PART II GENERAL PROVISIONS APPLICABLE TO INSURERS
Power of Chief Executive Officer upon taking control
62 (1) If the Chief Executive Officer has taken possession and control of the assets of the insurer, he or she shall thereafter conduct its business and take such steps as in his or her opinion should be taken toward its rehabilitation, and for such purposes the Chief Executive Officer has all the powers of the board of directors of the insurer, and, without limiting the generality of the foregoing, the Chief Executive Officer may, (a)  exclude the directors, officers, employees and agents of the insurer from the premises, property and business of the insurer; and (b)  carry on, manage and conduct the operations of the insurer and in the name of the insurer preserve, maintain, realize, dispose of and add to the property of the insurer, receive the incomes and revenues of the insurer and exercise all the powers of the insurer.  R.S.O. 1990, c. I.8, s. 62 (1); 1993, c. 10, s. 9; 1997, c. 28, s. 96 (1); 2018, c. 8, Sched. 13, s. 22. Application to court (2) While the Chief Executive Officer has possession and control of the assets of an insurer under this section, the Chief Executive Officer may apply to the court for an order for the winding up of the insurer under Part VI of the Corporations Act.  R.S.O. 1990, c. I.8, s. 62 (2); 1997, c. 28, s. 96 (2); 2018, c. 8, Sched. 13, s. 22. Appointment of managers (3) Where the Chief Executive Officer is in possession and control of the assets of an insurer and is conducting its business, he or she may appoint one or more persons to manage and operate the business of the insurer and, (a)  each person so appointed is a representative of the Chief Executive Officer; and (b)  the remuneration of any such person, other than an employee of the office of the Chief Executive Officer, shall be fixed by the Chief Executive Officer.  R.S.O. 1990, c. I.8, s. 62 (3); 1997, c. 28, s. 96 (3); 2018, c. 8, Sched. 13, s. 22. Relinquishing control (4) Whenever the Chief Executive Officer believes that an insurer whose assets are in the possession and control of the Chief Executive Officer meets all the requirements of this Act and that it is otherwise proper for the insurer to resume possession and control of its assets and the conduct of its business, the Chief Executive Officer may relinquish to the insurer the possession and control of its assets, and after that time the powers of the Chief Executive Officer under this section cease. R.S.O. 1990, c. I.8, s. 62 (4); 2018, c. 8, Sched. 13, s. 22. Rehabilitation efforts futile (5) If the Chief Executive Officer considers that further efforts to rehabilitate an insurer whose assets are in the possession and control of the Chief Executive Officer would be futile, the Chief Executive Officer may relinquish to the insurer the possession and control of its assets, and after that time the powers of the Chief Executive Officer under this section cease.  1997, c. 28, s. 96 (4); 2018, c. 8, Sched. 13, s. 22. Expenses of proceedings (6) The expenses of the Chief Executive Officer incurred in rehabilitation proceedings under this section and section 58 shall be paid by all insurers licensed under this Act to carry on business of the same class or classes as the insurer who is the subject of the proceedings, and the share of each shall be the proportion of the expenses that the net premium income received from the insurer’s policyholders in Ontario in its last preceding fiscal year bears to the total net premium income received from the policyholders in Ontario by all insurers of that class in their respective last preceding fiscal years.  R.S.O. 1990, c. I.8, s. 62 (6); 1997, c. 28, s. 96 (5); 2018, c. 8, Sched. 13, s. 22. Advisory committee (7) The insurers required to bear the said expenses of the Chief Executive Officer may appoint a committee of not more than six members to advise the Chief Executive Officer in respect of all matters pertinent to the rehabilitation of the insurer whose assets are in the possession and control of the Chief Executive Officer.  R.S.O. 1990, c. I.8, s. 62 (7); 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 1993, c. 10, s. 9 - 01/01/1994; 1997, c. 28, s. 96 (1-5) - 01/07/1998 2018, c. 8, Sched. 13, s. 22 - 08/06/2019