classification systems (1) No insurer shall use a rate for a coverage or category of automobile insurance or a risk classification system in classifying risks for a coverage or category of automobile insurance unless the rate or the system, (a)  is approved by the Superintendent; or (b)  is required under the Authority rules. 2017, c. 34, Sched. 21, s. 35. Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 417 (1) of the Act, as re-enacted by section 35 of Schedule 21 to the Stronger, Fairer Ontario Act (Budget Measures), 2017, is amended by striking out “Superintendent” and substituting “Chief Executive Officer”. (See: 2018, c. 8, Sched. 13, s. 14) Rates (2) No insurer shall use a rate for a coverage or category of automobile insurance that is not approved by the Chief Executive Officer or Tribunal as the case may be or authorized under section 413.  R.S.O. 1990, c. I.8, s. 417 (2); 1997, c. 28, s. 133 (2); 2018, c. 8, Sched. 13, s. 22. Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 417 (2) of the Act is repealed and the following substituted: (See: 2017, c. 34, Sched. 21, s. 35) Rates (2) No insurer shall use a rate for a coverage or category of automobile insurance that is not approved by the Superintendent or required under the Authority rules. 2017, c. 34, Sched. 21, s. 35. Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 417 (2) of the Act, as re-enacted by section 35 of Schedule 21 to the Stronger, Fairer Ontario Act (Budget Measures), 2017, is amended by striking out “Superintendent” and substituting “Chief Executive Officer”. (See: 2018, c. 8, Sched. 13, s. 14) Definition (3) In this section, “insurer” includes the Facility Association.  R.S.O. 1990, c. I.8, s. 417 (3). Section Amendments with date in force (d/m/y) 1993, c. 10, s. 45 - 01/01/1994; 1997, c. 28, s. 133 - 01/07/1998 2017, c. 34, Sched. 21, s. 35 - not in force 2018, c. 8, Sched. 13, s. 14 - not in force; 2018, c. 8, Sched. 13, s. 22 - 08/06/2019; CTS 04 SE 18 - 1
PART XV RATES AND RATING BUREAUS
Risk classification systems, emergency vehicles
417.0.1 (1) No insurer shall use a risk classification system in classifying risks for a coverage or category of automobile insurance that permits an insurer to consider for purposes of a contract of automobile insurance, other than a contract covering the emergency vehicle, an accident arising out of a person’s use or operation of an emergency vehicle while on duty.  2004, c. 11, s. 1. Meaning of emergency vehicle (2) Subsection (1) applies to the following emergency vehicles: 1.  A fire department vehicle. 2.  A police vehicle while used by a person in the lawful performance of his or her duties as a police officer. 3.  An emergency response vehicle. 4.  An ambulance.  2004, c. 11, s. 1; 2004, c. 31. Sched. 20, s. 12 (1). Rates, accidents involving emergency vehicles (3) No insurer shall use a rate for a coverage or category of automobile insurance that is contrary to subsection (1).  2004, c. 11, s. 1. Limitation (4) This section does not apply when a person is operating his or her personal automobile.  2004, c. 11, s. 1. Definitions (5) In this section, “ambulance” means an ambulance as defined in subsection 1 (1) of the Ambulance Act; (“ambulance”) “automobile” means an automobile within the meaning of Part VI; (“automobile”) “contract of automobile insurance” means a contract of automobile insurance within the meaning of Part VI; (“contrat d’assurance-automobile”) “emergency response vehicle” means a vehicle within the meaning of the Highway Traffic Act operated by an ambulance service, other than an ambulance, that is used to provide emergency response services, and that has been assigned an emergency response vehicle number by the Director of the Emergency Health Services Branch of the Ministry of Health and Long-Term Care; (“véhicule d’intervention en cas d’urgence”) “fire department vehicle” includes an emergency crash extrication vehicle owned and operated by a rescue organization approved by the Minister in writing for the purposes of this Part and a vehicle designated in writing by the Fire Marshal of Ontario as a “fire department vehicle”; (“véhicule de pompiers”) “insurer” includes the Facility Association; (“assureur”) “Minister” means the Minister of Community Safety and Correctional Services or such other member of the Executive Council as may be assigned the administration of this Act under the Executive Council Act. (“ministre”)  2004, c. 11, s. 1; 2004, c. 31, Sched. 20, s. 12 (2). Section Amendments with date in force (d/m/y) 2004, c. 11, s. 1 - 24/06/2004; 2004, c. 31, Sched. 20, s. 12- 16/12/2004 417.1 Repealed: 2013, c. 2, Sched. 8, s. 27. Section Amendments with date in force (d/m/y) 1993, c. 10, s. 46 - 01/01/1994; 1997, c. 28, s. 134 - 01/07/1998 2013, c. 2, Sched. 8, s. 27 - 16/08/2013
PART XV RATES AND RATING BUREAUS
Inquiry
418 (1) The Chief Executive Officer may inquire into any question that an insurer, insured or a rating bureau may bring before him or her with regard to insurance rates fixed by a rating bureau or charged by an insurer and also with regard to any other question arising out of the relationship or proposed relationship of the parties with reference to the insurance in question. R.S.O. 1990, c. I.8, s. 418 (1); 2018, c. 8, Sched. 13, s. 22. Report (2) The Chief Executive Officer shall not make an order pursuant to an inquiry under this section, but the result of the inquiry shall be reported in the Chief Executive Officer’s annual report. R.S.O. 1990, c. I.8, s. 418 (2); 2018, c. 8, Sched. 13, s. 22, 23. Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 13, s. 22, 23 - 08/06/2019 PART XVI   AMALGAMATIONs and TRANSFERs
PART XVI AMALGAMATIONS AND TRANSFERS
Meaning of “transfer”, Part XVI
419 In this Part, “transfer” means an arrangement whereby contracts made in Ontario by a licensed insurer incorporated or organized under the laws of Ontario or any class or group of such contracts are undertaken by or transferred to another insurer either by novation, transfer or assignment or as a result of amalgamation of the insurers.  1997, c. 19, s. 10 (35). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 10 (35) - 10/10/1997 Application
PART XVI AMALGAMATIONS AND TRANSFERS
Reinsurance not affected
420 (1) Nothing in this Part affects reinsurance of individual risks made by insurers in the ordinary course of business.  R.S.O. 1990, c. I.8, s. 420 (1); 1997, c. 19, s. 10 (36). Amalgamation: compliance with law where incorporated (2) In the case of the amalgamation of insurers, if one of the contracting insurers is an insurer not incorporated or organized under the law of Ontario, the Chief Executive Officer shall not approve the transfer until it has been established to his or her satisfaction that the insurers party to the transfer have fully complied with the requirements of the law of the legislative authority under which the insurer was incorporated or organized, but a certificate of the supervising insurance official appointed by such legislative authority that such insurer has fully complied with the requirements of the law of the authority is sufficient evidence to the Chief Executive Officer of that fact.  R.S.O. 1990, c. I.8, s. 420 (2); 1997, c. 19, s. 10 (37); 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 10 (36, 37) - 10/10/1997 2018, c. 8, Sched. 13, s. 22 - 08/06/2019
PART XVI AMALGAMATIONS AND TRANSFERS
Transfer agreements, requirements
421 (1) The details of the transfer shall be in writing setting out in full the terms and conditions of the transfer, but no transfer agreement shall be entered into without the prior permission of the Chief Executive Officer and the transfer is not binding or effective until approved by the Chief Executive Officer.  1997, c. 19, s. 10 (38); 2018, c. 8, Sched. 13, s. 22. Irregularity not to invalidate (2) Upon the approval of the Chief Executive Officer, the transfer is valid and binding despite any irregularity in procedure or any failure to comply with the procedural provisions of this Part.  R.S.O. 1990, c. I.8, s. 421 (2); 1997, c. 19, s. 10 (39); 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 10 (38, 39) - 10/10/1997 2018, c. 8, Sched. 13, s. 22 - 08/06/2019
PART XVI AMALGAMATIONS AND TRANSFERS
Transfer agreements, application for approval
422 The insurers who enter into such a transfer agreement, within 30 days from the date of its execution or such longer period of time as the Chief Executive Officer may direct, shall apply to the Chief Executive Officer for approval of the transfer.  1997, c. 19, s. 10 (40); 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 10 (40) - 10/10/1997 2018, c. 8, Sched. 13, s. 22 - 08/06/2019 423 Repealed:  1997, c. 19, s. 10 (41). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 10 (41) - 10/10/1997 424 Repealed:  1997, c. 19, s. 10 (41). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 10 (41) - 10/10/1997
PART XVI AMALGAMATIONS AND TRANSFERS
Documents to be filed with Chief Executive Officer
425 Upon the filing of the application, the insurers party to the transfer shall deposit with the Chief Executive Officer, (a)  a certified copy of the transfer agreement; (b)  a statement of the nature and terms of the transfer; (c)  certified copies of the statements of assets and liabilities of the insurers party to the transfer agreement; (d)  certified copies of the actuarial or other reports upon which the transfer agreement is founded; (e)  a declaration under the hands of the president or principal officer and manager or secretary of each insurer that to the best of their knowledge and belief every payment made or to be made to any person whatsoever on account of the transfer is therein fully set forth and that no other payments beyond those set forth have been made or are to be made either in money, policies, bonds, valuable securities or other property by or with the knowledge of any of the parties to the transfer; (f)  evidence of the service of the notices required by section 426, if any; (g)  such other information and reports as the Chief Executive Officer may require.  R.S.O. 1990, c. I.8, s. 425; 1997, c. 19, s. 10 (42); 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 10 (42) - 10/10/1997 2018, c. 8, Sched. 13, s. 22 - 08/06/2019
PART XVI AMALGAMATIONS AND TRANSFERS
Approval or rejection of transfer
426 (1) After receiving the application, the Chief Executive Officer may invite written submissions and, after considering all the submissions, approve or reject the transfer. 1997, c. 28, s. 141 (1); 2018, c. 8, Sched. 13, s. 22. Notice (2) Subject to subsection (3), the Chief Executive Officer shall determine what notice is adequate for the purposes of subsection (1) and shall direct who shall give the notice. 1997, c. 28, s. 141 (1); 2018, c. 8, Sched. 13, s. 22. Notice, life insurance (3) In the case of life insurance, (a)  the notice shall be served on the shareholders or members and on all policyholders in Ontario; (b)  the notice shall include, (i)  a statement of the nature and terms of the transfer, (ii)  an abstract containing the material facts embodied in the transfer agreement under which the transfer is proposed to be effected, and (iii)  copies of the actuarial or other reports upon which the transfer agreement is founded, including a report by an independent actuary; and (c)  the Chief Executive Officer may also direct that the transfer agreement be open to inspection by policyholders, shareholders or members at the principal offices of the insurers in Ontario for a period of time specified by the Chief Executive Officer. 1997, c. 28, s. 141 (1); 2018, c. 8, Sched. 13, s. 22; 2020, c. 34, Sched. 7, s. 15. Appeal (4) The insurers or a person who has made written submissions under subsection (1) may appeal a decision of the Chief Executive Officer under that subsection to the Tribunal. 1997, c. 28, s. 141 (1); 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 141 (1) - 01/07/1998 2018, c. 8, Sched. 13, s. 22 - 08/06/2019 2020, c. 34, Sched. 7, s. 15 - 08/12/2020 427 Repealed:  1997, c. 19, s. 10 (44). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 10 (44) - 10/10/1997 428 Repealed:  1997, c. 19, s. 10 (44). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 10 (44) - 10/10/1997 429 Repealed:  1997, c. 19, s. 10 (44). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 10 (44) - 10/10/1997 430 Repealed:  1997, c. 19, s. 10 (44). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 10 (44) - 10/10/1997
PART XVI AMALGAMATIONS AND TRANSFERS
Transfer of contracts where insurer leaves Ontario
431 Where under an agreement between an insurer, in this section called the “continuing insurer”, and another insurer, in this section called the “retiring insurer”, in anticipation of the retiring insurer ceasing to do business in Ontario, the continuing insurer assumes liability under contracts of insurance specified in the agreement issued by the retiring insurer and the retiring insurer ceases to carry on business in Ontario, an insured or other person entitled to rights under those contracts may enforce the rights as though those contracts had been issued by the continuing insurer.  R.S.O. 1990, c. I.8, s. 431. PART XVII   INVESTMENTS Transition to New Investment Rules
PART XVII INVESTMENTS
Interpretation
431.1 (1) In this section, “changeover date” means the day on which the new investment rules first apply to an insurer in accordance with this section as it read immediately before the day subsection 16 (2) of Schedule 7 to the Better for People, Smarter for Business Act, 2020 came into force; (“date de changement”) “new investment rules” means, (a)  the provisions of this Act and the Corporations Act that are amended or enacted by the specified provisions of Schedule O to the Budget Measures Act, 2006 (No. 2) on the coming into force of the specified provisions, and (b)  regulations made under the provisions of this Act and the Corporations Act amended or enacted as described in clause (a); (“nouvelles règles de placement”) “old investment rules” means, (a)  the provisions of this Act and the Corporations Act that are amended or repealed by the specified provisions of Schedule O to the Budget Measures Act, 2006 (No. 2) as they read immediately before the coming into force of the specified provisions, and (b)  regulations made under the provisions of this Act and the Corporations Act amended or repealed as described in clause (a); (“anciennes règles de placement”) “specified provisions” means all provisions of Schedule O to the Budget Measures Act, 2006 (No. 2) other than section 3 and subsection 8 (1) of that Schedule. (“dispositions déterminées”)  2006, c. 33, Sched. O, s. 14; 2020, c. 34, Sched. 7, s. 16 (1). (2)-(8) Repealed: 2020, c. 34, Sched. 7, s. 16 (2). Clarification – new rules apply as amended (9) For greater certainty, once the new investment rules apply to an insurer, the new investment rules continue to apply as they may be subsequently amended from time to time.  2006, c. 33, Sched. O, s. 14. Clarification – application of unrelated provisions (10) This section does not affect the application to an insurer of, (a)  any provision of this Act or the Corporations Act if the provision is not amended, enacted or repealed by the specified provisions of Schedule O to the Budget Measures Act, 2006 (No. 2); and (b)  regulations made under the provisions of this Act or the Corporations Act described in clause (a).  2006, c. 33, Sched. O, s. 14. Exemption (11) The Lieutenant Governor in Council may make regulations exempting any insurer from the application of the new investment rules and specifying that the old investment rules continue to apply to an insurer so exempted.  2006, c. 33, Sched. O, s. 14. Section Amendments with date in force (d/m/y) 2006, c. 33, Sched. O, s. 14 - 05/05/2008 2018, c. 8, Sched. 13, s. 22 - 08/06/2019 2020, c. 34, Sched. 7, s. 16 (1, 2) - 08/12/2020 Interpretation and Application
PART XVII INVESTMENTS
Application
433 (1) This Part applies only to insurers that are incorporated and licensed under the laws of Ontario.  2006, c. 33, Sched. O, s. 15. Exceptions (2) This Part does not apply to insurers with respect to, (a)  the holding of an asset in a separate and distinct fund under section 109; (b)  the holding of a security interest in real property unless the security interest belongs to a class of security interests that are prescribed by the regulations to be interests in real property; Note: On a day to be named by proclamation of the Lieutenant Governor, clause 433 (2) (b) of the Act is amended by striking out “the regulations” and substituting “the Authority rules”. (See: 2017, c. 34, Sched. 21, s. 37 (1)) (c)  the holding of a security interest in a security issued by an entity; (d)  a contribution to the assets of the Fire Mutuals Guarantee Fund.  2006, c. 33, Sched. O, s. 15. Separate and distinct funds under s. 109 (3) Any reference in this Part or the regulations to the assets or liabilities of an insurer does not include a reference to, Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 433 (3) of the Act is amended by striking out “the regulations” in the portion before clause (a) and substituting “the Authority rules”. (See: 2017, c. 34, Sched. 21, s. 37 (2)) (a)  assets held in a separate and distinct fund under section 109; or (b)  liabilities of the insurer under the policies and for the amounts in respect of which a fund referred to in clause (a) is maintained.  2006, c. 33, Sched. O, s. 15. Section Amendments with date in force (d/m/y) 1993, c. 10, s. 47 - 01/01/1994; 1994, c. 11, s. 345 (1, 2) - 01/02/1995; 1997, c. 28, s. 143 - 01/07/1998 2001, c. 8, s. 44 - 29/06/2001 2006, c. 33, Sched. O, s. 15 - 05/05/2008 2017, c. 34, Sched. 21, s. 37 (1, 2) - not in force CTS 04 SE 18 - 1 Investment Standards
PART XVII INVESTMENTS
Investment standards
434 (1) The directors of an insurer shall establish and the insurer shall adhere to investment and lending policies, standards and procedures that a reasonable and prudent person would apply in respect of a portfolio of investments and loans to avoid undue risk of loss and obtain a reasonable return.  2006, c. 33, Sched. O, s. 15. Annual review by directors (2) The directors of every insurer shall review the insurer’s investment and lending policies and standards at least once a year and shall make such revisions as may be necessary to ensure that the investment policies and standards satisfy the requirements of subsection (1).  2006, c. 33, Sched. O, s. 15. Section Amendments with date in force (d/m/y) 1994, c. 11, s. 346 - 01/02/1995 2006, c. 33, Sched. O, s. 15 - 05/05/2008 Acquiring, Holding or Increasing Substantial Investments
PART XVII INVESTMENTS
General restriction on substantial investment
435 No insurer shall acquire, hold or increase a substantial investment in any entity except in accordance with this Part and the regulations.  2006, c. 33, Sched. O, s. 15. Note: On a day to be named by proclamation of the Lieutenant Governor, section 435 of the Act is amended by striking out “the regulations” at the end and substituting “the Authority rules”. (See: 2017, c. 34, Sched. 21, s. 38) Section Amendments with date in force (d/m/y) 2006, c. 33, Sched. O, s. 15 - 05/05/2008 2017, c. 34, Sched. 21, s. 38 - not in force CTS 04 SE 18 - 1
PART XVII INVESTMENTS
Substantial investment in permitted entity
435.1 (1) Subject to subsection (4), an insurer may acquire, hold or increase a substantial investment in a permitted entity, (a)  if the insurer is permitted by the regulations to acquire, hold or increase the substantial investment; and (b)  with the approval of the Chief Executive Officer, if the regulations specify that the approval of the Chief Executive Officer is required.  2006, c. 33, Sched. O, s. 15; 2018, c. 8, Sched. 13, s. 22. Criteria (2) In determining whether to give an approval, the Chief Executive Officer may consider such matters as he or she considers relevant and shall consider the following: 1.  The business record and experience of the insurer and the permitted entity. 2.  The impact of any integration of the business and operations of the permitted entity with the business and operations of the insurer. 3.  The future business plans for the operation and growth of the permitted entity. 4.  Whether, in the Chief Executive Officer’s opinion, the investment would expose the insurer to undue risk. 5.  Whether, in the Chief Executive Officer’s opinion, the investment would hinder the supervision and regulation of the insurer.  2006, c. 33, Sched. O, s. 15; 2018, c. 8, Sched. 13, s. 22, 23. Appeal (3) An insurer may appeal a decision of the Chief Executive Officer not to give an approval under this section to the Tribunal.  2006, c. 33, Sched. O, s. 15; 2018, c. 8, Sched. 13, s. 22. Provision of undertakings and information (4) Prior to acquiring or increasing a substantial investment under this section, an insurer shall provide the Chief Executive Officer with all undertakings and information required by the regulations and such additional undertakings and information as the Chief Executive Officer may request, including an undertaking from the permitted entity to provide access to the Chief Executive Officer to the permitted entity’s books and records.  2006, c. 33, Sched. O, s. 15; 2018, c. 8, Sched. 13, s. 22. Same (5) An insurer that controls a permitted entity shall provide the Chief Executive Officer with all undertakings and information required by the regulations and such additional undertakings and information as the Chief Executive Officer may request, including an undertaking from the permitted entity to provide access to the Chief Executive Officer to the permitted entity’s books and records.  2006, c. 33, Sched. O, s. 15; 2018, c. 8, Sched. 13, s. 22. Note: On a day to be named by proclamation of the Lieutenant Governor, section 435.1 of the Act is amended by striking out “the regulations” wherever it appears and substituting in each case “the Authority rules”. (See: 2017, c. 34, Sched. 21, s. 39) Section Amendments with date in force (d/m/y) 2006, c. 33, Sched. O, s. 15 - 05/05/2008 2017, c. 34, Sched. 21, s. 39 - not in force 2018, c. 8, Sched. 13, s. 22, 23 - 08/06/2019; CTS 04 SE 18 - 1