PART XIV AGENTS, BROKERS AND ADJUSTERS
Licences to corporations
400 (1) A licence to act as an agent or an adjuster may be issued under section 392.4 or 397 to a corporation, except as otherwise provided in this section or in the regulations. 2014, c. 9, Sched. 3, s. 19 (1). When licences not to be issued (2) Licences as agents shall not be issued to a corporation if it appears to the Chief Executive Officer that the application is made for the purpose of acting as agent wholly or chiefly in the insurance of property owned by the corporation or by its shareholders or members, or in the placing of insurance for one person, firm, corporation, estate or family.  2001, c. 8, s. 43 (1); 2018, c. 8, Sched. 13, s. 22; 2019, c. 14, Sched. 9, s. 17. (3)-(5) Repealed:  2001, c. 8, s. 43 (2). Authority of corporation, etc. (6) A corporation that holds a licence to act as an agent or adjuster, and every individual who is appointed to act as an agent or adjuster on behalf of and in the name of the corporation, is subject to the provisions of this Act that apply with respect to agents and adjusters. 2014, c. 9, Sched. 3, s. 19 (2). Exception for certain employees (7) Despite subsection (6), an employee of the corporation who does not receive commissions and who performs only office duties on behalf of the corporation in connection with the activities of an agent or adjuster may perform those duties under the authority of the corporation’s licence. 2014, c. 9, Sched. 3, s. 19 (2). (8) Repealed: 2014, c. 9, Sched. 3, s. 19 (2). Chief Executive Officer may require information (9) If the principal business of a corporation licensed under this section is not the business of an insurance agent or adjuster, the Chief Executive Officer may require from such a corporation such information as he or she considers necessary in respect to the corporation, its officers and affairs and may make such examination of its books and affairs as he or she considers necessary for the purposes of this Act.  R.S.O. 1990, c. I.8, s. 400 (9); 1994, c. 11, s. 341 (3); 2018, c. 8, Sched. 13, s. 22; 2019, c. 14, Sched. 9, s. 17. Dissolution of corporation (10) If a corporation licensed under this section is dissolved or its instrument of incorporation is revoked, the corporation shall forthwith give notice to the Chief Executive Officer.  1994, c. 11, s. 341 (4); 2018, c. 8, Sched. 13, s. 22; 2019, c. 14, Sched. 9, s. 17. Revocation (10.1) If notice is given under subsection (10), the corporation’s licence shall be revoked.  1994, c. 11, s. 341 (4). Personal liability of officers (11) An officer of the corporation who contravenes any of the provisions of this section is guilty of an offence and is personally liable therefor, although such contravention is committed in the name and on behalf of the corporation, and the corporation is liable for any such contravention the responsibility for which cannot be placed upon any such officer.  R.S.O. 1990, c. I.8, s. 400 (11); 2014, c. 9, Sched. 3, s. 19 (3). Section Amendments with date in force (d/m/y) 1994, c. 11, s. 341 - 01/02/1995 2001, c. 8, s. 43 - 29/06/2001 2004, c. 31, Sched. 20, s. 11 - 16/12/2004 2012, c. 8, Sched. 23, s. 73 - 01/01/2013 2014, c. 9, Sched. 3, s. 19 - 01/01/2015 2018, c. 8, Sched. 13, s. 22 - 08/06/2019 2019, c. 14, Sched. 9, s. 17 - 10/12/2019 Provisions Relating to Agents, Brokers and Adjusters Generally