Acts and Regulations

I-12 - Insurance Act

Section 392
Disposition versions

Full text
Orders in the public interest
392(1)On the application of the Financial and Consumer Services Commission, the Tribunal, if in its opinion it is in the public interest to do so, may make one or more of the following orders:
(a) an order that a licence be suspended or restricted for the period specified in the order or be cancelled, or that terms and conditions be imposed on the licence;
(b) an order that any exemptions contained in this Act or the regulations do not apply to a person permanently or for any period specified in the order;
(c) an order that a person cease conducting all or any regulated activities;
(d) an order that a person submit to a review of the person’s practices and procedures relating to regulated activities and institute any changes directed by the Tribunal;
(e) if the Tribunal is satisfied that this Act or the regulations have not been complied with, an order that any document or statement described in the order
(i) be provided by a person,
(ii) not be provided to a person, or
(iii) be amended to the extent that amendment is practicable;
(f) an order that a person be reprimanded;
(g) an order that a person amend, in the manner specified in the order, any information or material of any kind described in the order that is disseminated to the public;
(h) an order that a person cease violating or comply with, and that the directors and officers of the person cause the person to cease violating or to comply with, this Act and the regulations;
(i) if a person has not complied with this Act or the regulations, an order requiring the person to disgorge to the Financial and Consumer Services Commission any amounts obtained as a result of the non-compliance.
392(2)The Tribunal may impose any terms and conditions that the Tribunal considers appropriate on an order under this section.
392(3)A person who is the subject of an order made under this section shall comply with any terms and conditions imposed on the order.
392(4)Unless the parties and the Tribunal consent, no order shall be made under this section without a hearing.
392(5)Despite subsection (4), if in the opinion of the Tribunal the length of time required to hold a hearing could be prejudicial to the public interest, the Tribunal, without a hearing, may make a temporary order under paragraph (1)(a), (b), (c) or (f).
392(6)The temporary order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by the Tribunal.
392(7)The Tribunal may extend a temporary order until the hearing is concluded if a hearing is commenced within the 15-day period.
392(8)The Financial and Consumer Services Commission shall without delay give written notice of an order or temporary order made under this section to any person directly affected by the order or temporary order.
2016, c.36, s.7