Ontario’s financial services regulator, FSRA, has issued an administrative penalty of $100,000 and a compliance order against Ulrich Fabrice Avognon.
According to the regulator, Avognon 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. This action was found to violate the Unfair or Deceptive Acts or Practices Rule and the Insurance Act, the regulator said.
FSRA issued the order after Avognon withdrew his request for hearing before the Financial Services Tribunal.
The regulator is heightening its crackdown on insurance agents. Earlier this month, the regulator revoked the license of Nakhwattie Somai for her failure to provide information requested by the FSRA. It also revoked the insurance license of Robert Randall Hawken and refused to renew Hong Wei Liao’s license.
