The applicant mortgage brokerage requested a hearing before the Financial Services Tribunal regarding the Superintendent's proposal to impose an administrative penalty for failing to maintain errors and omissions insurance.
The Tribunal found that the applicant failed to comply with the requirement to maintain insurance from July 2008 to March 2009.
Applying the criteria under the Administrative Penalties Regulation, the Tribunal directed the Superintendent to impose an administrative penalty of $1,000.
