AI-assisted research summary: This provision lets the Chief Executive Officer set the amount of a general administrative penalty, and requires insurers to pay the penalty within 30 days, subject to stated exceptions.
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. O. Reg. 410/12, s. 1. Determination of amount of general administrative penalty 2. (1) The Chief Executive Officer 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. O. Reg. 410/12, s. 2 (1) ; O. Reg. 140/19, s. 1. (2) The Chief Executive Officer 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. O. Reg. 410/12, s. 2 (2); O. Reg. 140/19, s. 1. 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. O. Reg. 410/12, s. 3 (1). (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. O. Reg. 410/12, s. 3 (2). 4. Omitted (provides for coming into force of provisions of this Regulation). O. Reg. 410/12, s. 4.