OFST 2015

The Applicant, a licensed life insurance agent, requested a hearing before the Financial Services Tribunal after the Superintendent of Financial Services issued a Notice of Proposal to impose a $2,500 administrative monetary penalty.

The penalty was proposed because the Applicant allegedly provided false, misleading, or incomplete information on her online licence renewal application regarding the termination of her previous registration as a Scholarship Plan Dealer.

The Tribunal found that the Applicant intentionally provided false and misleading answers, contravening subsection 447(2)(a) of the Insurance Act.

However, considering the relevant factors, the Tribunal reduced the penalty to $1,500.

The Superintendent of Financial Services issued a Notice of Proposal to impose an administrative monetary penalty of $1,000 on the applicant for contravening the Insurance Act.

The applicant requested a hearing but failed to attend the pre-hearing conference and the scheduled hearing.

The Financial Services Tribunal dismissed the proceeding due to the applicant's non-attendance and directed the Superintendent to carry out the proposal to impose the penalty.

The applicant, a licensed life insurance agent, failed to complete a mandatory market conduct questionnaire issued by the Superintendent of Financial Services.

The Superintendent issued a Notice of Proposal to impose a $1,000 administrative monetary penalty.

The applicant requested a hearing but conceded he failed to provide the requested information.

The Financial Services Tribunal found the penalty appropriate to promote compliance and upheld the $1,000 amount, noting the applicant's failure was intentional and frustrated the regulator's mandate.

The Superintendent of Financial Services proposed a $1,000 administrative monetary penalty against a life insurance agent for failing to respond to a mandatory market conduct questionnaire.

The agent requested a hearing before the Financial Services Tribunal.

The Tribunal found that while the agent breached the Insurance Act by failing to respond, imposing the penalty was not appropriate due to the agent's extreme personal and family hardships at the time, including the severe illness and frequent hospitalization of his infant son.

The Tribunal directed the Superintendent not to carry out the proposal.

The applicant, a licensed life insurance agent, failed to complete a mandatory market conduct questionnaire despite multiple reminders from the Superintendent of Financial Services.

The Superintendent issued a Notice of Proposal to impose a $1,000 administrative monetary penalty.

The applicant requested a hearing, conceding the contravention but disputing the penalty amount.

The Financial Services Tribunal found the contravention intentional and upheld the $1,000 penalty to promote statutory compliance, noting the failure to respond increases regulatory costs and frustrates the regulator's mandate.

The Superintendent of Financial Services issued a Notice of Proposal to impose a $1,000 administrative monetary penalty on the applicant, a licensed life insurance agent, for failing to respond to a mandatory market conduct questionnaire.

The applicant requested a hearing before the Financial Services Tribunal.

The Tribunal found that the applicant failed to provide the requested information, but reduced the penalty to $500 because her failure was negligent rather than intentional, she was not actively working in the industry at the time, and she derived no economic benefit from the contravention.

The Applicant, a licensed life insurance agent, failed to maintain continuous errors and omissions (E&O) insurance coverage for a period of approximately nine months.

The Superintendent of Financial Services issued a Notice of Proposal to impose an administrative monetary penalty of $1,600.

The Applicant requested a hearing, acknowledging the contravention but seeking a reduction in the penalty.

The Financial Services Tribunal found that the contravention was intentional, the Applicant derived an economic benefit by avoiding premiums, and the proposed penalty was appropriate to deter non-compliance.

The Tribunal ordered the Superintendent to impose the $1,600 penalty.

The Superintendent of Financial Services issued a Notice of Proposal to impose administrative monetary penalties totaling $2,000 on a mortgage brokerage for failing to disclose the number of lenders it represented and for improperly paying a commission to a broker affiliated with another brokerage.

The brokerage requested a hearing, conceding the contraventions but arguing the proposed penalties were excessive.

The Financial Services Tribunal found that the contraventions resulted from negligence and that the penalties were appropriate for general and specific deterrence.

The Tribunal directed the Superintendent to impose the $2,000 penalty.

The Superintendent of Financial Services proposed to impose administrative monetary penalties totalling $5,500 on the applicant mortgage brokerage for seven contraventions of the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations.

The applicant requested a hearing before the Financial Services Tribunal, admitting the contraventions but arguing the penalties were excessive due to personal circumstances.

The Tribunal found that the penalties were appropriate to promote general and specific deterrence and that the applicant's personal circumstances did not excuse the failure to comply with strict regulatory requirements.

The Tribunal directed the Superintendent to impose the $5,500 penalties.

The Superintendent of Financial Services issued a Notice of Proposal to impose an administrative monetary penalty on the applicant.

The applicant filed a Request for Hearing outside the 15-day statutory time limit under the Insurance Act.

The Superintendent brought a motion to dismiss the request without a hearing.

The Tribunal found that the request was filed late and that it had no jurisdiction to proceed because the Superintendent did not consent to waive the time limit under the Statutory Powers Procedure Act.

The motion was granted and the request for hearing was dismissed.

The applicant, a licensed life insurance agent, requested a hearing before the Financial Services Tribunal to review a Notice of Proposal by the Superintendent of Financial Services to impose a $1,500 administrative monetary penalty.

The penalty was proposed because the applicant failed to maintain errors and omissions insurance for over a year while licensed.

The Tribunal found that the applicant intentionally failed to maintain the required coverage and derived an economic benefit from unpaid premiums.

The Tribunal ordered the Superintendent to carry out the proposal and impose the $1,500 penalty.

The applicant filed a request for a hearing regarding a notice of proposal to impose an administrative monetary penalty.

The respondent brought a motion to dismiss the request because it was filed beyond the 15-day statutory time limit under the Insurance Act.

The Tribunal found that the request was filed late and that it had no jurisdiction to waive the time limit without the consent of all parties, which the respondent refused.

The request for a hearing was dismissed.