Ontario’s financial services regulator has ordered an unlicensed individual to stop conducting insurance business in the province and fined him $25,000.
The Financial Services Regulatory Authority of Ontario (FSRA) issued a compliance order against Andi Efovia on Thursday, directing him to cease and desist from conducting insurance business in Ontario, according to a news release.
FSRA found that Efovia contravened the Insurance Act, R.S.O. 1990, c. I.8, in two ways. He acted as an insurance agent without holding a valid licence, contrary to section 392.2(6) of the Act and section 2(1) of Ontario Regulation 347/04. He also represented himself to the public as a licensed insurance agent while not holding such a licence, contrary to section 401 of the Act.
The regulator imposed administrative penalties totalling $25,000 on Efovia in connection with those contraventions.
Efovia did not request a hearing before the Financial Services Tribunal or contest FSRA’s proposal.
This action comes amid a broader regulatory focus on misconduct and licence compliance in Ontario’s insurance sector. FSRA has recently taken enforcement measures against individuals and firms for serious misconduct beyond unlicensed activity, including refusing to renew licences where suitability concerns exist and imposing penalties for providing false or misleading information.
Recently, FSRA refused to renew licences and imposed penalties totalling $55,000 against an agent and a corporate entity for misconduct involving false representations, signalling a continued emphasis on consumer protection.
The regulator has highlighted that such enforcement activity is part of an ongoing effort to uphold professional standards, deter unlicensed activity, and protect consumers. By taking action against both unlicensed and non-compliant licensed agents, FSRA aims to ensure transparency and integrity across Ontario’s insurance sector and maintain public confidence in financial services.
