Bill 140, Financial Services Commission of Ontario Act, 1997

Versions

[36] Bill 140 As Amended by Standing Committee (PDF)

Bill 140 1997

An Act to establish the Financial Services Commission of Ontario and to make complementary amendments to other statutes

Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows: Definitions Definitions

1. In this Act,

"Commission" means the Financial Services Commission of Ontario established under section 2; ("Commission")

"Director" means the director of arbitrations appointed under the Insurance Act\; ("directeur")

"Minister" means the Minister of Finance, and "Ministry" has a corresponding meaning; ("ministre", "ministre")

"regulated sector" means a sector that consists of,

(a) all co-operative corporations to which the Co-operative Corporations Act applies;

(b) all credit unions, caisses populaires and leagues to which the Credit Unions and Caisses Populaires Act, 1994 applies;

(d) all corporations registered or incorporated under the Loan and Trust Corporations Act\;

(e) all mortgage brokers registered under the Mortgage Brokers Act\; or

(f) all persons who establish or administer a pension plan within the meaning of the Pension Benefits Act and all employers or other persons on their behalf who are required to contribute to any such pension plan; ("secteur rglement")

"Superintendent" means the Superintendent of Financial Services appointed under section 5; ("surintendant")

"Tribunal" means the Financial Services Tribunal established under section 6. ("Tribunal") Commission Commission established

2. (1) There is hereby established a commission to be known in English as the Financial Services Commission of Ontario and in French as Commission des services financiers de l'Ontario. Members

(2) The Commission shall consist of the chair and the two vice-chairs of the Commission, the Superintendent and the Director. Quorum

(3) A majority of the members of the Commission constitutes a quorum. Purposes

3. The purposes of the Commission are,

(a) to provide regulatory services that protect the public interest and enhance public confidence in the regulated sectors;

(b) to make recommendations to the Minister on matters affecting the regulated sectors; and

4. (1) The Lieutenant Governor in Council shall appoint the chair and the two vice-chairs of the Commission for the length of time not exceeding three years that the Lieutenant Governor in Council specifies. Acting chair

(2) If the chair of the Commission is absent or unable to act, or if the office of chair is vacant, the vice-chairs shall designate one of them to act in the place of the chair who shall have the powers of the chair. Acting vice-chair

(3) If a vice-chair of the Commission is absent or unable to act, or if the office of a vice-chair is vacant, the chair of the Commission may designate a member of the Tribunal to act in the place of the vice-chair who shall have the powers of a vice-chair. Transition

(4) The chair and the vice-chair of the Pension Commission of Ontario holding office immediately before this section comes into force shall be the chair and one of the vice-chairs respectively of the Financial Services Commission of Ontario until the Lieutenant Governor in Council appoints their successors under subsection (1). Superintendent Superintendent

5. (1) There shall be a Superintendent of Financial Services appointed under the Public Service Act who shall be the chief executive officer of the Commission. Powers and duties

(2) The Superintendent shall,

(a) be responsible for the financial and administrative affairs of the Commission;

(b) exercise the powers and duties conferred on or assigned to the Superintendent;

(c) administer and enforce this Act and every other Act that confers powers on or assigns duties to the Superintendent; and

(d) supervise generally the regulated sectors. Delegation of powers and duties

(3) The Superintendent may, subject to the conditions that the Superintendent considers appropriate, delegate in writing to any person employed in the Commission the exercise of any power or the performance of any duty that this Act or any other Act confers on or assigns to the Superintendent and all acts done and decisions made under the delegation are as valid and effective as if done or made by the Superintendent. Same, hearings

(4) The Superintendent may appoint in writing any employee of the Commission, or any other person, to hold a hearing on behalf of the Superintendent and to exercise the powers and perform the duties of the Superintendent relating to the hearing. Oaths

(5) The Superintendent may administer an oath required under this Act and any other Act that confers powers on or assigns duties to the Superintendent. Tribunal Tribunal established

6. (1) There is hereby established a tribunal to be known in English as the Financial Services Tribunal and in French as Tribunal des services financiers. Members by virtue of office

(2) The chair and the two vice-chairs of the Commission are, by virtue of their office, members of the Tribunal and the chair and the vice-chairs of the Tribunal respectively. Other members

(3) In addition to the chair and the two vice-chairs, the Lieutenant Governor in Council shall appoint at least six persons, and not more than 12, as members of the Tribunal for the length of time not exceeding three years that the Lieutenant Governor in Council specifies and may reappoint any member to the Tribunal. Experience and expertise

(4) In appointing members to the Tribunal, the Lieutenant Governor in Council shall, to the extent practicable, appoint members who have experience and expertise in the regulated sectors. Deficiency in number

(5) If there are fewer than nine, but at least two, members in office, the Tribunal shall be deemed to be properly constituted for a period not exceeding 90 days after the deficiency in the number of members first occurs. Additional members

(6) Despite subsection (3), the Lieutenant Governor in Council may appoint additional members to the Tribunal for a limited time and purpose and the order appointing the member shall provide that the member's participation is limited to specified matters or classes of matters within the jurisdiction of the Tribunal. Salary and expenses

(7) The members of the Tribunal shall receive the remuneration and reimbursement of expenses that are fixed by the Lieutenant Governor in Council. Transition

(8) The members of the Pension Commission of Ontario holding office immediately before this section comes into force shall be members of the Tribunal until the Lieutenant Governor in Council appoints their successors under subsection 4 (1) or this section. Hearing panels

7. (1) A matter referred to the Tribunal may be heard and determined by a panel consisting of one or more members of the Tribunal, as assigned by the chair of the Tribunal. Assigning panels

(2) In assigning members of the Tribunal to a panel, the chair shall take into consideration the requirements, if any, for experience and expertise to enable the panel to decide the issues raised in any matter before the Tribunal. General Employees

8. (1) The Public Service Act applies to the employees of the Commission. Professional assistance

(2) The Superintendent or the Tribunal respectively may,

(a) engage persons, other than those mentioned in subsection (1), to provide professional, technical or other assistance to the Commission or the Tribunal respectively; and

(b) establish the terms of engagement and provide for the payment of the remuneration and expenses of the persons engaged under clause (a). Conflict of interest

9. (1) The Commission shall establish conflict of interest guidelines with which the members of the Commission, the members of the Tribunal and the employees of the Commission shall comply. Copy to Minister

(2) The Commission shall deliver a copy of the guidelines to the Minister. Immunity

10. (1) No action or other proceeding for damages shall be instituted against the Superintendent, the Director, any member of the Commission or the Tribunal, any employee of the Commission or any person engaged by the Superintendent or the Tribunal for any act done in good faith in the execution or intended execution of the person's powers or duties or for any neglect or default in the execution, in good faith, of the person's powers or duties. Testimony in civil proceedings

(2) Neither the Superintendent, the Director, nor any member of the Tribunal shall be required to testify in a civil proceeding, in a proceeding before the Superintendent or the Tribunal or in a proceeding before any other tribunal respecting information obtained in the discharge of the person's duties under this Act or any other Act. Same, employees

(3) Except with the consent of the Superintendent, no employee of the Commission or any person engaged by the Superintendent or the Tribunal shall be required to testify in a civil proceeding, in a proceeding before the Superintendent or the Tribunal or in a proceeding before any other tribunal respecting information obtained in the discharge of the person's duties under this Act or any other Act. Publication of information

11. (1) The Commission shall, not later than nine months before the start of each fiscal year, deliver to the Minister and publish in The Ontario Gazette,

(a) a statement setting out the proposed priorities of the Commission for the fiscal year in connection with the administration of this Act and all other Acts that confer powers on or assign duties to the Commission or the Superintendent; and

(b) a summary of the reasons for the adoption of the priorities described in clause (a). Invitation

(2) The Commission shall, at least 60 days before the publication date of the statement, publish a notice in The Ontario Gazette inviting interested persons to make written representations as to the matters that should be identified as priorities. Other information

(3) The Commission may publish any information that it considers in the public interest. Policy statements

12. (1) The Minister may issue policy statements on matters related to this Act or any other Act that confers powers on or assigns duties to the Commission or the Superintendent. When effective

(2) A policy statement takes effect on the day it is published in The Ontario Gazette. Effect of statements

(3) The Commission, the Superintendent and the Tribunal shall have regard to the policy statements in making decisions. Balance of appropriation

13. Subject to the conditions imposed by the Management Board of Cabinet, the Commission is authorized to spend the unspent balance, remaining on the day this section comes into force, of money appropriated by the Legislature for the fiscal year beginning April 1, 1997 for expenditure by the Ontario Insurance Commission, the Pension Commission of Ontario or the Ministry on programs and activities in respect of the regulated sectors. Provincial Auditor

14. The Provincial Auditor shall examine annually the accounts and financial transactions of the Commission. Reports of Commission

15. (1) Within a reasonable time after the close of each fiscal year, the Commission shall file with the Minister an annual report on the affairs of the Commission. Tabling

(2) The Minister shall submit the report to the Lieutenant Governor in Council and lay it before the Legislative Assembly if it is in session or, if not, at the next session. Other reports

(3) The Commission shall submit to the Minister all reports, other than the annual report, and all information that the Minister requires. Certificates and Documents Certificates issued by Superintendent

16. The Superintendent may issue a certificate,

(a) stating that, as of a given day,

(i) a person was or was not licensed under an Act that confers powers on or assigns duties to the Superintendent, or

(ii) the licence was renewed, suspended, revived, revoked or cancelled;

(b) stating that, as of a given day,

(i) a person or a pension plan was or was not registered under an Act that confers powers on or assigns duties to the Superintendent,

(ii) the registration was subject to terms or restrictions, or

(iii) the registration was revoked;

(c) stating that a copy of, or extract from, a document or thing in the custody of the Superintendent is a true copy of, or extract from, the document or thing;

(d) stating the date when a document was served on, delivered to or filed with the Superintendent;

(e) stating the non-filing of any document or material required or permitted to be filed with the Superintendent;

(f) stating the date when the Superintendent received or issued a document or notification; or

(g) stating when the facts on which a proceeding for an offence is based first came to the knowledge of the Superintendent. Admissibility as evidence

17. (1) An official document that purports to be signed by or on behalf of the Superintendent shall be received in evidence in any proceeding as proof, in the absence of evidence to the contrary, of the facts stated in the official document without proof of the signature or the position of the person appearing to have signed the official document. Definition

(2) In subsection (1),

"official document" means a certificate, order, decision, licence, direction, inquiry or notice of the Superintendent under this Act and every other Act that confers powers on or assigns duties to the Superintendent. True copies

(3) A true copy certified by the Superintendent under clause 16 (c) is admissible in evidence to the same extent as and has the same evidentiary value as the document or thing of which it is a copy. Certificates issued by Tribunal

18. (1) The Tribunal may issue a certificate,

(a) stating that a copy of, or extract from, a document or thing in the custody of the Tribunal is a true copy of, or extract from, the document or thing;

(b) stating the date when a document was served on, delivered to or filed with the Tribunal; or

(2) The chair or a vice-chair of the Tribunal, or a person designated by the chair, may sign certificates on behalf of the Tribunal. Admissibility as evidence

19. (1) An official document that purports to be signed on behalf of the Tribunal shall be received in evidence in any proceeding as proof, in the absence of evidence to the contrary, of the facts stated in the official document without proof of the signature or the position of the person appearing to have signed the official document. Definition

(2) In subsection (1),

"official document" means a certificate, order, decision or notice of the Tribunal under this Act and every other Act that confers powers on or assigns duties to the Tribunal. True copies

(3) A true copy certified by the Tribunal under clause 18 (1) (a) is admissible in evidence to the same extent as and has the same evidentiary value as the document or thing of which it is a copy. Proceedings before Tribunal Exclusive jurisdiction

20. The Tribunal has exclusive jurisdiction to,

(a) exercise the powers conferred on it under this Act and every other Act that confers powers on or assigns duties to it; and

(b) determine all questions of fact or law that arise in any proceeding before it under any Act mentioned in clause (a). Orders

21. (1) The Tribunal shall determine matters before it by order. Conditions

(2) The Tribunal may make an order subject to the conditions that are set out in the order. Interim orders

(3) The Tribunal may make interim orders before making the final order in a matter before it. No appeal

(4) An order of the Tribunal is final and conclusive for all purposes unless the Act under which the Tribunal made it provides for an appeal. Proceedings

22. For a proceeding before the Tribunal, the Tribunal may,

(a) make rules for the practice and procedure to be observed;

(b) determine what constitutes adequate public notice;

(d) in determining any matter, consider any relevant information obtained by the Tribunal in addition to evidence given at the proceeding, if the Tribunal first informs the parties to the proceeding of the additional information and gives them an opportunity to explain or refute it. Power over witnesses

23. (1) For the purpose of exercising its powers and performing its duties under this or any other Act, the Tribunal has the same power that the Ontario Court (General Division) has in the trial of civil actions to summon and enforce the attendance of witnesses and to compel them to give evidence on oath or otherwise and to produce documents, records and things. Evidence by affidavit

(2) The Tribunal may require or permit persons to give evidence before it by affidavit. Costs

24. (1) The Tribunal may order that a party to a proceeding before it pay the costs of another party or the Tribunal's costs of the proceeding. Tribunal's costs

(2) The Tribunal's costs of a proceeding consist of the expenses, including the costs of investigations, that the Tribunal and the Superintendent have incurred in connection with the proceeding. Amount

(3) The Tribunal shall determine the amount of an order for costs in accordance with the rules of the Tribunal. Assessments Assessment of regulated sector

25. (1) The Lieutenant Governor in Council may assess all entities that form part of a regulated sector with respect to all expenses and expenditures that the Ministry, the Commission and the Tribunal have incurred and made in respect of the regulated sector under this Act or any other Act that confers powers on or assigns duties to the Ministry, the Commission, the Superintendent, the Tribunal or the Director. Determination of amount

(2) If an assessment is made under subsection (1), the share of the assessment in respect of the regulated sector and the share of the assessment payable by an entity that forms part of the sector shall be determined in the manner prescribed by the regulations made under this Act. Same, variations

(3) The manner of determining the share may vary for each regulated sector or for the entities that form part of the sector. Same, fees received

(4) In setting an assessment under subsection (1) in respect of a regulated sector, the Lieutenant Governor in Council shall take into account the fees that the Crown has received from the entities that form part of the sector. Same, dispute resolution

(5) If an assessment made under subsection (1) covers expenses incurred for dispute resolution under sections 280 to 284 of the Insurance Act, the regulations made under this Act may provide that the assessment is based on the degree of usage made of the dispute resolution system that is specified in the regulations. Recommendation of Commission

(6) On request, the Commission shall recommend to the Lieutenant Governor in Council the manner in which the regulations made under this Act should determine the share of the assessment in respect of a regulated sector and the share of the assessment payable by an entity that forms part of the sector. Payment of assessment

26. (1) An entity that is assessed under section 25 shall pay the assessment. Unpaid assessments

(2) If an entity that is assessed does not pay the assessment, the unpaid amount of the assessment is a debt due to the Crown and the Crown may recover the debt by action or by any other remedy or procedure available by law to the Crown for the collection of debts owed to the Crown, whether or not the Superintendent exercises the rights set out in subsection (3), (4) or (5). Insurer

(3) If an insurer that is assessed does not pay the assessment, the Superintendent may suspend or cancel the insurer's license issued under the Insurance Act. Loan and trust corporations

(4) If a corporation registered under the Loan and Trust Corporations Act that is assessed does not pay the assessment, the Superintendent may revoke the registration of the corporation under that Act. Mortgage broker

(5) If a mortgage broker registered under the Mortgage Brokers Act that is assessed does not pay the assessment, the Superintendent may revoke the registration of the mortgage broker under that Act. Revival

(6) The Superintendent may revive the licence or restore the registration, as the case may be, if the entity that is assessed pays the amount owing on the assessment. Fees, Forms and Regulations Fees and forms

27. (1) Subject to the approval of the Minister, the Commission may require the payment of fees in relation to any matter under this Act and may set the amount of those fees. Forms

(2) The Superintendent may approve forms for any purpose of this Act and require their use. Content

(3) The forms may provide that the person required to use them shall provide the information specified in them. Regulations

28. The Lieutenant Governor in Council may make regulations prescribing any matter mentioned in this Act as prescribed.

COMPLEMENTARY AMENDMENTS Compulsory Automobile Insurance Act

29. The Compulsory Automobile Insurance Act is amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent".

30. (1) The definition of "Commissioner" in subsection 1 (1) of the Act is repealed.

(2) Subsection (3) applies only if Bill 115 (An Act to reduce red tape by amending or repealing certain statutes administered by the Ministry of Finance and by making complementary amendments to other statutes, introduced on February 3, 1997) receives Royal Assent.

(3) On the later of the day this section comes into force and the day subsection 2 (1) of Bill 115 comes into force, clause (c) of the definition of "insurance card" in subsection 1 (1) of the Act, as re-enacted by that subsection, is repealed and the following substituted:

(4) Subsection 1 (1) of the Act, as amended by the Statutes of Ontario, 1993, chapter 10, section 52 and 1996, chapter 21, section 50, is further amended by adding the following definition:

"Superintendent" means the Superintendent of Financial Services appointed under the Financial Services Commission of Ontario Act, 1997. ("surintendant")

31. Subsection 10 (4) of the Act is amended by striking out "section 412 of" in the third line.

32. Section 14.1 of the Act, as enacted by the Statutes of Ontario, 1993, chapter 10, section 52, is repealed and the following substituted: Suspension or cancellation of licence

14.1 (1) In addition to any penalty under this Act, if an insurer contravenes this Act, the Superintendent may suspend or cancel the insurer's licence issued under the Insurance Act. Hearing

(2) If the Superintendent intends to suspend or cancel the licence of an insurer, the procedure set out in section 58 of the Insurance Act applies to the suspension or cancellation, as the case may be.

33. (1) Subsection (2) applies only if Bill 115 (An Act to reduce red tape by amending or repealing certain statutes administered by the Ministry of Finance and by making complementary amendments to other statutes, introduced on February 3, 1997) receives Royal Assent.

(2) On the later of the day this section comes into force and the day subsection 2 (4) of Bill 115 comes into force, section 16 of the Act, as enacted by subsection 2 (4) of Bill 115, is amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent". Co-operative Corporations Act

34. (1) Clause (c) of the definition of "certified copy" in subsection 1 (1) of the Co-operative Corporations Act is repealed and the following substituted:

(c) in relation to a document in the custody of the Minister, a copy of the document certified to be a true copy by the Minister or by such person as is designated by the regulations.

(2) The definition of "Minister" in subsection 1 (1) of the Act is amended by striking out "Financial Institutions" in the first and second lines and substituting "Finance".

(3) Subsection 1 (1) of the Act, as amended by the Statutes of Ontario, 1992, chapter 19, section 1, and 1994, chapter 17, section 1, is further amended by adding the following definition:

"Superintendent" means the Superintendent of Financial Services appointed under the Financial Services Commission of Ontario Act, 1997. ("surintendant")

35. The following provisions of the Act are amended by striking out "Minister" wherever it occurs and substituting in each case "Superintendent": 1. Subsections 14 (4) and (5). 2. Subsection 34 (1), as amended by the Statutes of Ontario, 1994, chapter 17, section 11. 3. Clause 34 (2) (b), as re-enacted by the Statutes of Ontario, 1994, chapter 17, section 11. 4. Subsections 35 (4) and (5). 5. Subsections 36 (1) and (2).

36. (1) The English version of subsection 37 (1) of the Act is amended by striking out "Minister" in the second line and substituting "Superintendent".

(2) Clause 37 (1) (a) of the Act is repealed and the following substituted:

(a) at the offices of the Superintendent; and

. . . . .

37. The following provisions of the Act are amended by striking out "Minister" wherever it occurs and substituting in each case "Superintendent": 1. Subsection 53 (1). 2. Subsection 88 (2). 3. Subsections 101 (1) and (3). 4. Section 112. 5. Subsection 118 (3). 6. Section 141. 7. Subsection 142 (1).

38. Subsection 142 (2) of the Act is repealed.

39. Subsections 148 (1), (2) and (7) of the Act are amended by striking out "Minister" and "Minister's" wherever those expressions occur and substituting in each case "Superintendent" and "Superintendent's", as the case may be.

40. (1) Section 149 of the Act is amended by striking out "Minister" in the fifth line and substituting "Superintendent".

(2) Clause 149 (b) of the Act is repealed and the following substituted:

(b) recommend to the Minister that the Minister cancel the certificate of incorporation for cause under section 166.

41. (1) Section 171 of the Act is amended by striking out "Minister" in the third line and substituting "Superintendent".

(3) On the later of the day this section comes into force and the day subsection 3 (18) of Bill 115 comes into force, section 171 of the Act, as amended by that subsection, is repealed and the following substituted: Annual return

171. At the same time as a co-operative is required to file its financial statements with the Superintendent under subsection 141 (2), the co-operative shall also file an annual return in a form approved by the Superintendent.

42. Subsection 174 (1) of the Act is repealed and the following substituted: Offence, failure to file

(1) Every person who fails to file with the Minister or the Superintendent any document that this Act requires to be filed with the Minister or the Superintendent respectively is guilty of an offence and on conviction is liable to a fine of not more than $10,000 or, if such person is a corporation, to a fine of not more than $50,000.

43. Section 175 of the Act is repealed.

44. The following provisions of the Act are amended by striking out "Minister" wherever it occurs and substituting in each case "Superintendent": 1. Subsection 177 (1). 2. Section 178.

45. (1) Subsection 179 (1) of the Act is repealed and the following substituted: Proof by affidavit

(1) The Minister or the Superintendent may require that any fact relevant to the performance of the duties of the Minister or the Superintendent respectively under this Act or the regulations be verified by affidavit or otherwise.

(2) Subsection 179 (2) of the Act is amended by inserting "or the Superintendent" after "Minister" in the second line.

46. (1) Clause 180 (b) of the Act is amended by striking out "118" in the second line.

(2) Section 180 of the Act is amended by adding the following subsection: Same, by Superintendent

(2) The Superintendent shall cause to be published forthwith in The Ontario Gazette notice of the issue of every order under section 118.

47. Subsection 181 (1) of the Act is amended by inserting "or the Superintendent" after "Minister" in the fourth line.

48. (1) Subsection 182 (1) of the Act is amended by striking out "shall be issued under the seal of the Minister and" in the third and fourth lines.

(2) Subsection 182 (2) of the Act is amended by striking out "purporting to be under the seal of" in the first and second lines and substituting "issued by" and by striking out "the seal or of" in the eighth line.

49. (1) Clause 186 (b) of the Act is amended by inserting "or the Superintendent" after "Minister" in the second line.

(2) Clause 186 (d) of the Act is amended by striking out "officers of the Ministry" in the first line and substituting "any person". Corporations Act

50. Subsection 217 (1) of the Corporations Act is amended by striking out "superintendent of insurance of each province" in the seventh and eighth lines and substituting "Superintendent of Financial Services and the superintendent of insurance in each province, other than Ontario,".

51. Paragraph 22 of the Schedule to the Act is amended by striking out "Superintendent of Insurance" in the fifth line and substituting "Superintendent of Financial Services". Credit Unions and Caisses Populaires Act, 1994

52. (1) The definition of "Director" in section 1 of the Credit Unions and Caisses Populaires Act, 1994 is repealed.

(2) The definition of "Superintendent" in section 1 of the Act is repealed and the following substituted:

"Superintendent" means the Superintendent of Financial Services appointed under the Financial Services Commission of Ontario Act, 1997. ("surintendant")

(3) Section 1 of the Act is further amended by adding the following definitions:

"Commission" means the Financial Services Commission of Ontario established under the Financial Services Commission of Ontario Act, 1997\; ("Commission")

"Tribunal" means the Financial Services Tribunal established under the Financial Services Commission of Ontario Act, 1997. ("Tribunal")

53. The Act is amended by striking out "Director" and "Director's" wherever those expressions occur and substituting in each case "Superintendent" and "Superintendent's", as the case may be.

54. Subsection 9 (1) of the Act is repealed.

55. Section 11 of the Act is repealed.

56. Subsection 87 (1) of the Act is repealed and the following substituted: Appeal of decision

(1) A credit union may appeal a decision of the Superintendent under section 85 by making written submissions to the Tribunal, within 15 days after receiving the Superintendent's decision.

57. (1) Subsections 236 (1) and (2) of the Act are repealed and the following substituted: Appeal

(1) A party to a hearing under section 234 or 235 may appeal the Superintendent's order to the Tribunal within 15 days after receiving the order. Notice of appeal

(2) The appellant shall have a written notice of appeal served on the Superintendent and filed with the Tribunal.

(2) Subsections 236 (3) and (4) of the Act are amended by striking out "Superintendent" wherever it occurs and substituting in each case "Tribunal."

(3) Subsection 236 (5) of the Act is repealed and the following substituted: Superintendent represented

(5) The Superintendent is entitled to attend and to be represented by counsel at a hearing before the Tribunal.

58. (1) Subsection 283 (4) of the Act is amended by striking out "Minister" in the third line and substituting "Tribunal".

(2) Section 283 of the Act is amended by adding the following subsection: Notice of appeal

(4.1) The appellant shall have a written notice of appeal filed with the Tribunal.

(3) Subsection 283 (5) of the Act is amended by striking out "Minister" in the first line and substituting "Tribunal".

(4) Subsection 283 (6) of the Act is amended by striking out "Minister's" in the first line and substituting "Tribunal's".

59. (1) Subsections 286 (1) and (2) of the Act are repealed and the following substituted: Appeal

(1) A credit union or the stabilization authority for the credit union may appeal the Superintendent's order under section 285 to the Tribunal within 15 days after receiving the Superintendent's order. Notice of appeal

(2) The appellant shall have a written notice of appeal served on the Superintendent and filed with the Tribunal.

(2) Subsections 286 (3) and (4) of the Act are amended by striking out "Superintendent" wherever it occurs and substituting in each case "Tribunal."

(3) Subsection 286 (5) of the Act is amended by striking out "Superintendent's" in the first line and substituting "Tribunal's."

(4) Subsection 286 (6) of the Act is repealed and the following substituted: Superintendent represented

(6) The Superintendent is entitled to attend and to be represented by counsel at a hearing before the Tribunal.

60. Subsection 292 (5) of the Act is amended by striking out "Superintendent of Deposit Institutions" in the fourth and fifth lines and substituting "Tribunal".

61. The following provisions of the Act are amended by striking out "Superintendent" and "Superintendent's" wherever those expressions occur and substituting in each case "Tribunal" and "Tribunal's", as the case may be: 1. Subsections 292 (6) and (7). 2. Subsections 294 (3), (4), (5), (6), (7), (8), (9) and (10).

62. Subsection 323 (3) of the Act is amended by inserting "or the Lieutenant Governor in Council" after "Finance" in the third line.

63. Section 333 of the Act is repealed. Insurance Act

64. (1) The definition of "Commissioner" in section 1 of the Insurance Act is repealed.

(2) The definitions of "Commission" and "Superintendent" in section 1 of the Act are repealed and the following substituted:

"Commission" means the Financial Services Commission of Ontario established under the Financial Services Commission of Ontario Act, 1997\; ("Commission")

"Superintendent" means the Superintendent of Financial Services appointed under the Financial Services Commission of Ontario Act, 1997. ("surintendant")

(3) Section 1 of the Act is amended by adding the following definition:

"Tribunal" means the Financial Services Tribunal established under the Financial Services Commission of Ontario Act, 1997. ("Tribunal")

65. The heading immediately preceding section 2 of the Act is repealed and the following substituted:

PART I

GENERAL

66. Sections 2, 3, 4 and 5 of the Act are repealed.

67. The following provisions of the Act are amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent": 1. Subsection 5.1 (1), as enacted by the Statutes of Ontario, 1996, chapter 21, section 2. 2. Clause 7 (3) (a), as re-enacted by the Statutes of Ontario, 1996, chapter 21, section 4. 3. Subsection 8 (1), as enacted by the Statutes of Ontario, 1996, chapter 21, section 5. 4. Section 9.

68. (1) Subsections 11 (1), (2), (3) and (4) of the Act are repealed.

(2) Section 11 of the Act, as amended by the Statutes of Ontario, 1996, chapter 21, section 7, is further amended by adding the following subsection: Arbitrators

(7) A person who is appointed as an arbitrator for the purposes of an arbitration under this Act shall not be required to testify in a civil proceeding or in a proceeding before any tribunal respecting any arbitration performed under this Act or respecting information obtained in the discharge of the person's duties under this Act.

69. Section 12 of the Act is repealed.

70. Section 12.1 of the Act, as enacted by the Statutes of Ontario, 1996, chapter 21, section 8, is repealed.

71. Section 12.2 of the Act, as enacted by the Statutes of Ontario, 1996, chapter 21, section 8, is repealed.

72. Section 13 of the Act is repealed.

73. Section 14 of the Act, as amended by the Statutes of Ontario, 1996, chapter 21, section 9, is repealed.

74. Subsections 14.1 (4) and (5) of the Act, as enacted by the Statutes of Ontario, 1996, chapter 21, section 10, are amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent".

75. (1) The heading immediately preceding subsection 15 (1) of the Act is repealed and the following substituted: Decisions of Superintendent

(2) Section 15 of the Act is amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent". y

76. Sections 16, 17 and 18 of the Act are repealed and the following substituted: Matters before the Superintendent

16. (1) The Superintendent is not required to hold a hearing when making a decision but shall allow the parties affected by a matter before him or her to make written submissions. Variation of decisions

(2) Subject to subsection (1), the Superintendent may reconsider and vary or revoke a decision or order made by him or her if the Superintendent considers it advisable to do so. Making of rules

(3) The Superintendent may make rules for the practice and procedure to be observed in determining matters before him or her. Superintendent's powers

(4) In determining any matter, the Superintendent may,

(a) determine what constitutes adequate public notice;

(b) conduct any inquiry or inspection the Superintendent considers necessary;

(c) consider any relevant information obtained by the Superintendent in addition to information provided by the parties, if he or she first informs the parties of the additional information and gives them an opportunity to explain or refute it. Appeal of decision

17. (1) If an appeal is provided for, a person affected by a decision of the Superintendent may appeal the decision to the Tribunal. Notice of appeal

(2) A notice of appeal shall be in writing and shall be served on the Superintendent and filed with the Tribunal within 30 days after the date of the Superintendent's decision or within such other time period that this Act specifies. Hearing

(3) The Tribunal shall hold a hearing of an appeal. Parties

(4) The parties to an appeal are the person who requests the appeal, the Superintendent and the other persons whom the Tribunal specifies. Power of the Tribunal

(5) Upon hearing an appeal, the Tribunal may, by order, confirm, vary or rescind the decision appealed from or substitute its decision for that of the Superintendent. Stay of decision

(6) The filing of a notice of appeal does not stay the decision of the Superintendent but the Tribunal may grant a stay until it disposes of the appeal.

77. The following provisions of the Act are amended by striking out "Commissioner" wherever it occurs and substituting in each case "Tribunal": 1. Section 19. 2. Subsection 20 (1).

78. Subsection 22 (1) of the Act is amended by striking out "or any other Act, the Commissioner, the Superintendent," in the third and fourth lines and substituting "Act".

79. Paragraph 2 of subsection 23 (1) of the Act is amended by striking out "Minister" in the second line and substituting "Superintendent".

80. Section 24 of the Act is amended by striking out "Commissioner or the" in the second and third lines.

81. (1) Subsection 25 (2) of the Act is amended by striking out "Commission" in the first line and substituting "Superintendent".

(2) Clause 25 (2) (a) is repealed.

(3) Clause 25 (2) (g) of the Act is amended by striking out "the Commissioner" in the second and third lines.

(4) Clauses 25 (2) (h) and (i) of the Act are repealed.

(5) Subsection 25 (3) of the Act is repealed.

82. Subsections 26 (2) and (3) of the Act are amended by striking out "Commission" wherever it occurs and substituting in each case "Superintendent"

83. Section 27 of the Act is repealed and the following substituted: Right to a licence

27. It is the duty of the Superintendent to determine the right of an insurer in Ontario to be licensed under this Act.

84. Section 28 of the Act is amended by adding the following subsection: Appeal

(3) The insurer or any person affected by a decision of the Superintendent made under subsection (1) may appeal the decision to the Tribunal.

85. The following provisions of the Act are amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent": 1. Section 29. 2. Section 30. 3. Subsection 31 (1), as re-enacted by the Statutes of Ontario, 1993, chapter 10, section 4. 4. Subsection 31 (2).

86. Subsection 33 (1) of the Act, as re-enacted by the Statutes of Ontario, 1993, chapter 10, section 5, is amended by striking out the portion before clause (a) and substituting the following: Service of documents

(1) Unless otherwise provided in this Act or in the rules made by the Superintendent under subsection 16 (3) or by the Tribunal, service of any document for the purpose of a matter to be determined by the Superintendent or a proceeding before the Tribunal that may result in an order or decision affecting the rights or obligations of a person required to be licensed under this Act may be made,

. . . . .

87. Section 37 of the Act is repealed.

88. The following provisions of the Act are amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent": 1. Subsection 40 (1). 2. Subsection 42 (1).

89. (1) Subsection 43 (1) of the Act is repealed and the following substituted: Classes of insurance

(1) The Superintendent may by order determine and define classes of insurance for the purposes of this Act and of licences granted to insurers under this Act. Not a regulation

(1.1) An order made by the Superintendent under subsection (1) is not a regulation within the meaning of the Regulations Act. Publication of list

(1.2) The Superintendent shall publish in The Ontario Gazette in July of each year a list of the classes of insurance authorized under subsection (1) and shall publish in The Ontario Gazette notice of all additions to or deletions from the list as soon as practicable after making them.

(2) Despite subsection (1), regulations made under subsection 43 (1) of the Act, as it read immediately before subsection (1) comes into force, continue until the Superintendent makes an order under subsection 43 (1), as enacted by subsection (1), that is inconsistent with those regulations.

90. The following provisions of the Act are amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent": 1. Subsections 48 (1) and (2). 2. Subsection 52 (3). 3. Subsection 53 (2). 4. Subsection 55 (1).

91. (1) Subsections 55 (2), (3) and (4) of the Act are repealed and the following substituted: Conditions

(2) The Superintendent may, at any time and in respect of any licence of an insurer,

(a) set a term for the licence;

(b) impose any conditions or limitations that the Superintendent considers appropriate relating to the carrying on of the insurer's business; or

(3) The Superintendent shall not exercise any power under subsection (2) until he or she has given the insurer notice of intention to exercise the power and has afforded the insurer a reasonable opportunity to make written submissions. Application

(4) Subsections (2) and (3) apply in respect of licences in force on the date this section comes into force and in respect of licenses issued after the date this section comes into force. Appeal to Tribunal

(5) The insurer may appeal the decision of the Superintendent to the Tribunal.

(3) On the day subsection 10 (9) of Bill 115 comes into force, subsections 55 (2), (3) and (4) of the Act, as re-enacted by subsection 10 (9) of Bill 115, are repealed and subsections 55 (2), (3), (4) and (5) of the Act, as set out in subsection (1), are substituted.

92. Subsection 56 (1) of the Act is amended by striking out "Commissioner" in the eighth and ninth lines and substituting "Superintendent".

93. (1) Subsection (2) does not apply if subsection 10 (10) of Bill 115 (An Act to reduce red tape by amending or repealing certain statutes administered by the Ministry of Finance and by making complementary amendments to other statutes, introduced on February 3, 1997) has been enacted and has come into force.

(2) Section 57 of the Act is amended by striking out "Commissioner" in the third line and substituting "Superintendent".

94. Sections 58 and 59 of the Act are repealed and the following substituted: Superintendent's report

58. (1) Upon examination, from annual statements, or upon any other evidence, the Superintendent shall make a report if he or she,

(a) finds, with respect to an insurer incorporated or organized under the laws of Ontario, that the assets of the insurer are insufficient to justify its continuance in business or to provide for its obligations;

(b) is of the opinion that there exists a state of affairs that is or may be prejudicial to the interests of persons who have contracts of insurance with an insurer licensed in Ontario;

(c) finds that an insurer licensed in Ontario has failed to comply with any provision of law or with its Act or instrument of incorporation or association; or

(d) becomes aware that the licence of an insurer licensed in Ontario has been suspended or cancelled by any government in Canada. Notice to insurer

(2) The Superintendent may give notice in writing, which shall include a copy of the report made under subsection (1), to the insurer stating that the Superintendent intends,

(a) to suspend or cancel the insurer's licence; or

(b) to take possession and control of the assets of the insurer if incorporated or organized under the laws of Ontario. Request for hearing

(3) Within 15 days after receiving the notice, the insurer may request in writing that the Tribunal hold a hearing before the Superintendent takes any action described in the notice. Hearing

(4) If, within the time period allowed, the insurer requests a hearing, the Tribunal shall hold a hearing. No request for hearing

(5) If, within the time period allowed, the insurer does not request a hearing, the Superintendent may, by order,

(a) suspend or cancel the licence of the insurer; or

(b) take possession and control of the assets of the insurer if incorporated or organized under the laws of Ontario. Interim order

(6) If the Superintendent is of the opinion that the interests of the public may be adversely affected by any delay in making an order mentioned in subsection (5), the Superintendent may make an interim order before the expiry of the time period for the insurer to request a hearing or, if the Tribunal holds a hearing, before the final determination of the hearing. Interim order in force

(7) Unless the Superintendent revokes an interim order,

(a) the interim order remains in force indefinitely if, within the time allowed, the insurer does not request a hearing;

(b) the interim order remains in force until the final determination of the hearing if, within the time period allowed, the insurer requests a hearing. Powers of Tribunal

(8) At a hearing, if the Tribunal finds that one or more of the circumstances described in clauses (1) (a), (b), (c) and (d) exist, it may,

(a) suspend or cancel the licence of the insurer; or

(b) order the Superintendent to take possession and control of the assets of the insurer if incorporated or organized under the laws of Ontario. Copy of order to insurer

(9) If the Tribunal makes an order described in clause (8) (b), the Superintendent shall deliver a copy of the order to an officer of the insurer.

95. Section 61 of the Act, as re-enacted by the Statutes of Ontario, 1993, chapter 10, section 8, is repealed.

96. (1) Subsection 62 (1) of the Act, as amended by the Statutes of Ontario, 1993, chapter 10, section 9, is further amended by striking out "If so ordered under section 61, the Superintendent shall take possession and control of the assets of the insurer and" in the first, second, third and fourth lines and substituting "If the Superintendent has taken possession and control of the assets of the insurer, he or she".

(2) Subsection 62 (2) of the Act is amended by striking out "Commissioner may direct the Superintendent to" in the third and fourth lines and substituting "Superintendent may".

(3) Clause 62 (3) (b) of the Act is amended by striking out "Commissioner" in the fourth line and substituting "Superintendent".

(4) Subsections 62 (4) and (5) of the Act are repealed and the following substituted: Relinquishing control

(4) Whenever the Superintendent believes that an insurer whose assets are in the possession and control of the Superintendent meets all the requirements of this Act and that it is otherwise proper for the insurer to resume possession and control of its assets and the conduct of its business, the Superintendent may relinquish to the insurer the possession and control of its assets, and after that time the powers of the Superintendent under this section cease. Rehabilitation efforts futile

(5) If the Superintendent considers that further efforts to rehabilitate an insurer whose assets are in the possession and control of the Superintendent would be futile, the Superintendent may relinquish to the insurer the possession and control of its assets, and after that time the powers of the Superintendent under this section cease.

(5) Subsection 62 (6) of the Act is amended by striking out "sections 59 and 61" in the third line and substituting "section 58".

97. (1) Subsection 63 (1) of the Act, as re-enacted by the Statutes of Ontario, 1993, chapter 10, section 10, is amended by striking out "Commissioner under section 61" in the third and fourth lines and substituting "Tribunal under clause 58 (8) (b)".

(2) Subsection 63 (2) of the Act, as amended by the Statutes of Ontario, 1993, chapter 10, section 10, is further amended by striking out "Commissioner under section 61" in the first and second lines and substituting "Tribunal under clause 58 (8) (b)".

(3) Subsection 63 (3) of the Act, as re-enacted by the Statutes of Ontario, 1993, chapter 10, section 10, is repealed and the following substituted: Documents to be filed

(3) The Tribunal shall file with the Divisional Court,

(a) the decision of the Tribunal;

(b) the report of the Superintendent;

(d) all written submissions by the appellant to the Tribunal.

(4) Subsection 63 (6) of the Act, as re-enacted by the Statutes of Ontario, 1993, chapter 10, section 10, is amended by striking out "Commissioner" in the third line and substituting "Tribunal".

98. Section 64 of the Act is amended by striking out "Commissioner" in the fifth line and substituting "Superintendent".

99. Section 65 of the Act is repealed and the following substituted: Notice of suspension or cancellation

65. If a licence of an insurer is suspended or cancelled, notice of such suspension or cancellation shall be published in The Ontario Gazette and elsewhere as the Superintendent directs, and thereafter any person transacting business on behalf of the insurer except for winding-up purposes is guilty of an offence.

100. Subsections 65.1 (3), (5), (7) and (8) of the Act, as enacted by the Statutes of Ontario, 1993, chapter 10, section 11, are amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent".

101. (1) Subsections (2) and (3) apply only if Bill 115 (An Act to reduce red tape by amending or repealing certain statutes administered by the Ministry of Finance and by making complementary amendments to other statutes, introduced on February 3, 1997) receives Royal Assent.

(2) On the later of the day this section comes into force and the day subsection 10 (14) of Bill 115 comes into force, section 66 of the Act, as re-enacted by subsection 10 (14) of Bill 115, is amended by adding the following subsection: Appeal

(2.1) An insurer may appeal to the Tribunal the decision of the Superintendent to require a deposit.

(3) On the later of the day this section comes into force and the day subsection 10 (14) of Bill 115 comes into force, subsection 66 (4) of the Act, as re-enacted by subsection 10 (14) of Bill 115, is repealed and the following substituted: Failure to comply

(4) The Superintendent may suspend the licence of an insurer that fails to deposit securities in the amount and within the time required by,

(a) the Superintendent under subsection (1) if the insurer has not appealed the Superintendent's decision; or

(b) the Tribunal under subsection (2.1) if the insurer has appealed the Superintendent's decision.

102. The following provisions of the Act are amended by striking out "Commissioner" and "Commission" wherever those expressions occur and substituting in each case "Superintendent": 1. Section 100. 2. Subsections 101 (1), (3), (4) and (5). 3. Section 101.1, as enacted by the Statutes of Ontario, 1996, chapter 21, section 13.

103. Subsection 102 (4) of the Act is repealed and the following substituted: Modified statement

(4) The Superintendent may, in writing, direct an insurer to prepare and file a modified statement respecting the business of the insurer in Ontario only, in lieu of filing the annual statement that the insurer is required to file under clause (1) (a).

104. Subsection 107 (3) of the Act is amended by striking out "Lieutenant Governor in Council" in the fourth and fifth lines and substituting "Superintendent".

105. (1) Subsection 110 (7) of the Act is amended by striking out the portion after clause (b) and substituting the following:

. . . . .

the Superintendent may prohibit the insurer from continuing to issue such variable insurance contracts in Ontario.

(2) Section 110 of the Act is amended by adding the following subsection: Appeal

(7.1) The insurer may appeal the decision of the Superintendent under subsection (7) to the Tribunal.

106. Subsection 117 (2) of the Act is repealed and the following substituted: Prohibition of certain policies

(2) If an insurer issues a policy or uses an application that, in the opinion of the Superintendent, is unfair, fraudulent, or not in the public interest, the Superintendent may prohibit the insurer from issuing or using the form of policy or application. Appeal

(2.1) The insurer may appeal the decision of the Superintendent under subsection (2) to the Tribunal.

107. (1) Paragraph 2.1 of subsection 121 (1) of the Act, as enacted by the Statutes of Ontario, 1996, chapter 21, section 14, is repealed.

(2) Paragraph 34.2 of subsection 121 (1) of the Act, as enacted by the Statutes of Ontario, 1996, chapter 21, section 14, is amended by striking out "Commissioner" in the second line and substituting "Tribunal".

(3) Paragraph 37 of subsection 121 (1) of the Act is repealed.

(4) Clause 121 (4) (g) of the Act, as enacted by the Statutes of Ontario, 1993, chapter 10, section 12 and amended by 1996, chapter 21, section 14, is further amended by striking out "Commissioner" in the third line and substituting "Superintendent".

108. (1) Subsection (2) applies only if Bill 115 (An Act to reduce red tape by amending or repealing certain statutes administered by the Ministry of Finance and by making complementary amendments to other statutes, introduced on February 3, 1997) receives Royal Assent.

(2) On the later of the day this section comes into force and the day subsection 10 (25) of Bill 115 comes into force, subsections 121.2 (1) and (2) of the Act, as enacted by subsection 10 (25) of Bill 115, are amended by striking out "Commissioner" and "Commission" wherever those expressions occur and substituting in each case "Superintendent".

109. Subsection 224 (6) of the Act is amended by striking out "Commissioner" in the second line and substituting "Superintendent".

110. Section 226.1 of the Act, as enacted by the Statutes of Ontario, 1996, chapter 21, section 16, is amended by striking out "Commission" in the sixth line and in the seventh line and substituting in each case "Superintendent".

111. The following provisions of the Act are amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent": 1. Subsection 227 (1), as re-enacted by the Statutes of Ontario, 1996, chapter 21, section 17. 2. Subsections 227 (2), (3) and (4). 3. Subsections 227 (5) and (6), as re-enacted by the Statutes of Ontario, 1993, chapter 10, section 14. 4. Subsections 227 (7) and (8). 5. Subsection 232 (5), as re-enacted by the Statutes of Ontario, 1993, chapter 10, section 16. 6. Subsection 232 (5.2), as enacted by the Statutes of Ontario, 1993, chapter 10, section 16. 7. Subsection 232 (7), as amended by the Statutes of Ontario, 1993, chapter 10, section 16. 8. Subsections 237 (2), (3), (4) and (5). 9. Subsections 238 (1), (2), (3), (4) and (5), as re-enacted by the Statutes of Ontario, 1993, chapter 10, section 19.

112. Subsections 238 (6), (7), (8) and (9) of the Act, as re-enacted by the Statutes of Ontario, 1993, chapter 10, section 19, are repealed and the following substituted: Appeal to Tribunal

(6) If the Superintendent notifies an insurer that the insurer is prohibited from using a ground, the insurer may within 15 days appeal the decision to the Tribunal. Prohibition by Tribunal

(7) After the hearing, the Tribunal shall prohibit the insurer from using the ground if the Tribunal finds that the ground comes within any of clauses (4) (a), (b), (c) and (d). Reconsideration

(8) The Superintendent may, at any time, give notice in writing to an insurer that,

(a) he or she is of the opinion that a ground that has been filed under this section or the manner in which it is applied comes within any of clauses (4) (a), (b), (c) and (d); and

(b) he or she intends to prohibit the use of the ground or to prohibit the use of the ground in a specified manner. Request for hearing

(9) Within 15 days after receiving the notice, the insurer may request in writing that the Tribunal hold a hearing before the Superintendent takes any action described in the notice. Hearing

(10) If, within the time period allowed, the insurer requests a hearing, the Tribunal shall hold a hearing. No request for hearing

(11) If, within the time period allowed, the insurer does not request a hearing, the Superintendent may take any action described in the notice. Powers of Tribunal

(12) At a hearing, if the Tribunal finds that the ground or the manner in which it applies comes within any of clauses (4) (a), (b), (c) and (d), the Tribunal shall prohibit the insurer from using the ground or from using it in a specified manner. Information to provide

(13) The Superintendent or the Tribunal may require insurers, agents and brokers to provide the information, material and evidence that the Superintendent or Tribunal, as the case requires, considers necessary for the purposes of this section.

113. Clauses 263 (1) (b) and (c) of the Act, as re-enacted by the Statutes of Ontario, 1993, chapter 10, section 21, are amended by striking out "Commission" wherever it occurs and substituting in each case "Superintendent".

114. (1) Subsection (2) applies only if Bill 115 (An Act to reduce red tape by amending or repealing certain statutes administered by the Ministry of Finance and by making complementary amendments to other statutes, introduced on February 3, 1997) receives Royal Assent.

(2) On the later of the day this section comes into force and the day subsection 10 (29) of Bill 115 comes into force, subsection 263 (1.1) of the Act, as enacted by subsection 10 (29) of Bill 115, is amended by striking out "Commission" in the eighth and ninth lines and substituting "Superintendent".

115. The following provisions of the Act are amended by striking out "Minister" and "Minister's" wherever those expressions occur and substituting in each case "Superintendent" and "Superintendent's", as the case may be: 1. Subsection 267.2 (1) and paragraph 4 of subsection 267.2 (2), as enacted by the Statutes of Ontario, 1993, chapter 10, section 25. 2. Subsection 268.1 (1), paragraph 2 of subsection 268.1 (2) and subsection 268.1 (3) of the Act, as enacted by the Statutes of Ontario, 1993, chapter 10, section 27.

116. Subsection 268.3 (1) of the Act, as enacted by the Statutes of Ontario, 1993, chapter 10, section 27, is amended by striking out "Commissioner" in the first line and substituting "Superintendent".

117. (1) Subsection 356 (1) of the Act is amended by striking out "shall make a special report to the Commissioner as to the financial condition of the society" in the eleventh, twelfth and thirteenth lines and substituting "shall require the society to make, within the specified time but not exceeding four years, such increase in its rates of contribution or such reduction in the benefits payable under its contracts of insurance or otherwise as will enable the society to provide for the payment of its contracts of insurance at maturity".

(2) Subsection 356 (2) of the Act is repealed.

(3) Subsection 356 (4) of the Act is amended by striking out "Commissioner" in the fifth line and substituting "Superintendent".

118. Section 357 of the Act is amended by striking out "Commissioner" in the tenth line and substituting "Superintendent".

119. Subsection 358 (1) of the Act is amended by striking out "Commissioner" in the third line and substituting "Superintendent" and by striking out "shall report the default to the Commissioner who" in the fourth and fifth lines.

120. Subsection 369 (1) of the Act is amended by striking out "to the Commissioner and" in the fourteenth line.

121. (1) Subsection (2) does not apply if subsection 10 (31) of Bill 115 (An Act to reduce red tape by amending or repealing certain statutes administered by the Ministry of Finance and by making complementary amendments to other statutes, introduced on February 3, 1997) has been enacted and has come into force.

(2) Subsection 372 (2) of the Act is amended by striking out "Commissioner" in the first line and substituting "Superintendent".

122. Section 390 of the Act is repealed and the following substituted: Suspension or revocation of licence

390. (1) Upon examination, investigation or upon any other evidence, the Superintendent shall make a report if he or she finds a licensed exchange or attorney has contravened any provision of this Act. Notice to exchange or attorney

(2) The Superintendent may give notice in writing, which shall include a copy of the report made under subsection (1), to the licensed exchange or attorney that the Superintendent intends to suspend or revoke the licence of the exchange. Request for hearing

(3) Within 15 days after receiving the notice, the exchange or its attorney may request in writing that the Tribunal hold a hearing before the Superintendent takes any action described in the notice. Hearing

(4) If, within the time period allowed, the exchange or its attorney requests a hearing, the Tribunal shall hold a hearing. No request for hearing

(5) If, within the time period allowed, the exchange or its attorney does not request a hearing, the Superintendent may suspend or revoke the licence of the exchange. Powers of Tribunal

(6) At a hearing, if the Tribunal agrees with the Superintendent's report, it may suspend or revoke the licence of the exchange. Effect of suspension or revocation

(7) The suspension or revocation of a licence of an exchange does not affect the validity of any reciprocal contracts of indemnity or inter-insurance affected prior to that time or the rights and obligations of subscribers under such contracts. Notice

(8) The Superintendent shall give notice of a suspension or revocation in at least two successive issues of The Ontario Gazette as soon as reasonably may be after the suspension or revocation.

123. (1) Subsection 393 (8) of the Act is repealed and the following substituted: Revocation

(8) The Superintendent may revoke or suspend a licence issued under this section if the agent has failed to comply with this Act or the regulations.

(1.1) Subsection 393 (9) of the Act is amended by inserting "or suspension" after "revocation" in the third line. y

(2) Subsection 393 (10) of the Act is repealed and the following substituted: Chair of board

(10) The representative of the Superintendent on the advisory board shall act as chair of the board and, for the purposes of his or her duties in connection with the investigation and hearing,

(a) has the same power that the Ontario Court (General Division) has in the trial of civil actions to summon and enforce the attendance of witnesses and to compel them to give evidence on oath or otherwise and to produce documents, records and things; and

(b) may require or permit persons to give evidence before it by affidavit. Statutory Powers Procedure Act applies

(10.1) The Statutory Powers Procedure Act applies to a hearing under subsection (9) and the Commission shall make rules governing the practice and procedure of a proceeding before an advisory board. Appeal

(10.2) The applicant or licensee may appeal to the Tribunal the decision of the Superintendent to refuse to grant a licence, to refuse to renew an existing licence or to revoke or suspend an existing licence.

(3) The following provisions of the Act are amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent": 1. Subsections 393 (14), (15) and (20), as re-enacted by the Statutes of Ontario, 1994, chapter 11, section 339. 2. Subsections 393 (20.1), (20.2), (20.3), (20.4) and (20.5), as enacted by the Statutes of Ontario, 1994, chapter 11, section 339.

124. Subsections 397 (5) and (6) of the Act are repealed and the following substituted: Revocation

(5) Subsections 393 (8), (9), (10), (10.1) and (10.2) apply with necessary modifications to applicants and licensees under this section, except that a representative of adjusters shall replace a representative of agents on the board.

125. Subsections 410 (1), (3) and (4) and subsections 411 (2), (3), (4) and (5) of the Act, as enacted by the Statutes of Ontario, 1996, chapter 21, section 44, are amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent".

126. (1) Subsections 412 (1), (3) and (4) of the Act, as re-enacted by the Statutes of Ontario, 1996, chapter 21, section 45, are amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent".

(2) Subsections 412 (5), (6) and (7) of the Act, as re-enacted by the Statutes of Ontario, 1996, chapter 21, section 45, are repealed and the following substituted: No approval

(5) The Superintendent shall not approve the application if a hearing is required by the regulations or if the Superintendent considers that it is in the public interest for the Tribunal to hold a hearing on the application. Refusal to approve

(6) The Superintendent shall refuse to approve an application under section 410 if he or she considers that,

(a) the proposed risk classification system or rates are not just and reasonable in the circumstances;

(b) the proposed risk classification system is not reasonably predictive of risk or does not distinguish fairly between risks; or

(c) the proposed rates would impair the solvency of the applicant or are excessive in relation to the financial circumstances of the insurer. Relevant information

(7) In deciding on an application under section 410, the Superintendent may take into account financial and other information and any other matters that directly or indirectly affect the applicant's proposed rates or the applicant's ability to underwrite insurance using the proposed risk classification system.

127. Subsection 412.1 of the Act, as enacted by the Statutes of Ontario, 1996, chapter 21, section 45, is repealed and the following substituted: Hearing

412.1 (1) If the Superintendent notifies an applicant under section 412 that he or she has not approved the application, the applicant may, within 15 days after receiving the notification, appeal in writing the decision to the Tribunal. Powers of Tribunal

(2) If the applicant appeals the Superintendent's decision within the time period allowed, the Tribunal shall hold a hearing, at which the Tribunal may approve or refuse to approve the application or may vary the risk classification system or the rates, and the approval may be subject to the conditions or restrictions that the Tribunal considers appropriate in the circumstances. Additional information

(3) The Tribunal may require the applicant to provide the information, material and evidence that the Tribunal considers necessary in addition to the information, material and evidence that the applicant is required to provide in or with the application. Refusal to approve

(4) Subsections 412 (6) and (7) apply with necessary modifications to a hearing held by the Tribunal under this section.

128. (1) The following provisions of the Act are further amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent": 1. Subsection 413 (1), as amended by the Statutes of Ontario, 1996, chapter 21, section 46. 2. Subsection 413 (2), as amended by the Statutes of Ontario, 1993, chapter 10, section 40.

(2) Subsection 413 (3) of the Act, as re-enacted by the Statutes of Ontario, 1993, chapter 10, section 40, is repealed and the following substituted: Effective date

(3) Subject to subsections (3.1) and (3.2), the insurer may use a risk classification system or rates filed under this section after the expiration of 30 days following the date they were filed, unless before the expiration of that period, the Superintendent advises the insurer orally or otherwise that the risk classification system or the rates filed by the insurer are not approved.

(3) Subsections 413 (3.1) and (3.2) of the Act, as enacted by the Statutes of Ontario, 1993, chapter 10, section 40, are amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent".

(4) Subsection 413 (3.3) of the Act, as enacted by the Statutes of Ontario, 1993, chapter 10, section 40, and subsection 413 (3.4) of the Act, as re-enacted by the Statutes of Ontario, 1996, chapter 21, section 46, are repealed and the following substituted: Notice

(3.3) If the Superintendent notifies an insurer orally that a risk classification system or rates filed by the insurer are not approved, the Superintendent shall promptly mail a written notice to the insurer confirming that fact. Appeal

(3.4) If the Superintendent notifies an insurer under subsection (3) or (3.3) that the risk classification system or rates are not approved, the insurer may, within 15 days after receiving the notification, appeal in writing the decision to the Tribunal. Hearing

(3.4.1) If an insurer appeals the Superintendent's decision within the time period allowed, the Tribunal shall hold a hearing and, for that purpose, subsections 410 (4), 412 (6) and (7) and 412.1 (2) and (3) apply, with necessary modifications, as if the insurer had made an application under section 410.

(5) The following provisions of the Act are further amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent": 1. Subsection 413 (4), as amended by the Statutes of Ontario, 1993, chapter 10, section 40 and 1996, chapter 21, section 46. 2. Subsection 413 (5), as amended by the Statutes of Ontario, 1993, chapter 10, section 40.

129. (1) Subsections 413.1 (2), (3), (4) and (5) of the Act, as enacted by the Statutes of Ontario, 1993, chapter 10, section 41, are amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent".

(2) Subsections 413.1 (6), (7) and (8) of the Act, as enacted by the Statutes of Ontario, 1993, chapter 10, section 41, are repealed and the following substituted: Variation

(6) The Superintendent may, with the consent of the applicant or after receiving written submissions, approve an application under subsection (5) subject to the variations and subject to the terms and conditions that the Superintendent considers appropriate. Reconsideration

(7) The Superintendent may notify the insurer at any time that he or she intends to make an order with respect to a plan approved under subsection (5) if the Superintendent is of the opinion that any of the criteria specified in clauses (5) (a) to (e) may not be satisfied. Request for hearing

(7.1) The insurer may, within 15 days after receiving the notice in subsection (7), request in writing that the Tribunal hold a hearing before the Superintendent makes the order described in the notice. Hearing

(7.2) If the insurer requests a hearing within the time period allowed, the Tribunal shall hold a hearing. No request for hearing

(7.3) If the insurer does not request a hearing within the time period allowed, the Superintendent may make the order described in the notice. Revocation or variation of approved plan

(8) Following a hearing under subsection (7.2) or section 412, the Tribunal may revoke the approval of a plan approved under subsection (5) or make the variations to the plan that the Tribunal considers appropriate.

130. The following provisions of the Act are further amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent": 1. Subsection 414 (1), as amended by the Statutes of Ontario, 1993, chapter 10, section 42 and 1996, chapter 21, section 47. 2. Subsection 414 (2), as amended by the Statutes of Ontario, 1993, chapter 10, section 42. 3. Subsection 414 (2.1), as enacted by the Statutes of Ontario, 1993, chapter 10, section 42.

131. (1) Subsection 415 (1) of the Act, as re-enacted by the Statutes of Ontario, 1993, chapter 10, section 43, and amended by 1996, chapter 21, section 48, is further amended by striking out the portion before clause (a) and substituting the following:

(1) Despite any approval or exemption under section 411, 412, 412.1 or 413, the Superintendent may notify the insurer at any time that he or she intends to make an order with respect to any risk classification system or rates for any coverage or category of automobile insurance of an insurer if the Superintendent is of the opinion that,

. . . . .

(2) Section 415 of the Act, as re-enacted by the Statutes of Ontario, 1993, chapter 10, section 43, and amended by 1996, chapter 21, section 48, is further amended by adding the following subsections: Request for hearing

(1.1) The insurer may, within 15 days after receiving the notice in subsection (1), request in writing that the Tribunal hold a hearing before the Superintendent takes any action described in the notice. Request for hearing

(1.2) If the insurer requests a hearing within the time period allowed, the Tribunal shall hold a hearing. No request for hearing

(1.3) If the insurer does not request a hearing within the time period allowed, the Superintendent may make the order described in the notice.

(3) Subsection 415 (2) of the Act, as re-enacted by the Statutes of Ontario, 1993, chapter 10, section 43, and amended by 1996, chapter 21, section 48, and subsection 415 (2.1) of the Act, as enacted by the Statutes of Ontario, 1996, chapter 21, section 48, are repealed and the following substituted: Application under s. 410

(2) Instead of notifying the insurer under subsection (1), the Superintendent may require the insurer to make an application under section 410. Application of s. 411

(2.1) Section 411 does not apply to an application that the Superintendent requires under subsection (2).

(4) Subsection 415 (3) of the Act, as re-enacted by the Statutes of Ontario, 1993, chapter 10, section 43, is repealed and the following substituted: Variation

(3) Following a hearing held under subsection (1.2), the Tribunal may vary the risk classification system that the insurer may use or the rates that it may charge.

(5) Subsection 415 (4) of the Act, as re-enacted by the Statutes of Ontario, 1993, chapter 10, section 43, is amended by striking out "Commissioner" in the fifth line and substituting "Tribunal".

132. Subsection 416 (3) of the Act is amended by striking out "Commissioner" in the first line and substituting "Superintendent and the Tribunal".

133. (1) Clause 417 (1) (a) of the Act, as re-enacted by the Statutes of Ontario, 1993, chapter 10, section 45, is repealed and the following substituted:

(a) is approved by the Superintendent or Tribunal as the case may be.

(2) Subsection 417 (2) of the Act is amended by striking out "Commissioner" in the third line and substituting "Superintendent or Tribunal as the case may be".

134. Section 417.1 of the Act, as enacted by the Statutes of Ontario, 1993, chapter 10, section 46, is amended by striking out "Commission" and "Commission's" wherever those expressions occur and substituting in each case "Superintendent" and "Superintendent's", as the case may be.

135. Sections 136, 137, 138, 139, 140 and 142 do not apply if Bill 115 (An Act to reduce red tape by amending or repealing certain statutes administered by the Ministry of Finance and by making complementary amendments to other statutes, introduced on February 3, 1997) receives Royal Assent and subsection 10 (43) of Bill 115 has come into force before this section comes into force.

136. Section 419 of the Act is repealed and the following substituted: Definition

419. In this Part,

"transfer" means an arrangement whereby contracts made in Ontario by a licensed insurer incorporated or organized under the laws of Ontario or any class or group of such contracts are undertaken by or transferred to another insurer either by novation, transfer or assignment or as a result of amalgamation of the insurers.

137. (1) Subsection 420 (1) of the Act is amended by striking out "contracts of" in the second line.

(2) Subsection 420 (2) of the Act is amended by,

(a) striking out "recommend that the agreement be approved by the Lieutenant Governor in Council as hereinafter provided" in the fifth, sixth and seventh lines and substituting "approve the transfer"\; and

(b) striking out "agreement" in the ninth line and substituting "transfer".

138. (1) Subsection 421 (1) of the Act is repealed and the following substituted: Transfer agreements

(1) The details of the transfer shall be in writing setting out in full the terms and conditions of the transfer, but no transfer agreement shall be entered into without the prior permission of the Superintendent and the transfer is not binding or effective until approved by the Superintendent.

(2) Subsection 421 (2) of the Act is amended by striking out "Lieutenant Governor in Council, such agreement" in the first and second lines and substituting "Superintendent, the transfer".

139. Sections 422, 423 and 424 of the Act are repealed and the following substituted: Approval of Superintendent

422. The insurers who enter into such a transfer agreement, within 30 days from the date of its execution or such longer period of time as the Superintendent may direct, shall apply to the Superintendent for approval of the transfer.

140. Section 425 of the Act is amended by,

(a) striking out "petition" in the first line and substituting "application"\;

(b) striking out "agreement" in the second line and substituting "transfer"\;

(c) in clause (a), striking out "agreement for reinsurance" in the first and second lines and substituting "transfer agreement"\;

(d) in clause (b), striking out "reinsurance" in the second line and substituting "the transfer"\;

(e) in clause (c), inserting "transfer" before "agreement" in the third line;

(f) in clause (d), inserting "transfer" before "agreement" in the second and third lines;

(g) in clause (e), striking out "reinsurance" in the seventh line and in the fourteenth line and substituting in each case "transfer"\; and

(h) repealing clause (f) and substituting the following:

(f) evidence of the service of the notices required by section 426, if any.

141. (1) Section 426 of the Act is repealed and the following substituted: Approval or rejection of transfer

426. (1) After receiving the application, the Superintendent may invite written submissions and, after considering all the submissions, approve or reject the transfer. Notice

(2) Subject to subsection (3), the Superintendent shall determine what notice is adequate for the purposes of subsection (1) and shall direct who shall give the notice. Same

(3) In the case of life insurance,

(a) the notice shall be served on the shareholders or members and on all policyholders in Ontario, other than industrial policyholders;

(b) the notice shall include,

(i) a statement of the nature and terms of the transfer,

(ii) an abstract containing the material facts embodied in the transfer agreement under which the transfer is proposed to be effected, and

(iii) copies of the actuarial or other reports upon which the transfer agreement is founded, including a report by an independent actuary; and

(c) the Superintendent may also direct that the transfer agreement be open to inspection by policyholders, shareholders or members at the principal offices of the insurers in Ontario for a period of time specified by the Superintendent. Appeal

(4) The insurers or a person who has made written submissions under subsection (1) may appeal a decision of the Superintendent under that subsection to the Tribunal.

(3) On the day subsection 10 (43) of Bill 115 comes into force, section 426 of the Act, as re-enacted by subsection 10 (43) of Bill 115, is repealed and section 426 of the Act, as set out in subsection (1), is substituted.

(4) Despite this section and sections 136, 137, 138, 139, 140 and 142, Part XVI of the Act, as it read immediately before the earlier of the day that those sections and subsection 10 (43) of Bill 115 come into force, shall continue to apply to any proceeding that has been commenced by way of a notice published in The Ontario Gazette under subsection 423 (5) in that Part XVI of the Act until a final disposition has been made in the proceeding.

142. Sections 427, 428, 429 and 430 of the Act are repealed.

143. The following provisions of the Act are amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent" 1. Clause 433 (8) (g). 2. Subsection 433 (9), as re-enacted by the Statutes of Ontario, 1994, chapter 11, section 345.

144. Section 441 of the Act, as amended by the Statutes of Ontario, 1993, chapter 10, section 49, is repealed and the following substituted: Superintendent's report

441. (1) Upon examination or investigation, or upon any other evidence, the Superintendent shall make a report if he or she is of the opinion that a person has committed or is committing any act, or has pursued or is pursuing any course of conduct, that is an unfair or deceptive act or practice or might reasonably be expected to result in a state of affairs that would constitute an unfair or deceptive act or practice. Notice

(2) The Superintendent may give notice in writing, which shall include a copy of the report made under subsection (1), to the person that the Superintendent intends to order the person,

(a) to cease or refrain from doing any act or pursuing any course of conduct identified by the Superintendent;

(b) to cease engaging in the business of insurance or any aspect of the business of insurance specified by the Superintendent; or

(c) to perform the acts that, in the opinion of the Superintendent, are necessary to remedy the situation. Request for hearing

(3) Within 15 days after receiving the notice, a person may request in writing that the Tribunal hold a hearing before the Superintendent takes any action described in the notice. Interim order

(4) Despite subsection (3), if the Superintendent is of the opinion that the interests of the public may be prejudiced or adversely affected by any delay in the issuance of a permanent order, the Superintendent, without prior notice, may make an interim order as described in subsection (2) which shall take effect immediately on its making, and which shall become permanent on the 15th day after its making unless within that time the person requests a hearing before the Tribunal. Hearing

(5) If, within the time period allowed, the person requests a hearing, the Tribunal shall hold a hearing. Extension of order

(6) If, within the time period allowed, the person requests a hearing and the Superintendent has made an interim order under subsection (4), the Superintendent may extend the interim order until the hearing is concluded and the order is confirmed, varied or revoked. No request for hearing

(7) If the person does not request a hearing within the time period allowed, the Superintendent may make an order in accordance with the notice given under subsection (2) which shall take effect on the date set out in the order. Hearing

(8) At a hearing, if the Tribunal is of the opinion that an order described in subsection (2) should be made, the Tribunal may make an order which shall take effect on the date set out in the order. Modification

(9) The Superintendent may modify any order made under this section after giving the person named in the order an opportunity to make written submissions. Appeal

(10) The person named in an order modified by the Superintendent may appeal the order to the Tribunal. Revocation

(11) The Superintendent may revoke any order made under this section.

145. Subsections 443 (4) and (5) of the Act are amended by striking out "Commissioner" wherever it occurs and substituting in each case "Superintendent".

146. The following provisions of the Act are amended by striking out "Commissioner" wherever it occurs and substituting in each case "Tribunal": 1. Section 446. 2. Clause 447 (2) (c), as amended by the Statutes of Ontario, 1994, chapter 11, section 347.

147. Section 449 of the Act is amended by striking out "Commissioner or the" in the sixth line. Investment Contracts Act

148. (1) Subsection (2) does not apply if paragraph 5 of subsection 43 (1) of Bill 115 (An Act to reduce red tape by amending or repealing certain statutes administered by the Ministry of Finance and by making complementary amendments to other statutes, introduced on February 3, 1997) has come into force.

(2) The definition of "Superintendent" in section 1 of the Investment Contracts Act is repealed and the following substituted:

"Superintendent" means the Superintendent of Financial Services appointed under the Financial Services Commission of Ontario Act, 1997. ("surintendant") Loan and Trust Corporations Act

149. (1) The definition of "Director" in section 1 of the Loan and Trust Corporations Act is repealed.

(2) The definition of "Superintendent" in section 1 of the Act is repealed and the following substituted:

"Superintendent" means the Superintendent of Financial Services appointed under the Financial Services Commission of Ontario Act, 1997. ("surintendant")

(3) Section 1 of the Act, as amended by the Statutes of Ontario 1992, chapter 32, section 19, 1994, chapter 17, section 103 and 1996, chapter 2, section 70, is further amended by adding the following definitions:

"Commission" means the Financial Services Commission of Ontario established under the Financial Services Commission of Ontario Act, 1997\; ("Commission")

"Tribunal" means the Financial Services Tribunal established under the Financial Services Commission of Ontario Act, 1997. ("Tribunal")

150. The Act is amended by adding the following section: Continuance under federal Act

29.1 (1) A provincial corporation may, with the approval in writing of the Superintendent, apply for letters patent continuing the provincial corporation as a company under the Trust and Loan Companies Act (Canada). Conditions for approval

(2) The Superintendent shall not give an approval mentioned in subsection (1) unless the Superintendent is satisfied that a special resolution of the provincial corporation has authorized the corporation's application for letters patent under the Trust and Loan Companies Act (Canada). Withdrawing application

(3) If a special resolution authorizing the application for letters patent under subsection (1) so states, the directors of the provincial corporation may, without further approval of the shareholders, withdraw the application before it is acted on. Effect of letters patent

(4) On the day specified in the letters patent issued under the Trust and Loan Companies Act (Canada) pursuant to an application of a provincial corporation under subsection (1), this Act applies to the corporation as if the corporation had been incorporated under that Act.

151. Sections 177, 178 and 179 of the Act are repealed.

152. Section 180 of the Act is repealed and the following substituted: Capacity outside Ontario

180. The Superintendent may, for the purposes of the administration and enforcement of this Act and the regulations, act outside Ontario as if the Superintendent were acting inside Ontario.

153. (1) Subsection 181 (1) of the Act is amended by striking out "or Director" in the third line.

(2) Subsections 181 (2) and (3) of the Act are repealed.

154. Subsections 182 (1) and (2) of the Act are amended by striking out "or Director" wherever that expression occurs.

155. Subsections 183 (2), (3) and (4) of the Act are amended by striking out "or Director" wherever that expression occurs.

156. Section 185 of the Act is amended by striking out "Director, or any person designated by the Director" in the first and second lines and substituting "Superintendent, or any person designated by the Superintendent".

157. (1) Subsection 186 (1) of the Act is amended by striking out "Minister, on the Minister's" in the first line and substituting "Superintendent, on the Superintendent's".

(2) Subsections 186 (2), (3), (5) and (6) of the Act are amended by striking out "Minister" wherever it occurs and substituting in each case "Superintendent".

158. Subsections 187 (1) and (2) of the Act are amended by striking out "or Director" wherever that expression occurs.

159. Subsections 189 (2) and (3) of the Act are repealed.

160. Section 190 of the Act is amended by striking out "Minister" in the first line and substituting "Superintendent".

161. Subsection 191 (2) of the Act is repealed.

162. Subsections 192 (1), (2), (3), (4), (5), (6) and (8) of the Act are amended by striking out "Director" wherever it occurs and substituting "Superintendent".

163. Section 193 of the Act is repealed and the following substituted: Appeals

193. (1) A party to a hearing before the Superintendent under section 192 may, within 15 days after receiving the Superintendent's decision, appeal the decision to the Tribunal by serving a notice in writing of the appeal on the Superintendent and filing the notice with the Tribunal. Disposition

(2) An appeal shall be based on the evidence presented to the Tribunal and on hearing an appeal, the Tribunal may confirm, vary or revoke the order that is the subject of the appeal.

164. Subsection 194 (2) of the Act is repealed and the following substituted: Final decision

(2) Except for an order made under section 192 or 199, a decision by the Superintendent under this Act shall be in writing and is not subject to appeal.

165. Sections 195, 196 and 197 of the Act are repealed and the following substituted: Superintendent may be party

195. The Superintendent is entitled to attend and to be represented by counsel at any hearing before the Tribunal. Transcript

196. Oral evidence taken before the Superintendent or the Tribunal may be recorded and, if recorded, copies of a transcript of it shall be furnished upon request on the same terms and for the same fees as in the Ontario Court (General Division). Hearing in private

197. A hearing before the Superintendent or the Tribunal, at the discretion of the Superintendent or the chair of the Tribunal, as the case may be, may be heard in private or in public.

166. Subsection 198 (3) of the Act is amended by striking out "Director" in the second line and substituting "Superintendent."

167. Subsections 199 (1) and (2) of the Act are repealed and the following substituted: Cancellation of registration

(1) The Superintendent may revoke the registration of a registered corporation or impose terms, conditions or restrictions on the registration of a registered corporation if,

(a) the corporation or other person has not complied with an order of the Superintendent or the Tribunal;

(b) the corporation or other person has breached an order of the court made under section 210;

(d) the corporation's authority to carry on business has been cancelled or suspended or terms or conditions have been imposed on its authority to carry on business under a law of Canada or of any province or territory of Canada. Notice of intention

(2) If the Superintendent proposes to act under subsection (1), the Superintendent shall serve a notice of the intention to act on the corporation.

168. Clause 202 (3) (b) of the Act is amended by striking out "Ministry" in the third line and substituting "Commission".

169. The following provisions of the Act are amended by striking out "Director" wherever it occurs and substituting in each case "Superintendent": 1. Section 205. 2. Clause 208 (1) (b). 3. Section 209.

170. Clause 210 (1) (e) of the Act is amended by striking out "Director or" in the fifth line.

171. (1) Subsection (2) does not apply if subsection 13 (17) of Bill 115 (An Act to reduce red tape by amending or repealing certain statutes administered by the Ministry of Finance and by making complementary amendments to other statutes, introduced on February 3, 1997) has come into force.

(2) Paragraph 2 of section 223 of the Act is amended by striking out "or Director" in the fifth and sixth lines. Mortgage Brokers Act

172. (1) The Mortgage Brokers Act is amended by striking out "Director" and "Registrar" wherever those expressions occur and substituting in each case "Superintendent".

(2) The French version of the Act is amended by making the necessary grammatical changes as a result of subsection 173 (4).

173. (1) The definition of "Director" in subsection 1 (1) of the Act, as re-enacted by the Statutes of Ontario, 1994, chapter 27, section 91, is repealed.

(2) The definition of "Registrar" in subsection 1 (1) of the Act is repealed.

(3) Subsection 1 (1) of the Act, as amended by the Statutes of Ontario, 1994, chapter 27, section 91, is further amended by adding the following definition:

"Superintendent" means the Superintendent of Financial Services appointed under the Financial Services Commission of Ontario Act, 1997. ("surintendant")

(4) The definition of "Tribunal" in subsection 1 (1) of the Act is repealed and the following substituted:

"Tribunal" means the Financial Services Tribunal established under the Financial Services Commission of Ontario Act, 1997. ("Tribunal")

(5) Despite subsection (4), The Commercial Registration Appeal Tribunal shall continue to conduct, and decide issues raised in, proceedings that were commenced under the Act but not concluded when this section comes into force.

174. Section 3 of the Act is repealed.

175. (1) Subsection 5 (2) of the Act is amended by inserting after "Tribunal" in the fourth line "or the Superintendent."

(2) Section 5 of the Act is amended by adding the following subsection: Same, Superintendent's proposal

(3) Subject to section 7, the Superintendent may impose terms and conditions on the registration of an applicant or registrant.

176. (1) Subsection 7 (1) of the Act is repealed and the following substituted: Notice of proposal

(1) If the Superintendent proposes to refuse to grant or renew a registration, proposes to impose terms and conditions on the registration of an applicant or a registrant or proposes to suspend or revoke a registration, the Superintendent shall serve notice of the proposal, together with written reasons for it, on the applicant or registrant.

(2) Subsection 7 (9) of the Act is repealed and the following substituted: When order effective

(9) Even though a registrant appeals from an order of the Tribunal under section 30.1, the order takes effect immediately but the Tribunal may grant a stay until disposition of the appeal.

177. Section 23 of the Act is repealed.

178. Subsection 24 (7) of the Act is repealed and the following substituted: Appointment of experts

(7) The Superintendent may appoint any expert to examine books, papers, documents or things examined under clause (2) (a) or under subsection (4).

179. Section 25 of the Act is repealed.

180. (1) Subsection 26 (1) of the Act is amended by striking out "or by telegram" in the fourth line of the portion after clause (b).

(2) Subsection 26 (4) of the Act is amended by striking out "or by telegram" in the third line.

181. Subsection 27 (3) of the Act is repealed and the following substituted: Financial statements

(3) Every mortgage broker shall, when required by the Superintendent, file a financial statement showing the matters specified by the Superintendent and signed by the mortgage broker and certified by a person licensed under the Public Accountancy Act.

182. Subsection 29 (1) of the Act is amended by striking out "Ministry of the Minister" in the eighth line and substituting "Superintendent."

183. The Act is amended by adding the following section: Appeal to Divisional Court

30.1 A party to a proceeding before the Tribunal under section 7, subsection 16 (3) or 26 (5) or section 28 may appeal to the Divisional Court from the decision or order of the Tribunal in accordance with the rules of court.

184. Subsection 31 (3) of the Act is repealed.

185. Section 32 of the Act is repealed.

186. Clauses 33 (j) and (k) of the Act are repealed. Motor Vehicle Accident Claims Act

187. (1) Subsection (2) applies only if Bill 115 (An Act to reduce red tape by amending or repealing certain statutes administered by the Ministry of Finance and by making complementary amendments to other statutes, introduced on February 3, 1997) receives Royal Assent.

(2) On the later of the day this section comes into force and the day subsection 16 (1) of Bill 115 comes into force, the definition of "Commissioner" in subsection 1 (1) of the Motor Vehicle Accident Claims Act, as enacted by subsection 16 (1) of Bill 115, is repealed.

(3) The definition of "Superintendent" in subsection 1 (1) of the Act is repealed and the following substituted:

"Superintendent" means the Superintendent of Financial Services appointed under the Financial Services Commission of Ontario Act, 1997. ("surintendant")

188. (1) Subsection (2) applies only if Bill 115 (An Act to reduce red tape by amending or repealing certain statutes administered by the Ministry of Finance and by making complementary amendments to other statutes, introduced on February 3, 1997) receives Royal Assent.

(2) On the later of the day this section comes into force and the day subsection 16 (3) of Bill 115 comes into force, subsection 4 (1) of the Act, as amended by subsection 16 (3) of Bill 115, is further amended by striking out "Commissioner" in the eleventh line and substituting "Director".

189. (1) Subsection (2) applies only if Bill 115 (An Act to reduce red tape by amending or repealing certain statutes administered by the Ministry of Finance and by making complementary amendments to other statutes, introduced on February 3, 1997) receives Royal Assent.

(2) On the later of the day this section comes into force and the day subsection 16 (4) of Bill 115 comes into force, section 28 of the Act, as enacted by subsection 16 (4) of Bill 115, is repealed and the following substituted: Forms

28. (1) The Director may approve the use of forms for any purpose of this Act and the forms may provide for the information to be furnished that the Director requires. Electronic forms

(2) The Director may approve electronic forms for any purposes under this Act. Pension Benefits Act

190. (1) The definitions of "Commission" and "Superintendent" in section 1 of the Pension Benefits Act are repealed and the following substituted:

"Commission" means the Financial Services Commission of Ontario established under the Financial Services Commission of Ontario Act, 1997\; ("Commission")

"Superintendent" means the Superintendent of Financial Services appointed under the Financial Services Commission of Ontario Act, 1997. ("surintendant")

(2) Section 1 of the Act is amended by adding the following definition:

"Tribunal" means the Financial Services Tribunal established under the Financial Services Commission of Ontario Act, 1997. ("Tribunal")

191. (1) Subsection 9 (2) of the Act is amended by striking out the portion before clause (a) and substituting the following:

(2) An application for registration shall be made by paying the fee established by the Minister and filing,

. . . . .

(2) Clause 9 (2) (a) of the Act is repealed and the following substituted:

(a) a completed application in the form approved by the Superintendent.

(3) Subsection 9 (2) of the Act is further amended by striking out "and" at the end of clause (e) and adding the following clause:

(e.1) a certification in a form approved by the Superintendent and signed by the applicant in which the applicant attests that the pension plan complies with this Act and regulations; and

. . . . .

192. (1) Subsection 12 (2) of the Act is amended by striking out the portion before clause (a) and substituting the following:

(2) An application for registration of an amendment shall be made by paying the fee established by the Minister and filing,

. . . . .

(2) Subsection 12 (2) of the Act is further amended by striking out "and" at the end of clause (b) and adding the following clause:

(b.1) a certification in a form approved by the Superintendent and signed by the administrator of the pension plan in which the administrator attests that the amendment complies with this Act and the regulations; and

. . . . .

193. Subsection 13 (1) of the Act is repealed and the following substituted: When amendment effective

(1) An amendment to a pension plan is not effective until the administrator of the plan files an application for registration of the amendment and the application meets the requirements of section 12.

194. Section 15 of the Act is amended by striking out "this Act and the regulations" in the fifth and sixth lines and substituting "section 9".

195. Subsection 20 (1) of the Act is repealed and the following substituted: Administrator's annual information return

(1) The administrator of a pension plan shall file each year an annual information return in respect of the pension plan in the form approved by the Superintendent and shall pay the filing fee established by the Minister.

196. Section 30 of the Act is amended by striking out "Commission" wherever it occurs and substituting in each case "Superintendent" and by striking out "prescribed fees" in the ninth and tenth lines and substituting "fee established by the Minister".

197. Subsection 42 (4) of the Act is amended by striking out "supplied" in the fifth line and substituting "approved".

198. The following provisions of the Act are amended by striking out "prescribed form" wherever that expression occurs and substituting in each case "form approved by the Superintendent": 1. Subsection 46 (1). 2. Subsection 48 (14).

199. Subsection 63 (7) of the Act is repealed and the following substituted: Refund with consent

(7) Despite subsection (1), on application by the administrator of a pension plan, contributions may be refunded to a member or a former member with the consent of the Superintendent.

200. The following provisions of the Act are amended by striking out "Commission" wherever it occurs and substituting in each case "Superintendent": 1. Subsection 63 (8). 2. Subclause 75 (1) (b) (i). 3. Subsections 78 (1), (2) and (3).

201. Subsection 78 (4) of the Act is amended by striking out "The Commission" in the first line and substituting "Subject to section 89 (hearing and appeal), the Superintendent".

202. (1) Subsection 79 (1) of the Act is amended by striking out "The Commission" in the first line and substituting "Subject to section 89 (hearing and appeal), the Superintendent".

(2) Clauses 79 (1) (a) and (b) of the Act are amended by striking out "Commission" wherever it occurs and substituting in each case "Superintendent".

(3) Subsection 79 (3) of the Act is amended by striking out the portion before clause (a) and substituting the following:

(3) Subject to section 89 (hearing and appeal), the Superintendent shall not consent to an application by an employer in respect of surplus in a pension plan that is being wound up in whole or in part unless,

. . . . .

(4) Clause 79 (3) (a) of the Act is amended by striking out "Commission" in the first line and substituting "Superintendent".

(5) Subsections 79 (5), (6), (7) and (8) of the Act are repealed.

203. Subsections 82 (2) and (3) of the Act are amended by striking out "Commission" wherever it occurs and substituting in each case "Superintendent".

204. (1) Subsection 83 (1) of the Act is repealed and the following substituted: Guarantee Fund declaration

(1) Subject to section 89 (hearing and appeal), the Superintendent shall by order declare, in the circumstances mentioned in subsection (2), that the Guarantee Fund applies to a pension plan.

(2) Subsection 83 (2) of the Act is amended by striking out "Commission" wherever it occurs and substituting in each case "Superintendent".

205. Subsection 84 (1) of the Act is amended by striking out "Where the Guarantee Fund is declared by the Commission to apply" in the first and second lines and substituting "If the Superintendent by order declares that the Guarantee Fund applies".

206. Subsections 86 (1), (3) and (4) of the Act are amended by striking out "Commission" wherever it occurs and substituting in each case "Superintendent".

207. (1) Subsection 88 (1) of the Act is amended by striking out "Commission" in the first line and substituting "Superintendent" and by striking out "section 90 (notice and representations)" in the third and fourth lines and substituting "section 89 (hearing and appeal)".

(2) Subsection 88 (2) of the Act is amended by striking out "Commission" wherever it occurs and substituting in each case "Superintendent".

208. (1) Subsection 89 (2) of the Act is amended by striking out the portion before clause (a) and substituting the following:

(2) Where the Superintendent proposes to make or to refuse to make an order in relation to,

. . . . .

(2) Clauses 89 (2) (c) and (d) of the Act are repealed and the following substituted:

(d) subsection 81 (6) (return of assets transferred to new pension fund);

(d.1) section 83 (the Guarantee Fund applies to a pension plan).

(3) Subsection 89 (2) of the Act is further amended by adding "or" at the end of clause (e) and by adding the following clause:

(f) section 88 (preparation of a report).

(4) Section 89 of the Act is amended by adding the following subsections: Notice re payment of surplus

(3.1) Where an application is filed in accordance with subsection 78 (2) for the payment of surplus to the employer and the Superintendent proposes to consent or refuse to consent under subsection 78 (1), the Superintendent shall serve notice of the proposal, together with written reasons therefor, on the applicant and on any person who made written representations to the Superintendent in accordance with subsection 78 (3). Notice re return of excess amount

(3.2) Where an application is filed in accordance with subsection 78 (4) and the Superintendent proposes to consent or refuse to consent under subsection 78 (4), the Superintendent shall serve notice of the proposal, together with written reasons therefor, on the applicant and the Superintendent may require the applicant to transmit a copy of the notice and the written reasons on such other persons or classes of persons or both as the Superintendent specifies in the notice to the applicant.

(5) Subsection 89 (4) of the Act is amended by inserting "other than a consent referred to in subsection (3.1) or (3.2)," after "regulations" in the fifth line.

(6) Subsection 89 (6) of the Act is amended by inserting "(3.1), (3.2)," after "(3)" in the first line, by striking out "Commission" in the fourth line and in the fifth line and substituting in each case "Tribunal".

(7) Subsections 89 (8) and (9) of the Act are amended by striking out "Commission" wherever it occurs and substituting in each case "Tribunal".

(8) Subsection 89 (10) of the Act is repealed.

(9) Subsection 89 (11) of the Act is amended by striking out "Commission" in the third line and in the fourth line and substituting in each case "Tribunal".

(10) Subsections 89 (12) and (13) of the Act are repealed.

209. Section 90 of the Act is repealed.

210. (1) Subsection 91 (1) of the Act is repealed and the following substituted: Appeal to court

(1) A party to a proceeding before the Tribunal under section 89 may appeal to the Divisional Court from the decision or order of the Tribunal.

(2) Subsection 91 (2) of the Act is amended by striking out "prescribed fee, the Commission" in the third line and substituting "fee established by the Minister, the Tribunal".

211. Section 92 of the Act is repealed.

212. The heading immediately preceding subsection 93 (1) of the Act is repealed and the following substituted: Financial Services Commission of Ontario

213. (1) Sections 93, 94 and 96 of the Act are repealed.

(2) Despite subsection (1), the Pension Commission of Ontario, as it was constituted immediately before this section comes into force, shall continue to exist for the sole purpose of concluding and disposing of hearings and proceedings that, before the day this section comes into force, were commenced before the Commission but not concluded.

214. Section 97 of the Act is amended by striking out "Commission" wherever it occurs and substituting in each case "Superintendent".

215. Subsection 98 (1) of the Act is amended by striking out "the Commission or" in the third line.

216. Section 99 of the Act is amended by striking out "Commission" in the first and second lines and substituting "Superintendent".

217. Sections 100, 101 and 102 of the Act are repealed.

218. Section 105 of the Act is repealed and the following substituted: Extension of time

105. (1) Upon application by an affected person, the Superintendent may, before or after its expiration, extend any procedural time limit related to the powers conferred on or duties assigned to the Superintendent under this Act or the regulations if the Superintendent is satisfied that there are reasonable grounds for applying for the extension. Terms

(2) In granting the extension, the Superintendent may impose such terms or conditions as the Superintendent considers proper.

219. Paragraph 2 of subsection 106 (1) of the Act is repealed and the following substituted:

2. Any person designated by the Superintendent.

220. (1) Subsections 110 (1), (2) and (3) of the Act are repealed and the following substituted: Penalty

(1) Every person who is guilty of an offence under this Act is liable on conviction to a fine of not more than $100,000 for the first conviction and not more than $200,000 for each subsequent conviction. Persons re corporation

(2) Every director, officer, official or agent of a corporation and every person acting in a similar capacity or performing similar functions in an unincorporated association is guilty of an offence if the person,

(a) causes, authorizes, permits, acquiesces or participates in the commission of an offence referred to in section 109 by the corporation or unincorporated association; or

(b) fails to take all reasonable care in the circumstances to prevent the corporation or unincorporated association from committing an offence referred to in section 109. Penalty

(3) A person who is guilty of an offence described in subsection (2) is liable on a first conviction to a fine of not more than $100,000, and on each subsequent conviction to a fine of not more than $200,000, whether or not the corporation or unincorporated association has been prosecuted for or convicted of an offence arising from the same facts or circumstances.

(2) Subsection 110 (6) of the Act is repealed and the following substituted: Time limit

(6) No prosecution for an offence under this Act shall be commenced after five years after the date when the offence occurred or is alleged to have occurred.

221. Section 111 of the Act is repealed and the following substituted: Power to restrain

111. Where a provision of this Act or the regulations or an order, approval or consent of the Superintendent under this Act is contravened, in addition to any other remedy and to any penalty imposed by law, the contravention may be restrained by action at the instance of the administrator of the pension plan affected by the contravention.

222. Section 114 of the Act is amended by inserting "except the Financial Services Commission of Ontario Act, 1997" after "other Act" in the second line.

223. The Act is amended by adding the following sections: Fees

113.1 The Minister may require the payment of fees in relation to any matter under this Act and may approve the amount of those fees. Forms

113.2 (1) The Superintendent may approve forms for any purpose of this Act and require their use. Content

(2) The forms may provide that the person required to use them shall provide the information specified in them.

224. (1) Clause 115 (1) (c) of the Act is amended by striking out "Commission" in the second line and substituting "Superintendent".

(2) Clauses 115 (1) (h) and (o) of the Act are repealed. Prepaid Hospital and Medical Services Act

225. (1) The definition of "Commissioner" in section 1 of the Prepaid Hospital and Medical Services Act is repealed.

(2) The definition of "Superintendent" in section 1 of the Act is repealed and the following substituted:

"Superintendent" means the Superintendent of Financial Services appointed under the Financial Services Commission of Ontario Act, 1997. ("surintendant")

(3) Section 1 of the Act is further amended by adding the following definition:

"Tribunal" means the Financial Services Tribunal established under the Financial Services Commission of Ontario Act, 1997. ("Tribunal")

226. Section 12 of the Act is amended by striking out "Commissioner" in the third and fourth lines and substituting "Tribunal". Registered Insurance Brokers Act

227. (1) The definition of "Commissioner" in section 1 of the Registered Insurance Brokers Act is repealed.

(2) The definition of "Superintendent" in section 1 of the Act is repealed and the following substituted:

"Superintendent" means the Superintendent of Financial Services appointed under the Financial Services Commission of Ontario Act, 1997. ("surintendant")

228. Section 9 of the Act is repealed and the following substituted: Superintendent

9. (1) The Superintendent shall be deemed to have an interest in the Corporation, as the representative of all persons who may be served by registered insurance brokers. Information

(2) The Corporation shall, within a reasonable time, furnish the Superintendent with the information and financial statements with respect to the Corporation that the Superintendent requires. Workers' Compensation Act

229. (1) Subsection (2) does not apply if paragraph 2 of section 18 of Bill 99 (An Act to secure the financial stability of the compensation system for injured workers, to promote the prevention of injury and disease in Ontario workplaces and to revise the Workers' Compensation Act and make related amendments to other Acts, introduced on November 26, 1996) has come into force.

(2) Subsections 78 (3) and (4) of the Workers' Compensation Act is amended by striking out "Insurance" wherever it occurs and substituting in each case "Financial Services". Commencement and Short Title Commencement

230. This Act comes into force on a day to be named by proclamation of the Lieutenant Governor. Short title

231. The short title of this Act is the Financial Services Commission of Ontario Act, 1997.