Acts and Regulations

I-12 - Insurance Act

Section 386
Disposition versions

Full text
Offences generally
386(1)A person who does any of the following commits an offence, and is liable on conviction, for each offence, if a director or officer of a person, to a fine of not more than $100,000 or to imprisonment for a term of not more than one year, or to both, if an individual who is not a director or officer of a person, to a fine of not more than $250,000 or to imprisonment for a term of not more than one year, or to both, and if a person other than an individual, to a fine of not more than $250,000:
(a) makes a statement in any information or material submitted, provided, produced, delivered or given to or filed with the Financial and Consumer Services Commission, the Superintendent, a compliance officer, an investigator or any person acting under the authority of the Financial and Consumer Services Commission or the Superintendent that is misleading or untrue or does not state a fact that is required to be stated or that is necessary to make the statement not misleading;
(b) withholds, destroys, conceals, alters or refuses to produce any information or thing reasonably required for the purposes of an administrative proceeding under this Act or the regulations;
(c) violates or fails to comply with a provision of this Act that is listed in Schedule A;
(d) violates or fails to comply with a decision, ruling, order, temporary order or direction of the Financial and Consumer Services Commission, the Superintendent or the Tribunal made or given under this Act or the regulations;
(e) violates or fails to comply with a written undertaking made by that person to the Financial and Consumer Services Commission, the Superintendent or the Tribunal under this Act or the regulations; or
(f) violates or fails to comply with any provision of the regulations.
386(2)Despite subsection (1), on a second or subsequent conviction for an offence under this Act, a person is liable, if a director or officer of a person, to a fine of not more than $200,000 or to imprisonment for a term of not more than one year, or to both, if an individual who is not a director or officer of a person, to a fine of not more than $500,000 or to imprisonment for a term of not more than one year, or to both, and if a person other than an individual, to a fine of not more than $500,000.
386(3)Without limiting the availability of other defences, no person commits an offence under paragraph (1)(a) if
(a) the person did not know and in the exercise of reasonable diligence could not have known that the statement was misleading or untrue or that it omitted to state a fact that was required to be stated or that was necessary to make the statement not misleading in light of the circumstances in which it was made, and
(b) on becoming aware that the statement was misleading or untrue or that it omitted to state a fact that was required to be stated or that was necessary to make the statement not misleading, the person notified the Financial and Consumer Services Commission.
2016, c.36, s.7