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Under the Insurance Act, the Superintendent of Financial Services has the power to issue a cease-and-desist order where an individual, company or other entity commits an unfair or deceptive act or practice. The individual, company or entity can be ordered to cease engaging in the conduct indicated or to perform other acts that in the Superintendent’s opinion are necessary to remedy the situation.
Similar orders can be issued under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and the Credit Unions and Caisses Populaires Act, 1994 and are referred to as compliance orders.
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