FSRA denies insurance agent's license renewal, citing misconduct

The Financial Services Regulatory Authority of Ontario (FSRA) has issued a Notice of Proposal to refuse the renewal of an insurance agent licence for Jasneet Singh Bajwa, citing alleged misconduct.

This action is in response to a series of violations that question Bajwa’s suitability to serve as an insurance agent. The notice follows a review of Bajwa’s practices and background, which revealed several alleged irregularities in his handling of insurance policies and licensing documentation.

Bajwa, who had held a life agent and accident and sickness agent licence in Ontario since 2015, applied for a renewal of his insurance licence on November 17, 2023, after its expiration in October 2023. Bajwa also holds a mortgage agent licence valid until March 2025. According to FSRA, Bajwa’s mortgage licence may also face a similar proposal for refusal due to similar allegations of misconduct.

The FSRA’s review of Bajwa's record was triggered by an investigation led by Industrial Alliance (iA), with whom Bajwa was previously affiliated. iA launched an internal inquiry in November 2022 due to the high volume of business Bajwa conducted, a spike compared to previous years. The findings, issued to Bajwa in June 2023, pointed to various issues, including:

• Suitability concerns: Out of 21 policies sold by Bajwa, only one remained active. FSRA cites a lack of suitability checks for clients regarding the products Bajwa offered.
• False identity verification: Of the driver’s licences provided for client identity verification, 16 out of 19 were found to be invalid.
• Discrepancies and non-responsiveness: Bajwa allegedly failed to provide satisfactory responses to iA’s inquiries about his practices, leading to the termination of his business arrangement with iA.

In July 2023, FSRA initiated a Life Agent Misconduct Examination after receiving reports from iA, as well as from Bajwa’s former employers, World Financial Group (WFG) and ivari, both of whom terminated Bajwa’s employment for cause in 2023. FSRA’s examination of Bajwa revealed the following concerns:

• Errors and Omissions (E&I) insurance coverage: Bajwa submitted documentation of E&O insurance coverage for 2023–2024; however, it was found that his coverage was invalid following his termination from WFG in August 2023, leaving him uninsured from August until his licence expired.
• False information on policy applications: Bajwa allegedly submitted 16 insurance applications with inaccurate or fabricated information, including invalid driver’s licence numbers for client identification.
• Commission chargebacks: Bajwa faced approximately $70,000 in commission chargebacks for all 22 contracts he managed, as clients reportedly cancelled policies or they were otherwise deemed ineligible.

FSRA asserted that Bajwa provided false information in his November 2023 licence renewal application by failing to disclose his termination from iA due to alleged breaches of trust and misconduct. Additionally, he reportedly claimed ongoing business relations with iA, despite his termination.

Bajwa’s repeated lapses indicate a "pattern of untrustworthiness," according to FSRA, posing a risk to Ontario consumers if he were to be licensed again.

Bajwa has requested a hearing before the Financial Services Tribunal to address these proposals.