The Financial Services Regulatory Authority of Ontario (FSRA) announced it has imposed administrative penalties on two former World Financial Group Insurance Agency of Canada Inc. (WFG) representatives, Mohn Tanvir and Satindeer Kaur. The married couple worked from January 2016 and December 2017, respectively, until December 2020 when their agent agreements with WFG were terminated for cause.
That same month, Equitable Life terminated its own contracts with the pair for cause after it was determined they altered work and study permits issued by Immigration, Refugees and Citizenship Canada, to support two life insurance policy applications submitted to Equitable.
Neither agent is currently licensed.
When Equitable asked Tanvir to provide documentation showing that one work permit had been extended, Tanvir submitted an altered version of the work permit using his official email account. In another case, a third agent who worked with the couple sent Kaur the study permit in question and was assured that Kaur would submit the document to Equitable Life. A PDF audit trail for both altered documents reflects that the alterations were made in June 2020 by a user associated with Tanvir’s personal email account. FSRA’s enforcement order says only Tanvir and Kaur had access to the account. Kaur later admitted to making the alterations in an interview with WFG.
In the order, FSRA states that its director is satisfied that the contraventions were intentional and that the pair knew the alterations had the potential to harm others if claims were declined.
“The director is unaware of any steps taken by Tanvir and Kaur to remedy the contraventions described in this proposal,” they state. It’s estimated that Tanvir stood to earn approximately $600 from the sale of the policies. In its order, FSRA imposed administrative penalties of $20,000 on Tanvir and $12,000 on Kaur.
