The Financial Services Regulatory Authority of Ontario (FSRA) is taking enforcement action against insurance agent Ishaan Ahuja, alleging that he no longer meets the necessary qualifications to maintain his licenses under Ontario’s Insurance Act.
The authority has proposed to refuse the renewal of Ahuja’s life and accident agent license, sickness agent license, and general insurance agent license. FSRA’s notice of proposal states that Ahuja provided false information in his applications for licensure and that his conduct raises concerns about his character and reputation:
“FSRA alleges Ahuja is no longer suitable to be licensed under the Insurance Act, R.S.O. 1990, c.I.8, as amended (the "Act") and its regulations, because he provided false information with respect to the applications for the licences and he is not of good character and reputation or otherwise suitable to receive a licence. These are grounds for refusing to renew the licences under sections 4 and 8 of Ontario Regulation 347/04, pursuant to the Act.”
Ahuja has exercised his right to request a hearing before the Financial Services Tribunal to challenge the proposed decision.
The announcement follows a series of notices amid concerns over the conduct of other agents. The regulator issued a notice of proposal against Jasneet Singh Bajwa for a series of violations related to his practices and background, including reported irregularities in his handling of insurance policies and licensing documentation.
Meanwhile,, Maurice Aziz has failed to renew his insurance agent license due to findings by the regulator, which deemed Aziz “not of good character and reputation and otherwise not suitable to receive a license.” Sivashanthi Vijayakumaran was denied an insurance agent license because she may pose a “significant risk” to consumers.
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