The Financial Services Regulatory Authority of Ontario (FSRA) has issued an administrative penalty of $17,000 against Jensen Ocampo, an insurance professional, for violating Ontario Regulation 7/00.
Ocampo had been found to have paid a rebate to 27 clients for their life insurance premiums, which is prohibited under the regulation that was in effect at the time of the incidents.
According to a news release, FSRA issued this order as a result of a settlement with Ocampo. This regulatory action addresses a breach of the rules governing the conduct of individuals in Ontario’s life insurance market.
Under the terms of Ontario Regulation 7/00, it is unlawful to offer or pay a rebate of all or part of an insurance premium to individuals insured under life, health, or property policies. FSRA’s investigation concluded that Ocampo’s actions violated this provision, leading to the penalty.
In a statement, FSRA emphasized its role in ensuring compliance with the province’s insurance laws, protecting consumers and maintaining the integrity of Ontario’s financial services market.
The case follows earlier enforcement actions, including a previous proposal for a $25,000 penalty against Ocampo in August 2024, after the alleged violations were initially discovered. Ocampo had requested a hearing before the Financial Services Tribunal to contest the proposed penalty.
FSRA has been actively working to enhance consumer protection in Ontario’s financial services sector. Earlier in the year, the agency also took action against Ivari, an insurer, by imposing conditions on its license, including the appointment of an independent monitor to oversee its compliance system.
The Financial Services Regulatory Authority of Ontario enforces regulations in sectors such as life and health insurance, mortgage brokering, and credit unions, aiming to safeguard public confidence and protect consumers across the province.
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