16. (1) Subject to subsections (2) and (3), every member who is a sole proprietor, partnership or corporation shall maintain, for all trust funds received, a trust account or trust accounts at any Ontario branch of, (a) a bank listed in Schedule I or II to the Bank Act (Canada); (b) a trust corporation; (c) a loan corporation; or (d) a credit union authorized by law to receive money on deposit, (e)  Revoked:  O. Reg. 410/04, s. 6 (1). and each such account shall be kept in the name of the member and designated as a trust account.  R.R.O. 1990, Reg. 991, s. 16 (1); O. Reg. 410/04, s. 6 (1). (2) On application, the Council shall permit a member who is licensed or registered as an insurance broker or agent in four or more provinces of Canada and maintains offices in each of them to maintain the member’s trust account in any such province at a branch of, (a) a bank listed in Schedule I or II to the Bank Act (Canada); (b) a trust corporation; (c) a loan corporation; or (d) a credit union authorized by law to receive money on deposit, that is not in Ontario, but the Council may, for good and due cause, (e) impose such terms and conditions as it considers appropriate; and (f) revoke its permission at any time.  R.R.O. 1990, Reg. 991, s. 16 (2). (3) On application, the Council may permit a member who is licensed or registered as an insurance broker or agent in two or more provinces of Canada to maintain the member’s trust account in any such province at a branch of, (a) a bank listed in Schedule I or II to the Bank Act (Canada); (b) a trust corporation; (c) a loan corporation; or (d) a credit union authorized by law to receive money on deposit, that is not in Ontario, but the Council may, (e) impose such terms and conditions as it considers appropriate; and (f) revoke its permission at any time.  R.R.O. 1990, Reg. 991, s. 16 (3). (4) A member shall ensure that all trust money he or she receives, whether by cash, cheque or otherwise, is dealt with in accordance with the following: 1. The trust money must be deposited into a trust account or invested in an investment described in subsection (5) as soon as practicable after receipt. 2. The member shall not knowingly fail to make the deposit or investment referred to in paragraph 1 within three banking days after the day the trust money is received. 3. Money deposited into a trust account may be subsequently invested and held in trust in an investment described in subsection (5). 4. Subject to paragraph 5, the member shall not, except in accordance with the terms and conditions under which the money was received, i. disburse any money held in trust or the proceeds from any investment in which trust money was invested, or ii. withdraw any money from a trust account. 5. The member may withdraw money belonging to him or her from a trust account and deposit it into the member’s general account.  O. Reg. 410/04, s. 6 (2). (5) Trust money may be invested in and held in trust in the following types of investments: 1. Deposits, guaranteed investment certificates and other forms of indebtedness, i. that are issued by a bank listed in Schedule I or II to the Bank Act
(Canada), a trust corporation, a loan corporation, a credit union, the Government of Canada or a Province of Canada, ii. that have a term not exceeding five years, and iii. that permit the repayment on demand of the principal sum evidenced by the deposit, guaranteed investment certificate or other form of indebtedness. 2. Treasury bills and other instruments evidencing indebtedness, i. that are issued or guaranteed by the government of Canada or a Province of Canada, and ii. that are issued for a period of 30 days or less. 3. Mutual or pooled funds that invest only in short-term money market instruments. 4. Bankers’ acceptances. 5. Short-term debt securities issued by non-financial corporations for a term of one year or less, but only if the securities have a rating of the highest credit quality or a superior credit quality from the Dominion Bond Rating Service.  O. Reg. 410/04, s. 6 (2). (6) A member shall ensure that the member is at all times able to meet all of the member’s trust obligations from, (a) money in the member’s trust account; (b) investments held by the member in trust; and (c) the member’s trust funds receivable, excluding premiums that have been receivable for more than 90 days.  O. Reg. 309/98, s. 4. (7) When so requested in writing by the Manager, Council, or a committee thereof or their representative, every member shall, within thirty days after the request, account for all trust funds received by the member.  R.R.O. 1990, Reg. 991, s. 16 (7). (8) No member who is not a sole proprietor, partnership or corporation shall control trust funds or maintain a trust account in the member’s own name.  R.R.O. 1990, Reg. 991, s. 16 (8). (9) All cheques drawn on a trust account shall have the words “trust account” and the name of the member in whose name the trust account is kept imprinted thereon.  R.R.O. 1990, Reg. 991, s. 16 (9).