Ontario’s Financial Services Regulatory Authority (FSRA) imposed an administrative penalty of $10,000 and licence conditions on Ishaan Ahuja, following a decision by the Financial Services Tribunal.
FSRA said Ahuja was no longer suitable to be licensed unconditionally under the province’s Insurance Act and its regulations because he provided false information on license applications and was not of good character or reputation. These findings met the grounds for refusing to renew the licenses under sections 4 and 8 of Ontario Regulation 347/04.
The Tribunal, in Ishaan Ahuja v. Ontario (CEO of FSRA), 2025 ONFST 3, directed FSRA to issue Ahuja a licence with conditions to address identified risks, after FSRA had initially proposed to refuse the licence.
FSRA has appealed the Tribunal’s decision to the Ontario Superior Court of Justice, Divisional Court, with a hearing scheduled for October 8, 2025. On June 18, 2025, the Tribunal issued a stay of its April 11 order pending the outcome of the appeal.
FSRA recently revoked the insurance licences of Daumier Financial Services Inc., Carmen Munoz Gutierrez, and Andres Antonio Hernandez Silva for violating provisions of the Insurance Act.
The regulator also denied a license application from 1000532009 Ontario Ltd. FSRA found that the individuals and the company made false or misleading statements in the solicitation or registration of insurance and concluded that they were not suitable to be licensed under the Act.
In a separate development, FSRA announced new measures to address auto insurance fraud through more structured reporting requirements and data collection.
Under its Fraud Reporting Service (FRS) Rule and Guidance, auto insurers will be required to submit specific fraud-related information to FSRA on an ongoing basis. The data will be used to determine the scale of fraud in Ontario, identify emerging trends, set a baseline for tracking changes over time, and measure the effectiveness of anti-fraud initiatives.
The rule, approved by Ontario’s Minister of Finance, will apply to all automobile insurers in the province and will take effect once the related Insurance Act amendments are proclaimed in force.
