The Financial Services Regulatory Authority of Ontario (FSRA) has launched enforcement action against an insurance agent accused of submitting fraudulent applications and allowing others to use his credentials for improper purposes.
The regulator issued a notice of proposal on Wednesday against Rajesh Narayanan Ramdass Raja, alleging he is unsuitable for licensing under the Insurance Act.
FSRA claims Ramdass Raja repeatedly submitted applications containing incorrect or fraudulent information. The regulator also alleges he provided his agent code to others, enabling them to submit fraudulent business in his name. These actions are said to violate section 17(c) of Ontario Regulation 347/04.
FSRA is proposing to refuse renewal of Ramdass Raja’s life insurance and accident and sickness insurance agent licences. The regulator also intends to impose a $20,000 administrative monetary penalty, according to the release.
Ramdass Raja has requested a hearing before the Financial Services Tribunal to challenge the proposed actions.
The Financial Services Regulatory Authority of Ontario oversees insurance agents and other financial service providers in the province. Its enforcement database allows the public to view how FSRA monitors compliance and protects consumers.
FSRA did not provide details about the specific applications in question, the timeline of the alleged violations, or the identities of individuals who allegedly used Ramdass Raja’s agent code.
