PART II GENERAL PROVISIONS APPLICABLE TO INSURERS
Deposits
66 (1) At any time, the Chief Executive Officer may require an insurer to deposit, in any amount the Chief Executive Officer considers necessary, securities acceptable to the Chief Executive Officer and on such conditions as the Chief Executive Officer considers proper. 1997, c. 19, s. 10 (14); 2018, c. 8, Sched. 13, s. 22. When to be made (2) The securities shall be deposited with the Chief Executive Officer within 30 days of the date that the requirement is made or within such longer period of time as is agreed to by the Chief Executive Officer. 1997, c. 19, s. 10 (14); 2018, c. 8, Sched. 13, s. 22. Appeal (2.1) An insurer may appeal to the Tribunal the decision of the Chief Executive Officer to require a deposit.  1997, c. 28, s. 101 (2); 2018, c. 8, Sched. 13, s. 22. Withdrawal of deposit (3) No part of a deposit shall be withdrawn without the approval of the Chief Executive Officer.  1997, c. 19, s. 10 (14); 2018, c. 8, Sched. 13, s. 22. Failure to comply (4) The Chief Executive Officer may suspend the licence of an insurer that fails to deposit securities in the amount and within the time required by, (a)  the Chief Executive Officer under subsection (1) if the insurer has not appealed the Chief Executive Officer’s decision; or (b)  the Tribunal under subsection (2.1) if the insurer has appealed the Chief Executive Officer’s decision.  1997, c. 28, s. 101 (3); 2018, c. 8, Sched. 13, s. 22, 23. Vesting (5) Securities deposited with the Chief Executive Officer are vested in the Chief Executive Officer without any formal transfer. 1997, c. 19, s. 10 (14); 2018, c. 8, Sched. 13, s. 22. Interest (6) The insurer is entitled to the interest and dividends paid on securities while the securities are on deposit with the Chief Executive Officer, if the insurer is in compliance with this Act. 1997, c. 19, s. 10 (14); 2018, c. 8, Sched. 13, s. 22. Substitution (7) The Chief Executive Officer may permit an insurer to substitute other securities for those deposited by the insurer. 1997, c. 19, s. 10 (14); 2018, c. 8, Sched. 13, s. 22. Reciprocal deposits (8) If an insurer incorporated under the laws of Ontario or a reciprocal insurance exchange provided for in Part XIII wants to be licensed by another province that requires a deposit, the Chief Executive Officer may hold securities as a deposit on a reciprocal basis for the other province. 1997, c. 19, s. 10 (14); 2018, c. 8, Sched. 13, s. 22. Purpose of deposits (9) The Chief Executive Officer shall hold and administer a deposit as security for the Ontario contracts of the insurer and for any contracts in a reciprocating province. 1997, c. 19, s. 10 (14); 2018, c. 8, Sched. 13, s. 22. Order to fix amount (10) If a reciprocating province requires that the amount of a deposit be in a fixed amount, the Lieutenant Governor in Council may, by order, fix the required amount of the deposit and list the reciprocating provinces with respect to the deposit. 1997, c. 19, s. 10 (14). Claims (11) If an insurer that has deposited securities with the Chief Executive Officer under this section ceases to carry on the business of insurance in Ontario or if its licence is suspended or cancelled under this Act, the Chief Executive Officer shall notify each reciprocating province of the cessation, suspension or cancellation. The notice shall state that the reciprocating province is entitled to submit to the Chief Executive Officer an accounting of all claims and liabilities outstanding in the reciprocating province in respect of the insurer before the deposit is released to the insurer. 1997, c. 19, s. 10 (14); 2018, c. 8, Sched. 13, s. 22. Out-of-province insurer (12) If the Chief Executive Officer is notified that an insurer that has deposited securities with the Chief Executive Officer has ceased to transact business in a reciprocating province or that the insurer’s licence to transact the business of insurance has been suspended or cancelled in that province, the Chief Executive Officer may, at the request of the reciprocating province, take any action that the Chief Executive Officer could take if the insurer ceased to carry on the business of insurance in Ontario or could take if the licence of the insurer were suspended or cancelled in Ontario. 1997, c. 19, s. 10 (14); 2018, c. 8, Sched. 13, s. 22. Notice to insured (13) If the Chief Executive Officer receives notice that an order has been made in another province for the administration of a deposit of an insurer in respect of which Ontario is a reciprocating province and that a date has been fixed by the trustee in the other province for the termination of the administration of the deposit, the Chief Executive Officer shall give notice of the termination date to persons insured under Ontario policies issued by the insurer. 1997, c. 19, s. 10 (14); 2018, c. 8, Sched. 13, s. 22. Application to court (14) The Chief Executive Officer may, at any time, make application to a court of competent jurisdiction for directions regarding the administration of securities deposited by an insurer under this section.  1997, c. 19, s. 10 (14); 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 1997, c. 19, s. 10 (14) - 10/10/1997; 1997, c. 28, s. 101 (2, 3) - 01/07/1998 2018, c. 8, Sched. 13, s. 22, 23 - 08/06/2019 67-99 Repealed:  1997, c. 19, s. 10 (14). Section Amendments with date in force (d/m/y) 1997, c. 19, s. 10 (14) - 10/10/1997 Records and Returns