Subject: LAW
FSRA imposes administrative penalties against Aviva Insurance Company of Canada and S&Y Insurance Company
TORONTO, Aug. 3, 2023 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has imposed administrative penalties in the total amount of $300,000 against Aviva Insurance Company of Canada (AIC) and administrative penalties in the total amount of $300,000 against S&Y Insurance Company (S&Y).
AIC contravened the Insurance Act (Act) and its regulations:
- by failing to comply with sections 237 and 238 of the Act between November 15, 2021, and June 20, 2022; and
- by failing to comply with an obligation assumed by undertaking, pursuant to paragraph 441.3(1)(2) of the Act, between February 25, 2022, and June 20, 2022.
S&Y contravened the Act and its regulations:
- by failing to comply with sections 237 and 238 of the Act between November 15, 2021, and April 30, 2022; and
- by failing to comply with an obligation assumed by undertaking, pursuant to paragraph 441.3(1)(2) of the Act, between February 25, 2022, and April 30, 2022.
FSRA issued this order as a result of a settlement with AIC and S&Y.
FSRA is working to protect consumers through its monitoring and enforcement activities.
FSRA continues to work on behalf of stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.
Russ Courtney
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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