The Financial Services Regulatory Authority of Ontario (FSRA) has refused to renew the license of insurance agent Stewart Edward Ranft due to misconduct and fraud.
The regulator investigated Ranft after he was found to have submitted life insurance policy applications using fabricated identities.
According to the notice of proposal detailing FSRA’s initial allegations, Ranft used false information to complete 49 applications for whole life policies with Assumption Life.
Last April, Ranft requested a hearing with the Financial Services Tribunal regarding the allegations. He later withdrew this request in December and reached a settlement with FSRA.
In its latest notice regarding the case, FSRA said it is refusing to renew the license it had issued to Ranft. It also imposed administrative penalties amounting to $28,000.
The minutes of settlement published by FSRA noted the following:
“In view of the above non-compliance, Ranft consents to the imposition of administrative penalties in the amount of $28,000 pursuant to Section 441.3 of the Act. Ranft agrees to pay such administrative penalties.”
“Ranft further consents to the issuance of an order refusing to renew the insurance agent licence issued to him, pursuant to sections 392.4 and 407.1 of the Act and as proposed by the NOP.”
Earlier this month, FSRA revoked the service provider license of a rehabilitation clinic in Markham that submitted falsified invoices to insurers. Gibson Wellness Centre filed these invoices to Certas, Allstate, and Intact for claims totalling $205,564.
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