Acts and Regulations

I-12 - Insurance Act

Full text
Administrative penalty
393(1)On the application of the Financial and Consumer Services Commission and after conducting a hearing, the Tribunal may order a person to pay an administrative penalty of, in the case of an individual, not more than $100,000, and in the case of a person other than an individual, not more than $500,000, if the Tribunal
(a) determines that the person has violated or failed to comply with this Act or the regulations, and
(b) is of the opinion that it is in the public interest to make the order.
393(2)The Tribunal may make an order under this section despite the imposition of any other penalty on the person or the making of any other order by the Tribunal, the Financial and Consumer Services Commission or the Superintendent related to the same matter.
2016, c.36, s.7