Ontario's Financial Services Regulatory Authority (FSRA) has refused to renew the life insurance and accident and sickness insurance agent license of Jasneet Singh Bajwa and will impose conditions on any future application he makes for a mortgage agent license.
FSRA determined that Bajwa is no longer suitable to be licensed under Ontario’s Insurance Act and related regulations. The regulator found that he provided false or misleading statements during the solicitation or registration of insurance and failed to maintain valid errors and omissions insurance required under the law. In addition, Bajwa allegedly made false statements on his mortgage agent licence renewal application.
Following a settlement with Bajwa, FSRA issued formal orders declining to renew his insurance licences and confirmed that conditions would be applied should he seek a mortgage agent licence in the future. The actions reflect FSRA’s ongoing efforts to uphold professional standards and protect consumers from misrepresentation and regulatory non-compliance.
This case is part of a broader pattern of regulatory action by FSRA targeting agent conduct and suitability.
In a separate matter, FSRA has taken action against Poonam Chauhan, alleging she is not suitable to hold a license under applicable laws. The regulator claims Chauhan made false or misleading statements during the solicitation or registration of insurance and obstructed FSRA’s investigation.
As a result, FSRA has proposed revoking Chauhan’s insurance agent licence and imposing administrative penalties totaling $35,000. Chauhan has requested a hearing before the Financial Services Tribunal to contest the proposed measures.
These enforcement measures underscore FSRA’s focus on maintaining integrity, transparency, and accountability in Ontario’s insurance and mortgage sectors. By actively investigating misrepresentation, falsified applications, and compliance failures, FSRA aims to protect consumers and strengthen confidence in the province’s financial services market.
