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ontario regulation 125/18

made under the

Registered Insurance Brokers Act

Made: March 27, 2018
Filed: March 29, 2018
Published on e-Laws: March 29, 2018
Printed in The Ontario Gazette: April 14, 2018

Amending Reg. 991 of R.R.O. 1990

(GENERAL)

1. Section 14 of Regulation 991 of the Revised Regulations of Ontario, 1990 is amended by adding the following paragraphs:

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. 

2. (1) Paragraph 9 of subsection 15 (1) of the Regulation is amended by striking out “and this Regulation” at the end and substituting “this Regulation and the by-laws of the Corporation”. 

(2) Paragraph 16 of subsection 15 (1) of the Regulation is revoked and the following substituted:

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.

3. The Regulation is amended by adding the following section:

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. 

4. Subsection 20 (1) of the Regulation is amended by striking out “$1,000,000” in the portion after clause (b) and substituting “$3,000,000”.

5. Section 22 of the Regulation is amended by striking out “$25,000” and substituting “$100,000” and by striking out “$5,000” and substituting “$25,000”. 

Commencement

6. This Regulation comes into force on the later of July 1, 2018 and the day it is filed.