The Financial Services Regulatory Authority of Ontario (FSRA) wants to revoke the licenses of Daumier Financial Services, Carmen Munoz Gutierrez, Ana Huang Yu, Andres Antonio Hernandez Silva, Maylin Rodriguez Perez, and Michael Lue. It is also seeking to block the issuance of a license to 1000532009 Ontario.
In its announcement, the regulator noted: “FSRA alleges that Daumier Financial, Munoz Gutierrez, Huang Yu, Hernandez Silva, Rodriguez Perez, and Lue contravened the Insurance Act, R.S.O. 1990, c.I.8, as amended, and its regulations by making false or misleading statements or representations in the solicitation or registration of insurance contrary to section 17(c) of Ontario Regulation 347/04.
“This conduct affords reasonable grounds for the belief that these individuals are not suitable to be licensed under the Act. FSRA is proposing to revoke the licenses of Daumier Financial, Munoz Gutierrez, Huang Yu, Hernandez Silva, Rodriguez Perez, and Lue.”
Meanwhile, Munoz Gutierrez is 1000532009 Ontario’s sole director and intended designated agent, so FSRA is proposing to refuse to issue the company a corporate agent license.
In response to the proposed enforcement actions, all parties have exercised their right to request a hearing before the Financial Services Tribunal. Pending the tribunal’s hearing, FSRA has executed an interim suspension order, with the suspension to remain in effect until the conclusion of the hearing process.
According to the document seen by Insurance Business, Munoz Gutierrez, Huang Yu, Hernandez Silva, Rodriguez Perez, and Lue currently hold life insurance and accident and sickness insurance agent licenses.
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