REGARDING the Insurance Act, R.S.O. 1990, c. I.8, as amended (the “Act”), in particular sections 441.1, 441.2 and 441.3
AND REGARDING Wabisa Mutual Insurance Compay
ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY
Wabisa Mutual Insurance Company (“Wabisa”) holds a licence as an insurer issued by the Superintendent, licence number 657.
On April 15, 2016, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to Impose an Administrative Penalty in the amount of $7,354 on Wabisa. The Superintendent determined that Wabisa paid commissions to Brian Dale Switzer who was acting as an insurance agent while unlicensed from July 14, 2014, through to January 26, 2015. Furthermore, Wabisa failed to maintain a system that is reasonably designed to ensure that each agent complies with the Act.
The Notice of Proposal was sent by registered mail on April 26, 2016 and received by Wabisa on April 27, 2016. Wabisa had until May 12, 2016 to file a request for hearing with the Financial Services Tribunal.
On June 9, 2016, the Registrar of the Tribunal confirmed that neither Wabisa nor anyone on its behalf requested a hearing.
An Administrative Penalty in the amount of $7,354 is imposed on Wabisa.
TAKE NOTICE THAT Wabisa will be receiving shortly an invoice from Ontario Shared Services, a part of the Ministry of Government and Consumer Services, with information as to where and how to make the payment. Wabisa must pay the Administrative Monetary Penalty no later than 30 days after the date of the invoice.
If Wabisa fails to pay the Administrative Monetary Penalty in accordance with the terms of this Order, the Superintendent 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 Monetary 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, this 29 day of June, 2016.
Original signed by
Executive Director, Licensing and Market Conduct Division
By Delegated Authority from
The Superintendent of Financial Services