The Financial Services Regulatory Authority of Ontario (FSRA) announced enforcement actions against five individuals and corporations, proposing penalties totalling more than $1.8 million for alleged violations of insurance regulations.
The regulator suspended the mortgage agent licence of Chanderkant Jindal and imposed a $5,000 administrative penalty following a settlement agreement. FSRA will impose conditions on Jindal’s licence upon completion of the suspension period.
FSRA said Jindal contravened the Insurance Act by making false or misleading statements or representations when soliciting or registering insurance, contrary to section 17(c) of Ontario Regulation 347/04.
In a separate enforcement action, FSRA issued a Notice of Proposal against Alessandra Giannini, Inparanee Kanagasabey, AGJR Enterprise Inc., and Arthur G&B Enterprise Inc., alleging multiple violations of insurance regulations.
The regulator alleges the four parties made false or misleading statements or representations in the solicitation or registration of insurance, contrary to section 17(c) of Ontario Regulation 347/04 under the Insurance Act.
FSRA further alleges Giannini and Kanagasabey contravened section 439 of the Act by engaging in an unfair or deceptive act or practice, as prescribed under section 8 of Authority Rule 2020-002.
The proposed penalties include $300,000 each for Giannini and Kanagasabey, and $600,000 each for AGJR and Arthur G&B. FSRA is also proposing to refuse to renew the life insurance and accident and sickness insurance agent licence issued to Kanagasabey.
Giannini, Kanagasabey, AGJR, and Arthur G&B have requested a hearing before the Financial Services Tribunal regarding the proposal, FSRA said.
FSRA regulates insurance, pension plan administration, mortgage brokers and agents, credit unions and caisses populaires, loan and trust companies, and credentialed financial planners and financial advisors in Ontario.
