The Financial Services Regulatory Authority of Ontario (FSRA) has taken enforcement action against two insurance agents.
The regulator has revoked the insurance agent license of Robert Randall Hawken and the corporate insurance agent license of Dufferin Insurance Group (DIG). Hawken, the sole director of DIG, and the company were found unsuitable to be licensed 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 request a hearing before the Financial Services Tribunal, nor did they challenge the FSRA proposal.
The FSRA also initiated enforcement action against Hong Wei Liao, refusing to renew his life insurance and accident and sickness agent license.
The regulator alleged that Liao is not suitable to be licensed under the Insurance Act because he is allegedly not of good character and reputation. He also has allegedly demonstrated incompetence and untrustworthiness in conducting insurance business.
Liao has requested a hearing before the Financial Services Tribunal regarding the regulator’s proposal.
Last month, the FSRA launched an enforcement action against Jonathan Matthew Warden for failure to respond to the regulator’s inquiries and for failure to provide prompt and complete information in violation of certain provisions of the Insurance Act.
