For making misleading statements on his renewal application for a mortgage license, and for making false or misleading statements when soliciting insurance, the Financial Services Regulatory Authority of Ontario (FSRA) has suspended Chanderkant Jindal’s mortgage agent’s license. His life and accident and sickness insurance licenses expired in December 2024. Jindal is not currently licensed under the province’s Insurance Act.
Jindal was first investigated in 2023 and early 2024 after an insurer submitted a life agent misconduct report (LAMR) to FSRA regarding his conduct as an insurance agent. In January 2024 a FSRA compliance officer interviewed Jindal.
The next month the agent submitted an application to FSRA to renew his mortgage agent’s license. In the application he falsely declared that he was not the holder of an insurance license and that he was not currently the subject of an investigation. The following year, in March 2025, Jindal admitted to having a license and to being the subject of an investigation.
The insurer’s LAMR alleges that Jindal forged the signatures of a couple who’d previously inquired about obtaining a mortgage. In the process, they provided the agent with personal information which was in turn used to apply for insurance without their knowledge.
In discussing the matter with FSRA, the former agent said the complainants requested the insurance policies, signed the applications and sent the applications to the insurer from their email addresses.
Consumers lost their pre-existing insurance policy
“As a result of Jindal’s actions, the consumers lost their pre-existing insurance policy with (the insurer),” the minutes of settlement in the case states.
The regulator imposed a six-month suspension on Jindal’s mortgage license and plans to impose conditions on the license when he returns.
The conditions include making the former level 2 agent a level 1 agent on his return. All mortgages arranged by the level 1 agent must be reviewed by his principal broker. He is also prohibited from accessing client files at his brokerage unless he is directly involved in the client file. Every three months, the agent and his principal broker must also indicate that Jindal is complying with his license conditions. Jindal must comply with the supervisory conditions for a continuous period of two years before he will be allowed to apply to be a level 2 mortgage agent.
For making false or misleading statements in the solicitation or registration of insurance, meanwhile, the agent is also fined $5,000. Jindal withdrew his request for a hearing before the Financial Services Tribunal. The tribunal closed its file in January 2026.
