O. Reg. 410/12: ADMINISTRATIVE PENALTIES

Link to law: http://www.ontario.ca/laws/regulation/r12410
Published: 2012-12-14

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ONTARIO REGULATION 410/12

made under the

AUTOMOBILE INSURANCE RATE STABILIZATION ACT, 2003

Made: December 12, 2012
Filed: December 14, 2012
Published on e-Laws: December 17, 2012
Printed in The Ontario Gazette: December 29, 2012


ADMINISTRATIVE PENALTIES

General administrative penalty — prescribed provision

1. Section 8 of the Act is prescribed for the purpose of imposing a general administrative penalty under section 11.3 of the Act.

Determination of amount of general administrative penalty

2. (1) The Superintendent is authorized to determine the amount of a penalty imposed under section 11.3 of the Act, subject to the limit set out in subsection 11.5 (1) of the Act.

(2) The Superintendent shall consider only the following criteria when determining the amount of an administrative penalty to be imposed under section 11.3 of the Act for a purpose set out in section 11.2 of the Act:

1. The degree to which the contravention or failure was intentional, reckless or negligent.

2. The extent of the harm or potential harm to others resulting from the contravention or failure.

3. The extent to which the insurer tried to mitigate any loss or to take other remedial action.

4. The extent to which the insurer derived or reasonably might have expected to derive, directly or indirectly, any economic benefit from the contravention or failure.

5. Any other contraventions of or failures to comply with a requirement established under the Act or with any other financial services legislation of Ontario or of any jurisdiction during the preceding five years by the insurer.

Deadline for paying penalty

3. (1) An insurer on whom a penalty has been imposed under section 11.3 of the Act shall pay the penalty no later than 30 days after the insurer is given notice of the order imposing the penalty or such longer time as may be specified in the order.

(2) If an insurer requests a hearing on the notice of a proposal to impose a penalty pursuant to subsection 11.3 (2) of the Act and in accordance with subsection 441.3 (5) of the Insurance Act, the insurer shall pay the penalty no later than 30 days after the matter is finally determined or such longer time as may be specified in the order.

Commencement

4. This Regulation comes into force on the later of the day section 1 of Schedule 2 to the Strong Action for Ontario Act (Budget Measures), 2012 comes into force and the day this Regulation is filed.

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