Ontario’s financial services regulator, FSRA, has issued an order denying Loretto Ifeoma Okafor a life insurance agent license under the Insurance Act and its regulations.
The decision was made after the FSRA determined that Okafor is not suitable to hold a life insurance agent license due to false information provided in the application. The regulator found that her past conduct raises reasonable grounds to believe she would not conduct business in compliance with the law, or with integrity and honesty.
Based on these findings, FSRA refused to issue the license.
Okafor has not requested a hearing before the Financial Services Tribunal or contested FSRA’s decision.
The regulator’s move follows a series of other revocations. In February alone, the regulator revoked the license of insurance agent Nakhwattie “Debbie” Somai for her failure to provide requested information to the regulator. It also took enforcement action against Robert Randall Hawken and the corporate insurance agent license of Dufferin Insurance Group due to past conduct, misappropriation of funds and providing false or misleading information to clients and on eight license renewal applications.
FSRA also issued an administrative penalty of $100,000 and a compliance order against Ulrich Fabrice Avognon, who allegedly sought payment for goods or services related to an insurance claim that were either not provided to a claimant or were provided in a substantially deficient manner.
