IN THE MATTER OF the Insurance Act, R.S.O. 1990, c. I.8, as amended (the “Act”), in particular sections 441.2 and 441.3;
AND IN THE MATTER OF Industrial Alliance Insurance and Financial Services Inc.
Industrial Alliance Insurance and Financial Services Inc. (“Industrial Alliance”) is an insurer licenced under the Act.
On April 9, 2024, by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (“FSRA”), the Director, Litigation and Enforcement (the “Director”) issued a Notice of Proposal proposing to, among other things, impose administrative penalties on Industrial Alliance for contravening section 403(1) of the Act and section 12(1) of Ontario Regulation 347/04 (the “Notice of Proposal”).
The Notice of Proposal was delivered to Industrial Alliance on April 10, 2024. A Request for Hearing (Form 1) dated April 24, 2024, was delivered to the Financial Services Tribunal (the “Tribunal”), in accordance with section 441.3(5) of the Act respecting the Notice of Proposal.
On April 30, 2024, Industrial Alliance withdrew the Request for Hearing and on May 3, 2024, the Tribunal closed its file with respect to the matter. This order is made pursuant to a Minutes of Settlement and Undertaking (the “Minutes”) entered into by Industrial Alliance and the Director on April 26, 2024. Industrial Alliance has, among other things, consented and undertaken to pay administrative penalties in the amount and manner stated in the Minutes.
The following administrative penalties in the amount of $115,000 are hereby imposed on Industrial Alliance, for the reasons set out in the Minutes of Settlement dated April 26, 2024:
TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario (“FSRA”) will deliver an invoice to Industrial Alliance with information as to where and how to make the payment.
If Industrial Alliance fails to pay the administrative penalty in accordance with the terms of this Order and any further agreement or undertaking, the Chief Executive Officer may file the Order with the Superior Court of Justice and the Order may be enforced as if it were an order of the court. An administrative penalty that is not paid in accordance with the terms of an order imposing the penalty is a debt due to the Crown and is enforceable as such.
DATED at Toronto, Ontario, May 6, 2024.
Original signed by
Elissa Sinha
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
Si vous desirez recevoir cet avis en français, veuillez nous envoyer votre demande par courriel immediatement a : contactcentre@fsrao.ca.