hordruma/ontario_laws_and_regs huggingface dataset:
PART XVII.1 RELATED PARTY TRANSACTIONS
Definitions
437.12 (1) In this Part, “guarantee” includes a letter of credit; (“garantie”) “holding company” means, in respect of an entity, a corporation that controls the entity; (“société mère”) “loan” includes a deposit, a financial lease, a conditional sales contract, a repurchase agreement and any other similar arrangement for obtaining funds or credit, but does not include investments in securities or the making of an acceptance, endorsement or other guarantee; (“prêt”, “emprunt”) “person” includes an entity; (“personne”) “senior officer” means, in respect of a corporation, (a)  an individual who is both a director and a full-time employee of the corporation, (b)  an individual who holds the office of chief executive officer, president, vice president, chief operating officer, secretary, treasurer, chief financial officer, controller, chief accountant, chief auditor or chief actuary of the corporation, (c)  the manager, in the case of a corporation that is a mutual insurance corporation, (d)  an individual who performs functions for the corporation similar to those performed by an individual referred to in clause (b) or (c), (e)  the head of the strategic planning unit of the corporation, (f)  the head of the unit of the corporation that provides legal services or human resources services to the corporation, or (g)  any other officer of the corporation who reports directly to the corporation’s board of directors, chief executive officer, president or chief operating officer. (“cadre dirigeant”)  2006, c. 33, Sched. O, s. 16. Application of other provisions (2) Subsections 432 (3) to (9) apply for the purposes of this Part.  2006, c. 33, Sched. O, s. 16. Significant interest (3) For the purposes of this Part, a person has a significant interest in a class of shares of a corporation if the total of all shares of the class beneficially owned by that person and by all entities controlled by that person exceeds 10 per cent of all outstanding shares of the class of shares.  2006, c. 33, Sched. O, s. 16. Section Amendments with date in force (d/m/y) 2006, c. 33, Sched. O, s. 16 - 05/05/2008
PART XVII.1 RELATED PARTY TRANSACTIONS
Transactions
437.14 For the purposes of this Part, a transaction between an insurer and a person includes, (a)  a transfer of property between the insurer and the person; (b)  a loan by the insurer to the person; (c)  giving or renewing a guarantee that is on behalf of the person; (d)  making an investment in any securities of the person, if the person is an entity; (e)  taking an assignment of or otherwise acquiring a loan made by a third party to the person; (f)  taking or renewing a security interest in the securities of the person, if the person is an entity; (g)  fulfilling an obligation on behalf of the person, including paying interest on a loan or a deposit, making a payment under a policy and paying an advance under a policy; (h)  arranging for the insurer to be reinsured by the person against any risk undertaken by the insurer; (i)  renewing any loan owed by the person to the insurer or amending the terms of the loan; and (j)  amending the terms of any arrangement that is otherwise a transaction for the purposes of this Part.  2006, c. 33, Sched. O, s. 16. Section Amendments with date in force (d/m/y) 2006, c. 33, Sched. O, s. 16 - 05/05/2008
PART XVII.1 RELATED PARTY TRANSACTIONS
Application
437.15 (1) Subject to subsection (2), this Part applies only with respect to transactions entered into by an insurer incorporated and licensed under the laws of Ontario on and after the insurer’s changeover date within the meaning of section 431.1.  2006, c. 33, Sched. O, s. 16. Transactions not subject to this Part (2) This Part does not apply to the following transactions: 1.  Transactions involving assets held in a separate and distinct fund under section 109 where all the policies in respect of which the fund is maintained are held by one person or all the amounts in respect of which the fund is maintained are retained on the direction of one person. 2.  The issue by an insurer of shares of any class if the shares are fully paid for in money or are issued, i.  in accordance with any provisions for the conversion of other issued and outstanding securities of the insurer into shares of that class, ii.  as a share dividend, iii.  in accordance with the terms of an amalgamation to which Part XVI applies, iv.  as consideration under the terms of a transfer agreement to which Part XVI applies, or v.  with the approval of the Chief Executive Officer, in exchange for shares of another corporation. 3.  The payment of dividends, policy dividends or bonuses by an insurer. 4.  The payment or provision by an insurer of salaries, fees, stock options, policy premiums, pension benefits, incentive benefits or other benefits or remuneration to individuals in their capacity as directors, officers or employees of the insurer if the payment is in consideration for the carrying out of duties that are not outside the ordinary course of business of the insurer.  2006, c. 33, Sched. O, s. 16; 2018, c. 8, Sched. 13, s. 22. Criteria (3) In determining whether to give an approval under subparagraph 2 v of subsection (2), the Chief Executive Officer shall consider such criteria as are set out in the regulations.  2006, c. 33, Sched. O, s. 16; 2018, c. 8, Sched. 13, s. 22. Conditions (4) If the Chief Executive Officer gives an approval under subparagraph 2 v of subsection (2), he or she may specify that the approval is subject to any terms or conditions that he or she considers appropriate in the circumstances.  2006, c. 33, Sched. O, s. 16; 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 2006, c. 33, Sched. O, s. 16 - 05/05/2008 2018, c. 8, Sched. 13, s. 22 - 08/06/2019 Rules for Transactions with Related Parties
PART XVII.1 RELATED PARTY TRANSACTIONS
General rule re transactions with related party
437.16 Except as otherwise permitted under this Part or the regulations, no insurer incorporated and licensed under the laws of Ontario shall directly or indirectly enter into a transaction with a person that is a related party of the insurer.  2006, c. 33, Sched. O, s. 16. Section Amendments with date in force (d/m/y) 2006, c. 33, Sched. O, s. 16 - 05/05/2008
PART XVII.1 RELATED PARTY TRANSACTIONS
Subsidiary’s transactions deemed to be those of insurer
437.17 (1) Except as otherwise provided in this Part or the regulations, an insurer is deemed for the purposes of this Part to have indirectly entered into any transaction entered into by a subsidiary of the insurer.  2006, c. 33, Sched. O, s. 16; 2009, c. 33, Sched. 16, s. 7 (5). Exceptions (2) Subsection (1) does not apply if any of the following conditions are satisfied: 1.  The subsidiary that entered into the transaction is a federal financial institution within the meaning of subsection 2 (1) of the Insurance Companies Act (Canada). 2.  The transaction entered into by the subsidiary satisfies conditions prescribed by the regulations or the transaction was entered into under circumstances prescribed by the regulations.  2006, c. 33, Sched. O, s. 16. Section Amendments with date in force (d/m/y) 2006, c. 33, Sched. O, s. 16 - 05/05/2008 2009, c. 33, Sched. 16, s. 7 (5) - 15/12/2009
PART XVII.1 RELATED PARTY TRANSACTIONS
Transactions exempt under Chief Executive Officer’s order
437.20 (1) The Chief Executive Officer may, by order, provide that a transaction between an insurer and a related party is not subject to one or more provisions in this Part and may impose such terms and conditions in respect of the transaction as the Chief Executive Officer considers advisable in the circumstances.  2006, c. 33, Sched. O, s. 16; 2018, c. 8, Sched. 13, s. 22. Conditions (2) The Chief Executive Officer shall not make an order under subsection (1) unless he or she is satisfied that the decision of the insurer to enter into the transaction has not been and is unlikely to be influenced in a significant way by a related party of the insurer and does not involve in a significant way the interests of any related party of the insurer.  2006, c. 33, Sched. O, s. 16; 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 2006, c. 33, Sched. O, s. 16 - 05/05/2008 2018, c. 8, Sched. 13, s. 22 - 08/06/2019
PART XVII.1 RELATED PARTY TRANSACTIONS
Determining if related party involved
437.21 (1) If an insurer knows or has reason to believe that another party to a transaction or proposed transaction, other than a transaction described in paragraph 1 of subsection 437.18 (1), is a related party of the insurer, the insurer shall take all reasonable steps to obtain from the other party full disclosure in writing of any interest or relationship, direct or indirect, that would make the other party a related party of the insurer.  2006, c. 33, Sched. O, s. 16. No liability if rely on information (2) An insurer and any director, officer, employee or agent of the insurer may rely on any information contained in any disclosure received by the insurer pursuant to subsection (1) and on any information otherwise acquired in respect of any matter that might be the subject of a disclosure referred to in subsection (1) and no action lies against the insurer or any director, officer, employee or agent of the insurer for anything done or omitted in good faith in reliance on that information.  2006, c. 33, Sched. O, s. 16. Section Amendments with date in force (d/m/y) 2006, c. 33, Sched. O, s. 16 - 05/05/2008
PART XVIII UNFAIR OR DECEPTIVE ACTS OR PRACTICES
Definitions, Part XVIII
438 For the purposes of this Part, “person” includes an individual, corporation, association, partnership, organization, reciprocal or insurance exchange, member of the society known as Lloyd’s, fraternal society, mutual benefit society or syndicate; (“personne”) “unfair or deceptive acts or practices” means any activity or failure to act that is prescribed by the Authority rules as an unfair or deceptive act or practice. (“actes ou pratiques malhonnêtes ou mensongers”)  R.S.O. 1990, c. I.8, s. 438; 1993, c. 10, s. 48; 1999, c. 12, Sched. I, s. 4 (60, 61); 2018, c. 8, Sched. 13, s. 20. Section Amendments with date in force (d/m/y) 1993, c. 10, s. 48 - 01/01/1994; 1999, c. 12, Sched. I, s. 4 (60) - 01/01/2001; 1999, c. 12, Sched. I, s. 4 (61) - 22/12/1999 2018, c. 8, Sched. 13, s. 20 - 14/03/2022
PART XVIII UNFAIR OR DECEPTIVE ACTS OR PRACTICES
Chief Executive Officer may investigate
440 (1) The Chief Executive Officer may examine and investigate the affairs of every person engaged in the business of insurance in Ontario in order to determine whether such person has been, or is, engaged in any unfair or deceptive act or practice.  R.S.O. 1990, c. I.8, s. 440; 2018, c. 8, Sched. 13, s. 22. Same, former insurers, etc. (2) The Chief Executive Officer may examine and investigate the affairs of every person who has been but is no longer engaged in the business of insurance in Ontario in order to determine whether the person has been, or is, engaged in any unfair or deceptive act or practice. 2013, c. 2, Sched. 8, s. 29 (1); 2018, c. 8, Sched. 13, s. 22. Same, service provider’s licences (3) The Chief Executive Officer may examine and investigate the affairs of every person who holds a service provider’s licence issued under Part VI, or who held such a licence, in order to determine whether the person has been, or is, engaged in any unfair or deceptive act or practice. 2013, c. 2, Sched. 8, s. 29 (2); 2018, c. 8, Sched. 13, s. 22. Same, prescribed persons (4) The Chief Executive Officer may examine and investigate the affairs of such other persons as may be prescribed, in such circumstances as may be prescribed, in order to determine whether the person has been, or is, engaged in any unfair or deceptive act or practice. 2013, c. 2, Sched. 8, s. 29 (3); 2018, c. 8, Sched. 13, s. 22. Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 440 (4) of the Act is amended by striking out “prescribed” wherever it appears and substituting in each case “prescribed by the Authority rules”. (See: 2018, c. 8, Sched. 13, s. 21) Same, other persons (5) The Chief Executive Officer may examine and investigate the affairs of every other person who, in the opinion of the Chief Executive Officer, may have engaged in any unfair or deceptive act or practice in order to determine whether the person has been, or is, engaged in any unfair or deceptive act or practice. 2013, c. 2, Sched. 8, s. 29 (3); 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 2013, c. 2, Sched. 8, s. 29 - 16/08/2013 2018, c. 8, Sched. 13, s. 21 - not in force; 2018, c. 8, Sched. 13, s. 22 - 08/06/2019 Action on examination or investigation
PART XVIII.1 ADMINISTRATIVE PENALTIES
Definitions
441.1 For the purposes of this Part, “person” has the same meaning as in section 438; (“personne”) “requirement established under this Act” means, (a)  a requirement imposed by a provision of this Act that is prescribed for the purpose of section 441.3 or 441.4 or by a provision of a regulation or an Authority rule that is prescribed for the purpose of either of those sections, (b)  a condition of a licence, (c)  a  requirement imposed by order, or (d)  an obligation assumed by way of undertaking. (“exigence établie en vertu de la présente loi”)  2012, c. 8, Sched. 23, s. 75; 2021, c. 8, Sched. 5, s. 6. Section Amendments with date in force (d/m/y) 2012, c. 8, Sched. 23, s. 75 - 01/01/2013 2021, c. 8, Sched. 5, s. 6 - 01/04/2022
PART XVIII.1 ADMINISTRATIVE PENALTIES
Administrative penalties
441.2 (1) An administrative penalty may be imposed under section 441.3 or 441.4 for either of the following purposes: 1.  To promote compliance with the requirements established under this Act. 2.  To prevent a person from deriving, directly or indirectly, any economic benefit as a result of contravening or failing to comply with a requirement established under this Act.  2012, c. 8, Sched. 23, s. 75. Same (2) An administrative penalty may be imposed alone or in conjunction with any other regulatory measure
provided by this Act, including an order under section 441, or the suspension, revocation or cancellation of a licence.  2012, c. 8, Sched. 23, s. 75. Section Amendments with date in force (d/m/y) 2012, c. 8, Sched. 23, s. 75 - 01/01/2013
PART XVIII.1 ADMINISTRATIVE PENALTIES
General administrative penalties
441.3 (1) If the Chief Executive Officer is satisfied that a person is contravening or not complying with or has contravened or failed to comply with any of the following, the Chief Executive Officer may, by order, impose an administrative penalty on the person in accordance with this section and the regulations: 1.  A provision of this Act, the regulations or the Authority rules as may be prescribed. 2.  A condition, requirement or obligation described in clause (b), (c) or (d) of the definition of “requirement established under this Act” in section 441.1.  2012, c. 8, Sched. 23, s. 75; 2018, c. 8, Sched. 13, s. 22; 2021, c. 8, Sched. 5, s. 7. Proposal to impose a penalty (2) If the Chief Executive Officer proposes to impose an administrative penalty under this section, the Chief Executive Officer shall give written notice of the proposal to the person, including the details of the contravention or failure to comply, the amount of the penalty and the payment requirements; the Chief Executive Officer shall also inform the person that he, she or it may request a hearing by the Tribunal about the proposal and shall advise the person about the process for requesting a hearing.  2012, c. 8, Sched. 23, s. 75; 2018, c. 8, Sched. 13, s. 22. Notice of combined proposals (3) A notice of proposal to impose an administrative penalty under this section may be combined with a notice of proposal authorized by any other section.  2012, c. 8, Sched. 23, s. 75. Limitation (4) The Chief Executive Officer shall not give notice of a proposal more than two years after the day the Chief Executive Officer became aware of the contravention or failure to comply.  2012, c. 8, Sched. 23, s. 75; 2018, c. 8, Sched. 13, s. 22. Hearing requested (5) If the person requests a hearing in writing within 15 days after the notice under subsection (2) is given, the Tribunal shall hold a hearing.  2012, c. 8, Sched. 23, s. 75. Order (6) Subject to the regulations, the Tribunal may, by order, direct the Chief Executive Officer to carry out the proposal, with or without changes, or substitute its opinion for that of the Chief Executive Officer.  2012, c. 8, Sched. 23, s. 75; 2018, c. 8, Sched. 13, s. 22. Hearing not requested (7) If the person does not request a hearing or does not make the request in accordance with subsection (5), the Chief Executive Officer may carry out the proposal.  2012, c. 8, Sched. 23, s. 75; 2018, c. 8, Sched. 13, s. 22. Effect of paying penalty (8) If the person pays the administrative penalty in accordance with the terms of the order or, if the order is varied, in accordance with the terms of the varied order, he, she or it cannot be charged with an offence under this Act in respect of the same contravention or failure to comply.  2012, c. 8, Sched. 23, s. 75. Section Amendments with date in force (d/m/y) 2012, c. 8, Sched. 23, s. 75 - 01/01/2013 2018, c. 8, Sched. 13, s. 22 - 08/06/2019 2021, c. 8, Sched. 5, s. 7 - 01/04/2022
PART XVIII.1 ADMINISTRATIVE PENALTIES
Summary administrative penalties
441.4 (1) If the Chief Executive Officer is satisfied that a person is contravening or not complying with or has contravened or failed to comply with a provision of this Act, the regulations or the Authority rules as may be prescribed, the Chief Executive Officer may, by order, impose an administrative penalty on the person in accordance with this section and the regulations.  2012, c. 8, Sched. 23, s. 75; 2018, c. 8, Sched. 13, s. 22; 2021, c. 8, Sched. 5, s. 8. Same (2) Before imposing a penalty, the Chief Executive Officer shall give the person a reasonable opportunity to make written submissions.  2012, c. 8, Sched. 23, s. 75; 2018, c. 8, Sched. 13, s. 22. Limitation (3) The Chief Executive Officer shall not make an order under this section more than two years after the day the Chief Executive Officer became aware of the contravention or failure to comply.  2012, c. 8, Sched. 23, s. 75; 2018, c. 8, Sched. 13, s. 22. Appeal (4) The person may appeal the Chief Executive Officer’s order to the Tribunal in writing within 15 days after the order in subsection (1) is given to the person.  2012, c. 8, Sched. 23, s. 75; 2018, c. 8, Sched. 13, s. 23. Same (5) An appeal commenced in accordance with subsection (4) operates as a stay of the order until the matter is finally disposed of.  2012, c. 8, Sched. 23, s. 75. Same (6) The Tribunal may confirm, revoke or vary the order within the limits, if any, established by the regulations.  2012, c. 8, Sched. 23, s. 75. Effect of paying penalty (7) If the person pays the administrative penalty in accordance with the terms of the order or, if the order is varied, in accordance with the terms of the varied order, he, she or it cannot be charged with an offence under this Act in respect of the same contravention or failure to comply.  2012, c. 8, Sched. 23, s. 75. Section Amendments with date in force (d/m/y) 2012, c. 8, Sched. 23, s. 75 - 01/01/2013 2018, c. 8, Sched. 13, s. 22, 23 - 08/06/2019 2021, c. 8, Sched. 5, s. 8 - 01/04/2022
PART XVIII.1 ADMINISTRATIVE PENALTIES
Maximum administrative penalties
441.5 (1) An administrative penalty imposed under section 441.3 shall not exceed the following amounts: 1.  For a contravention or failure to comply by a person, other than an individual, $200,000 or such lesser amount as may be prescribed for a prescribed requirement established under this Act. 2.  For a contravention or failure to comply by an individual, $100,000 or such lesser amount as may be prescribed for a prescribed requirement established under this Act.  2012, c. 8, Sched. 23, s. 75. Same (2) An administrative penalty imposed under section 441.4 shall not exceed $25,000 or such lesser amount as may be prescribed for a prescribed requirement established under this Act.  2012, c. 8, Sched. 23, s. 75. Section Amendments with date in force (d/m/y) 2012, c. 8, Sched. 23, s. 75 - 01/01/2013
PART XVIII.1 ADMINISTRATIVE PENALTIES
Enforcement of administrative penalties
441.6 (1) If a person fails to pay an administrative penalty imposed under section 441.3 or 441.4 in accordance with the terms of the order imposing the penalty, the Chief Executive Officer may file the order with the Superior Court of Justice and the order may be enforced as if it were an order of the court.  2012, c. 8, Sched. 23, s. 75; 2018, c. 8, Sched. 13, s. 22. Same (2) For the purposes of section 129 of the Courts of Justice Act, the date on which the order is filed with the court is deemed to be the date of the order.  2012, c. 8, Sched. 23, s. 75. Same (3) An administrative penalty that is not paid in accordance with the terms of the order imposing the penalty is a debt due to the Crown and is also enforceable as such.  2012, c. 8, Sched. 23, s. 75. Section Amendments with date in force (d/m/y) 2012, c. 8, Sched. 23, s. 75 - 01/01/2013 2018, c. 8, Sched. 13, s. 22 - 08/06/2019 PART XIX 
EXAMINATION AND ENFORCEMENT
PART XIX EXAMINATION AND ENFORCEMENT
Interpretation, Part XIX
442 (1) In this Part, “person” has the same meaning as in section 438; (“personne”) “unfair or deceptive act or practice” has the same meaning as in section 438. (“acte ou pratique malhonnêtes ou mensongers”) 2013, c. 2, Sched. 8, s. 30. Same, “examination” (2) In sections 443 and 444 and in subsection 446.1 (2), a reference to an examination includes an appraisal, audit or inspection under this Act. 2013, c. 2, Sched. 8, s. 30. Section Amendments with date in force (d/m/y) 2013, c. 2, Sched. 8, s. 30 - 16/08/2013 Inquiries