The Financial Services Regulatory Authority of Ontario (FSRA) announced that it has imposed administrative penalties totaling $6,000 against Howard Kevin Lee, a former agent whose license expired in December 2019.
Licensed as a life insurance and accident and sickness insurance agent from December 2015 until December 2019, Lee is being sanctioned for failing to answer a request from the regulator promptly. He is also being penalized for not responding “explicitly and completely” in the manner specified by the regulator and within the period specified.
In addition, Lee is also being sanctioned for failing to maintain errors and omissions insurance while holding an active life insurance agent license. According to the order to impose administrative penalties published by the regulator, the former agent did not request a hearing in front of the regulator’s financial services tribunal.
FSRA says if Lee fails to pay the administrative penalty, “the order may be enforced as if it were an order of the court,” they write. “An administrative penalty that is not paid in accordance with the terms of an order imposing the penalty is a debt due to the Crown and is enforceable as such.”
