Ontario’s financial services regulator, FSRA, has issued an order denying the renewal of the life and accident and sickness insurance agent license held by Hong Wei Liao.
The regulator said Liao was not fit to hold a licence as an insurance agent, after finding that she had provided false information in her licence application.
Her past conduct also raised concerns that she would not conduct insurance business in compliance with the law or with the necessary integrity and honesty, FSRA said, saying this led to the decision to refuse the renewal of her agent licence.
The order was issued after Liao withdrew her request for a hearing before the Financial Services Tribunal.
Earlier this year, the FSRA has taken action against other individuals for similar violations. The FSRA imposed a $50,000 administrative penalty and issued a compliance order against Daniel Emerson Tiffin following a decision by the Financial Services Tribunal.
The regulator alleged that Tiffin had acted as an insurance agent without a valid license. Despite having lost his licence, Tiffin continued to offer insurance advice to former clients, including recommending policy transfers and new coverage options. Additionally, he recruited licensed agents to submit paperwork on his behalf, effectively using them as “fronts” to receive commissions.
The Tribunal found the penalty and compliance order to be appropriate. As a result, Tiffin is prohibited from acting as an insurance agent, collecting commissions, or engaging in the insurance business in Ontario. He is also barred from participating in any insurance-related activities within the province.
In a similar case, FSRA imposed a $100,000 administrative penalty on Kostyantyn Poshtarenko for acting as an insurance agent without a valid license. Poshtarenko was found to have violated certain provisions of the Insurance Act and Ontario Regulation 347/04 by conducting insurance business without the necessary authorization.
