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Registered Insurance Brokers Act
Loi sur les courtiers d’assurances inscrits

R.R.O. 1990, REGULATION 991

GENERAL

Consolidation Period:  From July 1, 2018 to the e-Laws currency date.

Last amendment: 125/18.

Legislative History: 72/96, 309/98, 410/04, 125/18

This Regulation is made in English only.

1. Revoked:  O. Reg. 410/04, s. 1.

2.-4. Revoked:  O. Reg. 309/98, s. 1.

5. (1) An individual is qualified to be issued and hold a certificate of registration as an insurance broker where,

(a) the individual,

(i) has attained the age of majority,

(ii) is of good character and has demonstrated reasonable grounds for belief that he or she will carry on business in accordance with law, integrity and honesty,

(iii) has not been convicted of any offence the nature of which renders him or her unfit to act as a broker,

(iv) has not been refused a licence under the Insurance Act or had a licence suspended or revoked for a reason that renders him or her unfit to act as an insurance broker,

(v) satisfies the educational and experience requirements established by the Qualification and Registration Committee, and

(vi) has complied with the provisions of this Regulation;

(b) the individual’s only business or employment is that of,

(i) an insurance broker, or

(ii) an insurance broker and life insurance agent, and

(iii) such other business as the Qualification and Registration Committee considers appropriate when carried on in accordance with such terms as the Committee stipulates;

(c) the individual carries on the business of an insurance broker as a sole proprietor, as a partner of a partnership or as an employee of a member who is a sole proprietor, partnership or corporation; and

(d) the individual complies with the continuing education requirements established by the Council.  R.R.O. 1990, Reg. 991, s. 5 (1); O. Reg. 309/98, s. 2.

(2) Clause (1) (b) does not apply to disqualify an individual who,

(a) became registered under section 36 of the Act;

(b) conducted or was employed in the additional business immediately preceding the 1st day of October, 1981; and

(c) immediately preceding the 1st day of October, 1981, was not in contravention of the Insurance Act or the regulations thereunder by continuing the additional business.  R.R.O. 1990, Reg. 991, s. 5 (2).

(3) Subclauses (1) (a) (iii) and (iv) do not apply to disqualify an individual who the Qualification and Registration Committee is satisfied will carry on business in accordance with law, integrity and honesty, after having had regard to,

(a) the circumstances under which the offence was committed or the licence was refused, suspended or revoked; and

(b) the time elapsed since the offence was committed or the licence was refused, suspended or revoked.  R.R.O. 1990, Reg. 991, s. 5 (3).

6. (1) A corporation is qualified to be issued and hold a certificate of registration as an insurance broker where,

(a) the only business conducted by it is that of,

(i) an insurance broker, or

(ii) an insurance broker and life insurance agent, and

(iii) such other business as the Qualification and Registration Committee considers appropriate when carried on in accordance with such terms as the Committee stipulates;

(b) the corporation acts as an insurance broker under the direction and supervision of a principal broker as described in section 7.2; and

(c) Revoked:  O. Reg. 410/04, s. 2 (1).

(d) it has complied with the provisions of this Regulation.  R.R.O. 1990, Reg. 991, s. 6 (1); O. Reg. 72/96, s. 1; O. Reg. 410/04, s. 2 (1).

(2) Clause (1) (a) does not apply to disqualify a corporation that,

(a) became registered under section 36 of the Act;

(b) conducted the additional business immediately preceding the 1st day of October, 1981; and

(c) immediately preceding the 1st day of October, 1981, was not in contravention of the Insurance Act or the regulations thereunder by continuing the additional business.  R.R.O. 1990, Reg. 991, s. 6 (2).

(3), (4) Revoked:  O. Reg. 410/04, s. 2 (2).

7. (1) A partnership is qualified to be issued and hold a certificate of registration as an insurance broker where,

(a) the only business conducted by it is that of,

(i) an insurance broker, or

(ii) an insurance broker and life insurance agent, and

(iii) such other business as the Qualification and Registration Committee considers appropriate when carried on in accordance with such terms as the Committee stipulates;

(b) the partnership acts as an insurance broker under the direction and supervision of a principal broker as described in section 7.2;

(c) the majority equity interest and the majority voting interest are held by persons who are registered insurance brokers who are licensed or registered to act as intermediaries for insurance, other than life insurance, under the laws of another jurisdiction in which they reside; and

(d) it has complied with the provisions of this Regulation.  R.R.O. 1990, Reg. 991, s. 7 (1); O. Reg. 72/96, s. 2.

(2) Clause (1) (a) does not apply to disqualify a partnership that,

(a) became registered under section 36 of the Act;

(b) conducted the additional business immediately preceding the 1st day of October, 1981; and

(c) immediately preceding the 1st day of October, 1981, was not in contravention of the Insurance Act or the regulations thereunder by continuing the additional business.  R.R.O. 1990, Reg. 991, s. 7 (2).

(3) Clause (1) (c) does not apply to a partnership that,

(a) became registered under section 36 of the Act; and

(b) does not conform to the majority ownership and control requirements of that clause,

where the proportion of the equity interest and voting interest held by persons who are not registered insurance brokers or who are not licensed or registered to act as intermediaries for insurance, other than life insurance, under the laws of another jurisdiction in which they reside, has not increased above the proportion held by such persons on the 1st day of October, 1981.  R.R.O. 1990, Reg. 991, s. 7 (3).

7.1 (1) A sole proprietorship is qualified to be issued and hold a certificate of registration as an insurance broker if,

(a) the only business conducted by it is that of an insurance broker or both an insurance broker and life insurance agent and such other business as the Qualification and Registration Committee considers appropriate when carried on in accordance with such terms as that committee stipulates;

(b) the sole proprietorship acts as an insurance broker under the direction and supervision of a principal broker as described in section 7.2; and

(c) the sole proprietorship has complied with this Regulation.  O. Reg. 72/96, s. 3.

(2) Clause (1) (a) does not apply to disqualify a sole proprietorship that,

(a) became registered under section 36 of the Act;

(b) conducted the additional business immediately before October 1, 1981; and

(c) immediately before October 1, 1981 was not in contravention of the Insurance Act or the regulations under it by continuing the additional business.  O. Reg. 72/96, s. 3.

7.2 (1) A sole proprietorship, partnership or corporation which holds or wishes to hold a certificate of registration as an insurance broker shall designate an individual who is an insurance broker to be the principal broker of the business.  O. Reg. 72/96, s. 3.

(2) A member qualifies to be designated as a principal broker if the member,

(a) is not in default of paying any fee due under the Act or the by-laws of the Corporation;

(b) is not, at the time the notification referred to in subsection (3) is made, the subject of a complaint referred to the Discipline Committee or the subject of disciplinary proceedings before the Discipline Committee;

(c) is not the subject of an outstanding order of the Discipline Committee;

(d) is not in a class of membership which restricts him or her to acting under supervision;

(e) is the sole proprietor or an employee of a sole proprietorship, is a partner or is an officer or director of the corporation, as appropriate; and

(f) directs and supervises the sole proprietorship, partnership or corporation in acting as an insurance broker and has the authority to act in its name and on its behalf regarding applications or reports required under this Act or the by-laws of the Corporation.  O. Reg. 72/96, s. 3.

(3) A member shall not be designated as a principal broker until the member has notified the Corporation in writing that he or she meets the criteria described in subsection (2) and the Corporation has acknowledged the notice in writing.  O. Reg. 72/96, s. 3.

(4) In order to maintain his or her status as a principal broker, the member shall satisfy such educational requirements as are established by the Council within the time periods established by the Council.  O. Reg. 72/96, s. 3.

(5) The principal broker may appoint one or more deputies to perform such duties as may be delegated to him or her in writing by the principal broker.  O. Reg. 72/96, s. 3.

(6) This section, except subsection (5), applies to a deputy principal broker in the same way it applies to a principal broker.  O. Reg. 72/96, s. 3.

8. No person shall be issued a certificate of registration as an insurance broker where the Qualification and Registration Committee is satisfied that,

(a) the applicant; or

(b) a person occupying office space in the same business premises as the applicant,

is in a position to offer inducement or use coercion or undue influence in order to control, direct or secure insurance business.  R.R.O. 1990, Reg. 991, s. 8.

9. (1) Every member acting on behalf of a member of the public in negotiating or placing contracts of insurance with one or more insurers shall provide a policy or a certificate of coverage to the member of the public for whom the member acts within twenty-one days after the placing of insurance certifying that the insurance has been placed, and at the same time shall send a copy of the policy or certificate of coverage to each of the insurers whose names appear on the policy or certificate.  R.R.O. 1990, Reg. 991, s. 9 (1).

(2) The certificate of coverage shall set out,

(a) the name and mailing address of the insured;

(b) a description of the coverage provided;

(c) the full name of each insurer, or other person authorized to undertake the contract;

(d) the amount of insurance placed with each insurer.  R.R.O. 1990, Reg. 991, s. 9 (2).

10. (1) A member shall not act or assist in the placing of insurance with an unlicensed insurer unless,

(a) the member has informed the member of the public for whom the member acts of the following risks of entering into a contract of insurance with an insurer not licensed under the Insurance Act:

1. That the insurer is not subject to regulation under the Insurance Act.

2. Orderly payment of claims may be more difficult than with an insurer licensed under the Insurance Act.

3. The Superintendent has no authority under the Insurance Act in respect of the insurer.

4. Provincial and federal taxes payable;

(b) the member has obtained the written consent of the member of the public for whom the member acts; and

(c) sufficient insurance cannot be obtained at reasonable rates or on the form of contract required by the member of the public from insurers licensed under the Insurance Act.  R.R.O. 1990, Reg. 991, s. 10 (1).

(2) A member shall not act or assist in the placement of automobile insurance with an unlicensed insurer except automobile insurance in excess of the minimum liability coverage required by the Insurance Act.  R.R.O. 1990, Reg. 991, s. 10 (2).

(3) A member who places insurance with an unlicensed insurer shall, within thirty days after the last day of March, June, September and December of each year,

(a) file with the Superintendent a return under oath or affirmation in the form and manner required by the Superintendent, containing particulars of all insurance effected under this section by the member during the period covered by the return; and

(b) at the same time, in respect of all premiums on such insurance, pay to the Minister of Finance the premium taxes that would be payable if such premiums had been received by a licensed insurer.  R.R.O. 1990, Reg. 991, s. 10 (3).

11. Revoked:  O. Reg. 410/04, s. 3.

12. (1) Where a member proposes to charge a fee for service in addition to retaining a portion of the premium charge, the member, before placing the insurance or providing a service for which a fee is to be charged, shall disclose to the person whom the member proposes to charge the amount of the fee, the portion of the premium retained and the total remuneration on the transaction.  R.R.O. 1990, Reg. 991, s. 12 (1).

(2) Interest charges with respect to overdue accounts or accounts paid on an instalment plan shall not be construed to be fees for services for the purposes of subsection (1).  R.R.O. 1990, Reg. 991, s. 12 (2).

13. Revoked:  O. Reg. 309/98, s. 3.

14. All members shall act as insurance brokers in accordance with the following code of conduct:

1. A member shall discharge the member’s duties to clients, members of the public, fellow members and insurers with integrity.

2. A member owes a duty to the member’s client to be competent to perform the services which the member undertakes on the client’s behalf.

3. A member shall serve the member’s client in a conscientious, diligent and efficient manner and shall provide a quality of service at least equal to that which members would generally expect of a member in a like situation.

4. A member shall be both candid and honest when advising the member’s client.

5. A member shall hold in strict confidence all information acquired in the course of the professional relationship concerning the business and affairs of the member’s client, and the member shall not divulge any such information unless authorized by the client to do so, required by law to do so or required to do so in conducting negotiations with underwriters or insurers on behalf of the client.

6. A member shall observe all relevant rules and laws regarding the preservation and safekeeping of property of the client entrusted to the member and, when there are no such rules or laws or the member is in doubt, the member must take the same care of such property as a careful and prudent person would take of the person’s own property of like description.

7. A member who engages in another business or occupation concurrently with the practice of the member’s vocation shall not allow such outside interest to jeopardize the member’s integrity, independence or competence.

7.1 A member shall disclose in writing to a client or prospective client any conflict of interest or potential conflict of interest of the member that is associated with a transaction or recommendation.

8. A member shall not stipulate, charge or accept any fee that is not fully disclosed, or the basis for which is not fully disclosed prior to the service being rendered, or which is so disproportionate to the service provided as to be unconscionable.

9. A member shall encourage public respect for and try to improve the practice of the member’s vocation.

10. A member shall make the member’s services available to the public in an efficient and convenient manner which will command respect and confidence and which is compatible with the integrity, independence and effectiveness of the member’s vocation.

11. A member shall assist in maintaining the integrity of the member’s vocation and should participate in its activities.

12. A member shall assist in preventing the unauthorized practice of the member’s vocation.

13. A member’s conduct towards other members, members of the public, insurers and the Corporation shall be characterized by courtesy and good faith.

14. A member shall cooperate in an investigation conducted by the Corporation.

15. A member shall notify the Corporation if the governing authority of the profession in a jurisdiction other than Ontario has made a finding of incompetence or misconduct or a similar finding against the member. R.R.O. 1990, Reg. 991, s. 14; O. Reg. 410/04, s. 4; O. Reg. 125/18, s. 1.

15. (1) For the purposes of the Act,

“misconduct” means any of the following:

1. The use of methods of solicitation and advertising that are not compatible with the honour and dignity of the vocation including, without limiting the generality of the foregoing, the use of any illustration, circular or memorandum that misrepresents, or by omission is so incomplete that it misrepresents the terms, benefits or advantages of any policy or contract of insurance issued or to be issued, and the making of any false or misleading statement as to the terms, benefits or advantages of any contract or policy of insurance issued or to be issued.

2. The use of any incomplete comparison of any policy or contract of insurance with that of any other insurer for the purpose of inducing, or intending to induce, an insured to lapse, forfeit or surrender a policy or contract.

3. The use of any payment, allowance or gift, or any offer to pay, allow or give, directly or indirectly, any money or thing of value as an inducement to any prospective insured to insure.

4. Directly or indirectly making or attempting to make an agreement as to the premium to be paid for a policy other than as set forth in the policy, or paying, allowing or giving, or offering or agreeing to pay, allow or give, a rebate of the whole or part of the premium stipulated by the policy or any other consideration or thing of value intended to be in the nature of a rebate of premium to any person insured or applying for insurance in respect of person or property in Ontario, but nothing in this paragraph shall be construed to affect any payment in the nature of a dividend, bonus, profit or savings that is provided for in the policy.

5. Coercing or proposing, directly or indirectly, to coerce a prospective buyer of insurance through the influence of a professional or business relationship or otherwise to give a preference that would not otherwise be given on the effecting of an insurance contract or coercing, inducing or exercising undue influence in order to control, direct or secure insurance business.

6. Holding oneself out or advertising by means of advertisements, cards, circulars, letterheads, signs, or other methods, or carrying on business in any other manner than the name in which the individual or the corporation or partnership of which the individual is the designated representative is registered.

7. The use of any practice or conduct that results in unreasonable delay or resistance to the fair adjustment of claims.

8. Failure to carry on business in a manner consistent with the code of conduct.

9. Failure to comply with the provisions of the Act, this Regulation and the by-laws of the Corporation.

10. Acting as an insurance agent or holding himself, herself or itself out, advertising or conducting himself, herself or itself in such a manner as to lead a reasonable person to believe that the member is an insurance agent.

11. Being convicted, after the 1st day of October, 1981, of a criminal offence or an offence under the Insurance Act, whether or not the offence was committed before the 1st day of October, 1981.

12. The payment of any referral fee or finder’s fee to, or the acceptance of a referral fee or finder’s fee from, a person who is not,

i. licensed as an insurance agent or broker under the laws of any jurisdiction,

ii. licensed to sell mutual funds under the laws of any jurisdiction,

iii. licensed as a real estate agent or broker under the laws of any jurisdiction,

iv. licensed as a mortgage broker under the laws of any jurisdiction,

v. engaged in the business of a financial planner,

vi. engaged in the business of providing financing for the payment of insurance premiums, or

vii. engaged in the business of providing products or services that reduce insurance risk.

13. A registered insurance broker who is a director, officer or principal broker of a corporation that is a member or who is a partner or principal broker of a partnership that is a member or who is the principal broker of a sole proprietorship that is a member has knowingly concurred in the misconduct of the sole proprietorship, partnership or corporation.

14. Providing false or misleading information to the Corporation.

15. Acting as a principal broker as described in section 7.2 when the member has failed to comply with the educational requirements established by the Council under that section.

16. If a principal broker believes on reasonable and probable grounds that a member under the principal broker’s direction, regardless of the member’s registration class, has committed an act of misconduct, failure of the principal broker to report the potential misconduct. R.R.O. 1990, Reg. 991, s. 15 (1); O. Reg. 72/96, s. 4; O. Reg. 410/04, s. 5; O. Reg. 125/18, s. 2.

(2) Nothing in this section shall be construed to prohibit a member from being licensed as and acting as a life insurance agent under the Insurance Act.  R.R.O. 1990, Reg. 991, s. 15 (2).

15.1 A finding of incompetence, misconduct or a similar finding against a member by the governing authority of insurance brokers or insurance agents in a jurisdiction other than Ontario that is based on facts that would, in the opinion of the Discipline Committee, constitute incompetence as described in subsection 18 (4) of the Act or misconduct as defined in section 15 of this Regulation, constitutes incompetence or misconduct, as the case may be, for the purposes of the Act and this Regulation. O. Reg. 125/18, s. 3.

16. (1) Subject to subsections (2) and (3), every member who is a sole proprietor, partnership or corporation shall maintain, for all trust funds received, a trust account or trust accounts at any Ontario branch of,

(a) a bank listed in Schedule I or II to the Bank Act (Canada);

(b) a trust corporation;

(c) a loan corporation; or

(d) a credit union authorized by law to receive money on deposit,

(e) Revoked:  O. Reg. 410/04, s. 6 (1).

and each such account shall be kept in the name of the member and designated as a trust account.  R.R.O. 1990, Reg. 991, s. 16 (1); O. Reg. 410/04, s. 6 (1).

(2) On application, the Council shall permit a member who is licensed or registered as an insurance broker or agent in four or more provinces of Canada and maintains offices in each of them to maintain the member’s trust account in any such province at a branch of,

(a) a bank listed in Schedule I or II to the Bank Act (Canada);

(b) a trust corporation;

(c) a loan corporation; or

(d) a credit union authorized by law to receive money on deposit,

that is not in Ontario, but the Council may, for good and due cause,

(e) impose such terms and conditions as it considers appropriate; and

(f) revoke its permission at any time.  R.R.O. 1990, Reg. 991, s. 16 (2).

(3) On application, the Council may permit a member who is licensed or registered as an insurance broker or agent in two or more provinces of Canada to maintain the member’s trust account in any such province at a branch of,

(a) a bank listed in Schedule I or II to the Bank Act (Canada);

(b) a trust corporation;

(c) a loan corporation; or

(d) a credit union authorized by law to receive money on deposit,

that is not in Ontario, but the Council may,

(e) impose such terms and conditions as it considers appropriate; and

(f) revoke its permission at any time.  R.R.O. 1990, Reg. 991, s. 16 (3).

(4) A member shall ensure that all trust money he or she receives, whether by cash, cheque or otherwise, is dealt with in accordance with the following:

1. The trust money must be deposited into a trust account or invested in an investment described in subsection (5) as soon as practicable after receipt.

2. The member shall not knowingly fail to make the deposit or investment referred to in paragraph 1 within three banking days after the day the trust money is received.

3. Money deposited into a trust account may be subsequently invested and held in trust in an investment described in subsection (5).

4. Subject to paragraph 5, the member shall not, except in accordance with the terms and conditions under which the money was received,

i. disburse any money held in trust or the proceeds from any investment in which trust money was invested, or

ii. withdraw any money from a trust account. 

5. The member may withdraw money belonging to him or her from a trust account and deposit it into the member’s general account.  O. Reg. 410/04, s. 6 (2).

(5) Trust money may be invested in and held in trust in the following types of investments:

1. Deposits, guaranteed investment certificates and other forms of indebtedness,

i. that are issued by a bank listed in Schedule I or II to the Bank Act (Canada), a trust corporation, a loan corporation, a credit union, the Government of Canada or a Province of Canada,

ii. that have a term not exceeding five years, and

iii. that permit the repayment on demand of the principal sum evidenced by the deposit, guaranteed investment certificate or other form of indebtedness.

2. Treasury bills and other instruments evidencing indebtedness,

i. that are issued or guaranteed by the government of Canada or a Province of Canada, and

ii. that are issued for a period of 30 days or less. 

3. Mutual or pooled funds that invest only in short-term money market instruments.

4. Bankers’ acceptances.

5. Short-term debt securities issued by non-financial corporations for a term of one year or less, but only if the securities have a rating of the highest credit quality or a superior credit quality from the Dominion Bond Rating Service.  O. Reg. 410/04, s. 6 (2).

(6) A member shall ensure that the member is at all times able to meet all of the member’s trust obligations from,

(a) money in the member’s trust account;

(b) investments held by the member in trust; and

(c) the member’s trust funds receivable, excluding premiums that have been receivable for more than 90 days.  O. Reg. 309/98, s. 4.

(7) When so requested in writing by the Manager, Council, or a committee thereof or their representative, every member shall, within thirty days after the request, account for all trust funds received by the member.  R.R.O. 1990, Reg. 991, s. 16 (7).

(8) No member who is not a sole proprietor, partnership or corporation shall control trust funds or maintain a trust account in the member’s own name.  R.R.O. 1990, Reg. 991, s. 16 (8).

(9) All cheques drawn on a trust account shall have the words “trust account” and the name of the member in whose name the trust account is kept imprinted thereon.  R.R.O. 1990, Reg. 991, s. 16 (9).

17. (1) Every member who is required to maintain a trust account shall maintain books, records and accounts in connection with the member’s business to record,

(a) all money received in trust for insurers or members of the public;

(b) all disbursements out of money held in trust;

(c) all other money received and disbursed in connection with the business; and

(d) all specifically identified property other than money held in trust including marketable securities, stock certificates, bonds, debentures, deposit receipts, treasury bills or other negotiable instruments and any other thing of value or instrument that could be negotiated by the broker.  R.R.O. 1990, Reg. 991, s. 17 (1).

(2) As a minimum requirement to comply with subsection (1), every member who is required to maintain a trust account shall maintain,

(a) a book or other permanent account record showing all receipts and disbursements of money, distinguishing therein between,

(i) the receipt of money in trust for insurers and members of the public and disbursements out of money held in trust, and

(ii) money received and money paid on his own account;

(b) a record in the form of a remuneration book or file or copies of billings showing all commissions or fees charged or billings to members of the public;

(c) bank statements or pass books, cashed cheques and detailed deposit slips for both trust and general accounts;

(d) a record showing the monthly totals of the trust assets and trust liabilities as they appear from the books and records of the member; and

(e) a listing or other record showing all specifically identified property held in trust from time to time for insurers or members of the public. R.R.O. 1990, Reg. 991, s. 17 (2).

(3) The Manager, Council or a committee thereof or their representative is entitled to inspect the books and records required to be kept under this section at any time.  R.R.O. 1990, Reg. 991, s. 17 (3).

(4) Every member who is required to maintain a trust account shall provide the Manager with a current audited financial statement within thirty days after written request therefor from the Manager, Council or a committee thereof.  R.R.O. 1990, Reg. 991, s. 17 (4).

(5) Every member who is required to maintain a trust account shall maintain accounting records in accordance with generally accepted accounting principles.  R.R.O. 1990, Reg. 991, s. 17 (5).

(6) Where this Regulation requires a record to be kept by a member, it may be kept in a bound or looseleaf book, or by means of a mechanical, electronic or other device.  R.R.O. 1990, Reg. 991, s. 17 (6).

(7) Where a record is not kept in a bound book, the member shall,

(a) take adequate precautions, appropriate to the means used, for guarding against the risk of falsifying the information recorded; and

(b) provide means for making the information available in an accurate and intelligible form within a reasonable time to any person lawfully entitled to examine the record. R.R.O. 1990, Reg. 991, s. 17 (7).

(8) The bound or looseleaf book or, where the record is not kept in a bound or looseleaf book, the information in the form in which it is made available under clause (7) (b) is admissible in evidence as proof, in the absence of evidence to the contrary, of all facts stated therein. R.R.O. 1990, Reg. 991, s. 17 (8).

(9) Where this Regulation requires a record to be kept by a member, it shall be preserved for at least the six-year period previous to the most recent fiscal year-end of the member.  R.R.O. 1990, Reg. 991, s. 17 (9).

18. (1) Council may, upon application, specify terms with which the applicant must comply in the alternative to complying with sections 16, 17 and 21.  R.R.O. 1990, Reg. 991, s. 18 (1).

(2) Council must be satisfied that the terms specified in subsection (1) provide an equivalent level of protection to sections 16, 17 and 21.  R.R.O. 1990, Reg. 991, s. 18 (2).

(3) Without limiting the generality of subsection (1), Council may, under subsection (1), specify as a term the posting of a surety bond by the applicant payable to the Corporation as obligee.  R.R.O. 1990, Reg. 991, s. 18. R.R.O. 1990, Reg. 991, s. 18 (3).

19. Every member who is a sole proprietor, partnership or corporation is required to maintain, at all times, an equity capitalization of not less than an amount equal to the maximum deductible amount of the member’s errors and omissions and fidelity insurance policies or,

(a) in the case of a member who is a sole proprietor, $2,500; or

(b) in the case of a member who is a corporation or partnership, $5,000,

whichever is the greater.  R.R.O. 1990, Reg. 991, s. 19.

20. (1) Every member who is a sole proprietor, partnership or corporation shall maintain and continue to maintain,

(a) errors and omissions insurance with extended coverage for loss resulting from fraudulent acts; or

(b) some other form of financial guarantee,

in a form approved by the Manager in an amount of at least $3,000,000 in respect of any one occurrence.  R.R.O. 1990, Reg. 991, s. 20 (1); O. Reg. 309/98, s. 5; O. Reg. 125/18, s. 4.

(2) Every member referred to in subsection (1) shall maintain fidelity insurance against losses arising from dishonesty of employees, a proprietor or partners, directors, officers and shareholders in a form approved by the Manager for an amount of at least $100,000 in respect of any one occurrence.  R.R.O. 1990, Reg. 991, s. 20 (2).

(3) The insurance policies referred to in subsections (1) and (2) shall contain an endorsement that stipulates that the Manager must be given written notice of any cancellation or non-renewal of such policy and that the cancellation or non-renewal of such policy does not become effective until thirty days after actual receipt of such notice by the Manager.  R.R.O. 1990, Reg. 991, s. 20 (3).

(4) A member’s certificate of registration as an insurance broker expires on the date of the effective cancellation or non-renewal of an insurance policy unless before that date the insurance is replaced or the member otherwise satisfies the Manager that the member is in compliance with subsections (1) and (2).  R.R.O. 1990, Reg. 991, s. 20 (4).

21. (1) Every member who is a sole proprietor, partnership or corporation shall, within ninety days after the member’s fiscal year-end, complete and file with the Manager a position report in the form approved by the Council presenting fairly the member’s financial and trust positions as of the member’s fiscal year-end, and providing such details as may be required with respect to the member’s financial guarantees and the markets with which the member places insurance, and such other information as is required on the form.  R.R.O. 1990, Reg. 991, s. 21 (1); O. Reg. 309/98, s. 6 (1).

(2) Every member to whom subsection (1) applies shall, within nine months after the member’s most recent fiscal year-end, complete and file a position report in the form approved by the Council as of the day that falls six months after the member’s most recent fiscal year-end.  R.R.O. 1990, Reg. 991, s. 21 (2); O. Reg. 309/98, s. 6 (2).

(3), (4) Revoked:  O. Reg. 309/98, s. 6 (3).

22. The maximum fine that may be levied against a member for misconduct is $100,000 unless the member is an individual, in which case the maximum fine is $25,000.  R.R.O. 1990, Reg. 991, s. 22; O. Reg. 125/18, s. 5.

23. All findings and decisions of the Qualification and Registration Committee and of the Discipline Committee, unless the respective Committee makes an order to the contrary, may be made available to any person on request and may be published in any manner.  R.R.O. 1990, Reg. 991, s. 23; O. Reg. 410/04, s. 7.

24. (1) A member who carries on business as an insurance broker or who is a partner of or is employed by a member carrying on business as an insurance broker shall maintain a mailing address for the purpose of section 28 of the Act that is the address where the business is carried on and that is not a post office box number.  O. Reg. 309/98, s. 7.

(2) Subsection (1) does not apply to an individual member whose certificate has been suspended. O. Reg. 309/98, s. 7.

(3) An individual member whose certificate has been suspended shall not maintain a mailing address for the purpose of section 28 of the Act that is the address of a residence and is a post office box number.  O. Reg. 309/98, s. 7.

Forms 1, 2A, 2B, 2C, 3A, 3B Revoked:  O. Reg. 309/98, s. 8.