hordruma/ontario_laws_and_regs huggingface dataset:
PART II.1 ACTUARY OF THE INSURER
Ceasing to hold office
121.9 (1) A person shall cease to be the actuary of the insurer when, (a)  the person resigns as actuary of the insurer; (b)  the person ceases to be an actuary; or (c)  the directors of the insurer revoke the appointment.  2002, c. 18, Sched. H, s. 4 (15). Effective date of resignation (2) The resignation of an actuary of the insurer takes effect on the later of the day that the insurer receives written notice of the resignation and the day specified in that notice.  2002, c. 18, Sched. H, s. 4 (15). Section Amendments with date in force (d/m/y) 2002, c. 18, Sched. H, s. 4 (15) - 26/11/2002
PART II.1 ACTUARY OF THE INSURER
Filling vacancy
121.10 If the office of actuary of the insurer becomes vacant, the directors of the insurer shall immediately appoint a new actuary of the insurer and notify the Chief Executive Officer of the vacancy and the new appointment.  2002, c. 18, Sched. H, s. 4 (15); 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 2002, c. 18, Sched. H, s. 4 (15) - 26/11/2002 2018, c. 8, Sched. 13, s. 22 - 08/06/2019
PART II.1 ACTUARY OF THE INSURER
Statement of actuary
121.11 If an actuary of the insurer resigns or his or her appointment is revoked, the actuary shall submit a written statement to the directors of the insurer and the Chief Executive Officer stating the circumstances and reasons why the actuary resigned or why, in the actuary’s opinion, the appointment was revoked.  2002, c. 18, Sched. H, s. 4 (15); 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 2002, c. 18, Sched. H, s. 4 (15) - 26/11/2002 2018, c. 8, Sched. 13, s. 22 - 08/06/2019
PART II.1 ACTUARY OF THE INSURER
Duty of replacement actuary
121.12 If an actuary of the insurer resigns or the appointment of the actuary of the insurer is revoked, no person shall accept an appointment or consent to be appointed as the actuary of the insurer unless, (a)  the person has received the statement referred to in section 121.11; or (b)  the person has asked the former actuary for a copy of that statement and has not received a copy of it within 15 days after asking for it.  2002, c. 18, Sched. H, s. 4 (15). Section Amendments with date in force (d/m/y) 2002, c. 18, Sched. H, s. 4 (15) - 26/11/2002
PART II.1 ACTUARY OF THE INSURER
Actuary’s valuation
121.13 (1) An actuary of the insurer shall value, (a)  the actuarial and other policy liabilities of the insurer as at the end of a year covered by the annual statement required under subsection 102 (1); and (b)  any other matters the Chief Executive Officer directs.  2002, c. 18, Sched. H, s. 4 (15); 2018, c. 8, Sched. 13, s. 22. Same (2) The actuary’s valuation shall be in accordance with generally accepted actuarial practice with such changes as may be determined by the Chief Executive Officer and any additional directions that may be made by the Chief Executive Officer.  2002, c. 18, Sched. H, s. 4 (15); 2018, c. 8, Sched. 13, s. 22. Same (3) The insurer shall submit the actuary’s valuation report to the Chief Executive Officer with the statements required under subsection 102 (1).  2002, c. 18, Sched. H, s. 4 (15); 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 2002, c. 18, Sched. H, s. 4 (15) - 26/11/2002 2018, c. 8, Sched. 13, s. 22 - 08/06/2019
PART II.1 ACTUARY OF THE INSURER
Chief Executive Officer may appoint actuary
121.14 (1) The Chief Executive Officer may appoint an actuary to, (a)  conduct a review of the valuation of the actuary of the insurer completed under section 121.13; or (b)  conduct an independent valuation of matters referred to in section 121.13.  2002, c. 18, Sched. H, s. 4 (15); 2018, c. 8, Sched. 13, s. 22. Expenses payable by insurer (2) The expenses incurred in carrying out a review or a valuation under subsection (1) are payable by the insurer on being approved in writing by the Chief Executive Officer.  2002, c. 18, Sched. H, s. 4 (15); 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 2002, c. 18, Sched. H, s. 4 (15) - 26/11/2002 2018, c. 8, Sched. 13, s. 22 - 08/06/2019
PART II.1 ACTUARY OF THE INSURER
Right to information
121.15 (1) The actuary of the insurer may request information, explanations or access to any records of the insurer as are necessary to perform his or her duties.  2002, c. 18, Sched. H, s. 4 (15). Same (2) The present or former directors, officers, employees or representatives of an insurer shall permit access to records and provide information or explanations requested by the actuary of the insurer, to the extent they are reasonably able to do so.  2002, c. 18, Sched. H, s. 4 (15). No civil liability (3) A person who acts in good faith under subsection (2) shall not be liable in any civil proceeding arising from that action.  2002, c. 18, Sched. H, s. 4 (15). Section Amendments with date in force (d/m/y) 2002, c. 18, Sched. H, s. 4 (15) - 26/11/2002
PART II.1 ACTUARY OF THE INSURER
Actuary’s report
121.16 (1) An actuary of the insurer shall submit a report in a form approved by the Chief Executive Officer to shareholders and policyholders of the insurer on the valuation made under section 121.13 and on any other matter required by the Chief Executive Officer, at least 21 days before the date of the annual meeting.  2002, c. 18, Sched. H, s. 4 (15); 2018, c. 8, Sched. 13, s. 22. Same (2) The report shall include a statement by the actuary of the insurer as to whether, in the actuary’s opinion, the annual statement required under subsection 102 (1) presents fairly the results of the valuation made under section 121.13.  2002, c. 18, Sched. H, s. 4 (15). Section Amendments with date in force (d/m/y) 2002, c. 18, Sched. H, s. 4 (15) - 26/11/2002 2018, c. 8, Sched. 13, s. 22 - 08/06/2019
PART II.1 ACTUARY OF THE INSURER
Report to directors
121.17 (1) An actuary of the insurer shall meet with the directors of the insurer or, if the directors so choose, with the audit committee of the insurer at least once during each fiscal year.  2002, c. 18, Sched. H, s. 4 (15). Same (2) At the meeting referred to in subsection (1), the actuary of the insurer shall report, in accordance with generally accepted actuarial practice and any direction made by the Chief Executive Officer, on the financial position of the insurer and, if specified in a direction of the Chief Executive Officer, the expected future financial condition of the insurer.  2002, c. 18, Sched. H, s. 4 (15); 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 2002, c. 18, Sched. H, s. 4 (15) - 26/11/2002 2018, c. 8, Sched. 13, s. 22 - 08/06/2019
PART II.1 ACTUARY OF THE INSURER
Report to officers
121.18 (1) An actuary of the insurer shall report in writing to the chief executive officer and chief financial officer of the insurer any matters that have come to the actuary’s attention in the course of carrying out the actuary’s duties if, in the actuary’s opinion, they have material adverse effects on the financial condition of the insurer and those matters require rectification.  2002, c. 18, Sched. H, s. 4 (15). Submission of report (2) An actuary of the insurer shall also provide a copy of the report referred to in subsection (1) to the directors of the insurer immediately after making it.  2002, c. 18, Sched. H, s. 4 (15). Failure to take action (3) If, in the opinion of the actuary of the insurer, suitable action is not being taken to rectify the matters referred to in subsection (1), the actuary shall immediately send a copy of the report to the Chief Executive Officer and advise the directors of the insurer that he or she has done so.  2002, c. 18, Sched. H, s. 4 (15); 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 2002, c. 18, Sched. H, s. 4 (15) - 26/11/2002 2018, c. 8, Sched. 13, s. 22 - 08/06/2019
PART II.1 ACTUARY OF THE INSURER
Qualified privilege
121.19 (1) An oral or written statement or report made under this Act by an actuary or former actuary of the insurer has qualified privilege.  2002, c. 18, Sched. H, s. 4 (15). Same (2) An actuary or former actuary of the insurer who in good faith makes an oral or written statement or report under section 121.11 or 121.18 is not liable in any civil proceeding seeking indemnification for damages attributable to the actuary or former actuary of the insurer having made the statement or report.  2002, c. 18, Sched. H, s. 4 (15). Section Amendments with date in force (d/m/y) 2002, c. 18, Sched. H, s. 4 (15) - 26/11/2002
PART II.1 ACTUARY OF THE INSURER
Non-application of this Part
121.20 This Part does not apply to a mutual insurance corporation that is a member of the Fire Mutuals Guarantee Fund.  2002, c. 18, Sched. H, s. 4 (15). Section Amendments with date in force (d/m/y) 2002, c. 18, Sched. H, s. 4 (15) - 26/11/2002
PART II.1 ACTUARY OF THE INSURER
Non-application of s. 121.17
121.21 Section 121.17 does not apply to reciprocal insurance exchanges.  2002, c. 18, Sched. H, s. 4 (15). Section Amendments with date in force (d/m/y) 2002, c. 18, Sched. H, s. 4 (15) - 26/11/2002
PART II.1 ACTUARY OF THE INSURER
Exemptions
121.22 On written application by an insurer, the Chief Executive Officer may in special circumstances approve the exemption of the insurer from section 121.13 or 121.17, or both, on such terms and conditions as may be specified in the approval.  2002, c. 18, Sched. H, s. 4 (15); 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 2002, c. 18, Sched. H, s. 4 (15) - 26/11/2002 2018, c. 8, Sched. 13, s. 22 - 08/06/2019 Part II.2   Directors of an Insurer Affiliated individuals
PART II.2 DIRECTORS OF AN INSURER
Definitions
121.23 (1) In this Part, “insurer” means an insurer that is incorporated and licensed under the laws of Ontario; (“assureur”) “person” includes an entity; (“personne”) “reporting issuer” means an insurer that is a reporting issuer under the Securities Act. (“émetteur assujetti”)  2006, c. 33, Sched. O, s. 7. Affiliated individual (2) An individual is affiliated with an insurer for the purposes of this Part in the circumstances prescribed by the regulations.  2006, c. 33, Sched. O, s. 7. Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 121.23 (2) 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. 11) Affiliate (3) An entity is an affiliate of an insurer for the purposes of this Part if it is an affiliate of the insurer for the purposes of Part XVII.  2006, c. 33, Sched. O, s. 7. Chief Executive Officer may determine individual is affiliated (4) Despite subsection (2), the Chief Executive Officer may determine that an individual is affiliated with an insurer for the purposes of this Part if, in the opinion of the Chief Executive Officer, the individual has such a significant or sufficient commercial, business or financial relationship with the insurer or an affiliate of the insurer that the relationship can be construed as being material to the individual and can reasonably be expected to affect the exercise of the individual’s best judgment.  2006, c. 33, Sched. O, s. 7; 2018, c. 8, Sched. 13, s. 22. Appeal (5) The individual or the insurer may appeal a decision of the Chief Executive Officer to the Tribunal.  2006, c. 33, Sched. O, s. 7; 2018, c. 8, Sched. 13, s. 22. Duration of determination (6) A determination by the Chief Executive Officer under subsection (4), (a)  becomes effective on the day of the next annual meeting of the shareholders and policyholders unless a notice in writing by the Chief Executive Officer revoking the determination is received by the insurer before that day; and (b)  ceases to be in effect on the day of the next annual meeting of the shareholders and policyholders after a notice in writing by the Chief Executive Officer revoking the determination is received by the insurer.  2006, c. 33, Sched. O, s. 7; 2018, c. 8, Sched. 13, s. 22. Section Amendments with date in force (d/m/y) 2006, c. 33, Sched. O, s. 7 - 05/05/2008 2017, c. 34, Sched. 21, s. 11 - not in force 2018, c. 8, Sched. 13, s. 22 - 08/06/2019; CTS 04 SE 18 - 1
PART II.2 DIRECTORS OF AN INSURER
Directors’ duties
121.24 (1) Subject to this Act and the regulations, the directors of an insurer shall, (a)  establish an audit committee; (b)  establish a conduct review committee; (c)  establish such other committees as may be required by the regulations; (d)  establish procedures to resolve conflicts of interest, including procedures for the identification of potential conflict situations, and establish or designate a committee of the directors to monitor the application of the procedures and the results of their application.  2006, c. 33, Sched. O, s. 7. Committees (2) In establishing a committee, the directors shall comply with any requirements prescribed by the regulations relating to the composition, membership, quorum, powers and duties of the committee.  2006, c. 33, Sched. O, s. 7. Quorum of executive committee (3) Despite subsection 70 (3) of the Corporations Act, a quorum of the members of the executive committee must include at least one member of the executive committee who is not affiliated with the insurer.  2006, c. 33, Sched. O, s. 7. Note: On a day to be named by proclamation of the Lieutenant Governor, section 121.24 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. 12) Section Amendments with date in force (d/m/y) 2006, c. 33, Sched. O, s. 7 - 05/05/2008 2017, c. 34, Sched. 21, s. 12 - not in force CTS 04 SE 18 - 1 PART III   INSURANCE CONTRACTS IN ONTARIO
PART III INSURANCE CONTRACTS IN ONTARIO
Application of Part
122 Except where otherwise provided and where not inconsistent with other provisions of this Act, this Part applies to every contract of insurance made in Ontario, other than contracts of, (a)  accident and sickness insurance; (b)  life insurance; and (c)  marine insurance.  R.S.O. 1990, c. I.8, s. 122; 2002, c. 18, Sched. H, s. 4 (16). Section Amendments with date in force (d/m/y) 2002, c. 18, Sched. H, s. 4 (16) - 30/04/2007
PART III INSURANCE CONTRACTS IN ONTARIO
Contracts deemed made in Ontario
123 Where the subject-matter of a contract of insurance is property in Ontario or an insurable interest of a person resident in Ontario, the contract of insurance, if signed, countersigned, issued or delivered in Ontario or committed to the post office or to any carrier, messenger or agent to be delivered or handed over to the insured or the insured’s assign or agent in Ontario shall be deemed to evidence a contract made therein, and the contract shall be construed according to the law thereof, and all money payable under the contract shall be paid at the office of the chief officer or agent in Ontario of the insurer in lawful money of Canada.  R.S.O. 1990, c. I.8, s. 123. Requirement for all terms to be set out in policy; relevance of proposal, etc.
PART III INSURANCE CONTRACTS IN ONTARIO
Terms, etc., of contracts invalid unless set out in full
124 (1) All the terms and conditions of the contract of insurance shall be set out in full in the policy or by writing securely attached to it when issued, and, unless so set out, no term of the contract or condition, stipulation, warranty or proviso modifying or impairing its effect is valid or admissible in evidence to the prejudice of the insured or beneficiary.  R.S.O. 1990, c. I.8, s. 124 (1). Exception (2) Subsection (1) does not apply to an alteration or modification of the contract agreed upon in writing by the insurer and the insured after the issue of the policy.  R.S.O. 1990, c. I.8, s. 124 (2). Contents of renewal receipt (3) Whether the contract does or does not provide for its renewal, but it is renewed by a renewal receipt, it is a sufficient compliance with subsection (1) if the terms and conditions of the contract are set out as provided by that subsection and the renewal receipt refers to the contract by its number or date.  R.S.O. 1990, c. I.8, s. 124 (3). What regard to be given to proposal (4) The proposal or application of the insured shall not as against the insured be deemed a part of or be considered with the contract of insurance except in so far as the court determines that it contains a material misrepresentation by which the insurer was induced to enter into the contract.  R.S.O. 1990, c. I.8, s. 124 (4). Contract not to be invalidated by erroneous statement in application unless material (5) No contract of insurance shall contain or have endorsed upon it, or be made subject to, any term, condition, stipulation, warranty or proviso providing that such contract shall be avoided by reason of any statement in the application therefor, or inducing the entering into of the contract by the insurer, unless such term, condition, stipulation, warranty or proviso is and is expressed to be limited to cases in which such statement is material to the contract, and no contract shall be avoided by reason of the inaccuracy of any such statement unless it is material to the contract.  R.S.O. 1990, c. I.8, s. 124 (5). Materiality, how decided (6) The question of materiality in a contract of insurance is a question of fact for the jury, or for the court if there is no jury, and no admission, term, condition, stipulation, warranty or proviso to the contrary contained in the application or proposal for insurance, or in the instrument of contract, or in any agreement or document relating thereto, has any force or validity.  R.S.O. 1990, c. I.8, s. 124 (6). Application (7) This section does not apply to, (a)  contracts of automobile insurance; or (b)  contracts of insurance to which Part IV applies.  2002, c. 18, Sched. H, s. 4 (17). Section Amendments with date in force (d/m/y) 2002, c. 18, Sched. H, s. 4 (17) - 30/04/2007
PART III INSURANCE CONTRACTS IN ONTARIO
No contract shall be inconsistent with Act
126 (1) No insurer shall make a contract of insurance inconsistent with this Act. R.S.O. 1990, c. I.8, s. 126 (1). Rights of insured, beneficiary, etc. (2) A contract is not rendered void or voidable as against an insured, or a beneficiary or other person to whom insurance money is payable under the contract, by reason of a failure of the insurer to comply with a provision of this Act.  2012, c. 8, Sched. 23, s. 4. Section Amendments with date in force (d/m/y) 2012, c. 8, Sched. 23, s. 4 - 01/07/2016
PART III INSURANCE CONTRACTS IN ONTARIO
Contents of policy
127 (1) Every policy shall contain the name of the insurer, the name of the insured, the name of the person or persons to whom the insurance money is payable, the amount, or the method of determining the amount, of the premium for the insurance, the subject-matter of the insurance, the indemnity for which the insurer may become liable, the event on the happening of which the liability is to accrue, the date upon which the insurance takes effect and the date it terminates or the method by which the latter is fixed or to be fixed.  R.S.O. 1990, c. I.8, s. 127 (1). Application of section (2) This section does not apply to contracts of surety insurance.  R.S.O. 1990, c. I.8, s. 127 (2); 2002, c. 18, Sched. H, s. 4 (18). Section Amendments with date in force (d/m/y) 2002, c. 18, Sched. H, s. 4 (18) - 30/04/2007
PART III INSURANCE CONTRACTS IN ONTARIO
Contracts providing for appraisals
128 (1) This section applies to a contract containing a condition, statutory or otherwise, providing for an appraisal to determine specified matters in the event of a disagreement between the insured and the insurer.  R.S.O. 1990, c. I.8, s. 128 (1). Appraisers, appointment (2) The insured and the insurer shall each appoint an appraiser, and the two appraisers so appointed shall appoint an umpire.  R.S.O. 1990, c. I.8, s. 128 (2). Appraisers, duties (3) The appraisers shall determine the matters in disagreement and, if they fail to agree, they shall submit their differences to the umpire, and the finding in writing of any two determines the matters.  R.S.O. 1990, c. I.8, s. 128 (3). Costs (4) Each party to the appraisal shall pay the appraiser appointed by the party and shall bear equally the expense of the appraisal and the umpire.  R.S.O. 1990, c. I.8, s. 128 (4). Appointment by judge (5) Where, (a)  a party fails to appoint an appraiser within seven clear days after being served with written notice to do so; (b)  the appraisers fail to agree upon an umpire within fifteen days after their appointment; or (c)  an appraiser or umpire refuses to act or is incapable of acting or dies, a judge of the Superior Court of Justice may appoint an appraiser or umpire, as the case may be, upon the application of the insured or of the insurer.  R.S.O. 1990, c. I.8, s. 128 (5); 2006, c. 19, Sched. C, s. 1 (1). Section Amendments with date in force (d/m/y) 2006, c. 19, Sched. C, s. 1 (1) - 22/06/2006
PART III INSURANCE CONTRACTS IN ONTARIO
Relief from forfeiture
129 Where there has been imperfect compliance with a statutory condition as to the proof of loss to be given by the insured or other matter or thing required to be done or omitted by the insured with respect to the loss and a consequent forfeiture or avoidance of the insurance in whole or in part and the court considers it inequitable that the insurance should be forfeited or avoided on that ground, the court may relieve against the forfeiture or avoidance on such terms as it considers just.  R.S.O. 1990, c. I.8, s. 129.
PART III INSURANCE CONTRACTS IN ONTARIO
Recovery by innocent persons
129.1 (1) If a contract contains a term or condition excluding coverage for loss or damage to property caused by a criminal or intentional act or omission of an insured or any other person, the exclusion applies only to the claim of a person, (a)  whose act or omission caused the loss or damage; (b)  who abetted or colluded in the act or omission; (c)  who, (i)  consented to the act or omission, and (ii)  knew or ought to have known that the act or omission would cause the loss or damage; or (d)  who is in a class prescribed by the regulations. 2017, c. 34, Sched. 21, s. 13. Recovery limited to proportionate interest (2) Nothing in subsection (1) allows a person whose property is insured under the contract to recover more than the person’s proportionate interest in the lost or damaged property. 2017, c. 34, Sched. 21, s. 13. Compliance with prescribed requirements (3) A person whose coverage under a contract would be excluded but for subsection (1) must comply with the requirements prescribed by the regulations. 2017, c. 34, Sched. 21, s. 13. Section Amendments with date in force (d/m/y) 2017, c. 34, Sched. 21, s. 13 - 30/04/2018
PART III INSURANCE CONTRACTS IN ONTARIO
Waiver and estoppel
131 (1) The obligation of an insured to comply with a requirement under a contract is excused to the extent that, (a)  the insurer has given notice in writing that the insured’s compliance with the requirement is excused in whole or in part, subject to the terms specified in the notice, if any; or (b)  the insurer’s conduct reasonably causes the insured to believe that the insured’s compliance with the requirement is excused in whole or in part, and the insured acts on that belief to the insured’s detriment.  2012, c. 8, Sched. 23, s. 5. Idem (2) Neither the insurer nor the insured shall be deemed to have waived any term or condition of a contract by any act relating to the appraisal of the amount of loss or to the delivery and completion of proofs or to the investigation or adjustment of any claim under the contract.  R.S.O. 1990, c. I.8, s. 131 (2). Section Amendments with date in force (d/m/y) 2012, c. 8, Sched. 23, s. 5 - 01/07/2016