Ontario’s financial services regulator, FSRA, has revoked the life insurance and accident and sickness insurance agent license of Daniel Lath. The regulator has also issued two administrative penalties totalling $15,000.
According to FSRA, Lath made false or misleading statements or representations in the solicitation or registration of insurance, violating Ontario laws. He also allegedly failed to obtain sufficient continuing education credits, as well as provided false, misleading or incomplete information to the FSRA, in violation of the Insurance Act.
Lath did not request a hearing before the Financial Services Tribunal or challenge FSRA’s decision.
He is not the first to get his license revoked this month. Recently, the FSRA has slapped Ulrich Fabrice Avognon with an administrative fine of $100,000 for violating the Unfair or Deceptive Acts or Practices Rule and the Insurance Act after he allegedly sought payments for goods or services related to an insurance claim that were not provided to a claimant or were provided in a substantially deficient manner.
Nakhwattie “Debbie” Somai also got her license revoked after failing to provide the requested information to the regulator.
Meanwhile, two insurance agents have been issued enforcement actions, namely Robert Randall Hawken for allegedly misappropriating funds and providing false or misleading information to clients, and Hong Wei Liao, for incompetence and untrustworthy conduct in conducting insurance business.
