The Financial Services Regulatory Authority of Ontario (FSRA) revokes the licence of insurance agent Nakhwattie “Debbie” Somai.
The regulator revoked Somai’s insurance agent licence following her failure to provide requested information to the regulator.
The agent likewise breached a licensing condition by not facilitating an examination by FSRA, in violation of Insurance Act sections 442.3(3) and 443(1).
Somai did not request a hearing before the Financial Services Tribunal, nor did she challenge the FSRA proposal.
Last week, FSRA took action against two agents, citing grave conduct. The regulator revoked the licenses of Robert Randall Hawken and the corporate insurance agent license of Dufferin Insurance Group (DIG).
Hawken, the sole director of DIG, was allegedly ineligible for a licence under the Insurance Act due to past conduct, misappropriation of funds, and providing false or misleading information to clients and on eight license renewal applications.
Hawken and DIG did not contest such a ruling before the tribunal nor challenge the proposal.
Separately, the FSRA also refused the license renewal of Hong Wei Liao, a life insurance and accident and sickness insurance agent.
Citing incompetence and untrustworthiness, Liao is deemed unsuitable for a license under the Insurance Act due to alleged issues with his character and reputation.
Liao requested a hearing before the tribunal to challenge the proposal.
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