Insurance Companies Act

Marginal note:Punishment

• 1027 (1) Every person who is guilty of an offence under any of sections 1023 to 1026 is

  • (a) in the case of a natural person, liable

    • (i) on summary conviction, to a fine of not more than $100,000 or to imprisonment for a term of not more than twelve months, or to both, or

    • (ii) on conviction on indictment, to a fine of not more than $500,000 or to imprisonment for a term of not more than five years, or to both; and

  • (b) in the case of an entity, liable

    • (i) on summary conviction, to a fine of not more than $500,000, or

    • (ii) on conviction on indictment, to a fine of not more than $5,000,000.

• Marginal note:Order to comply

  (2) If a person has been convicted of an offence under this Act, the court may, in addition to any punishment it may otherwise impose, order the person to comply with the provisions of this Act or the regulations in respect of which the person was convicted.

• Marginal note:Additional fine

  (3) If a person has been convicted of an offence under this Act, the court may, if it is satisfied that as a result of the commission of the offence the convicted person acquired any monetary benefits or that monetary benefits accrued to the convicted person or to the spouse, common-law partner or other dependant of the convicted person, order the convicted person to pay, notwithstanding the maximum amount of any fine that may otherwise be imposed under this Act, an additional fine in an amount equal to the court’s estimation of the amount of those monetary benefits.