The Financial Services Regulatory Authority of Ontario (FSRA) has fined a pair of life insurance agents $1,000 each for failing to complete the 30 hours of continuing education required by regulators.
In separate decisions and orders, FSRA imposed summary administrative penalties totalling $1,000 each, on licensed life insurance agents, Ines Mundt and Harvinder Kaur. The agents were informed by letters sent to them in March and April 2022, that FSRA intended to impose the administrative penalties for contravening section 14 of Ontario Regulation 347/04. Neither agent made written submissions to the regulator.
FSRA states that if either agent fails to pay the administrative penalty in accordance with the terms of their respective orders, it may file the order with the Superior Court of Justice. “An administrative penalty that is not paid in accordance with the terms of the order imposing the penalty is a debt due to the Crown and is enforceable as such,” they write.
