In Ontario, the Financial Services Regulatory Authority of Ontario (FSRA) has refused to renew the life insurance and accident and sickness insurance agent’s license for Jasneet Singh Bajwa after Bajwa submitted at least 16 life insurance applications containing invalid information. He was also found to have been without errors and omissions (E&O) insurance for two months in 2023. 

The regulator also placed conditions on Bajwa’s mortgage agent’s license. It had originally proposed to revoke it entirely. The regulator stopped short of imposing monetary penalties.

“The director is satisfied that Bajwa made false and misleading statements or representations to iA (iA Financial Group) in the submission of 16 insurance applications which contained invalid drivers license information. Further, Bajwa made material misstatements or omissions on his renewal application to FSRA,” the notice of proposal in the case states.

The transgressions were initially discovered after iA investigated the former agent for having very high business volume when compared to previous years.

“The iA investigation found that, among other things, of approximately 21 contracts sold, only one was still in force; Bajwa failed to establish the suitability of the products he sold; there were significant discrepancies in the signatures on the documents submitted; 16 of 19 drivers licenses used to verify client identities were invalid; and there were unconvincing or nonexistent answers from Bajwa to iA’s questions,” they continue.

Terminated for cause 

First licensed in October 2015, Bajwa’s insurance license expired in October 2023. When he attempted to renew his license the next month, he falsely stated that he would be conducting business with iA, despite having been terminated for cause in June 2023. World Financial Group Insurance Agency of Canada Inc. (WFG) followed suit in August 2023 and ivari had similarly terminated Bajwa for cause in October that same year.

Following the filing of iA’s life agent misconduct report (LAMR) to FSRA, the regulator selected Bajwa for an examination. The proof Bajwa provided of his current E&O coverage, showed coverage from WFG, the policyholder, in place until August 2024, despite having been terminated by WFG nearly a year earlier. “In an interview with FSRA, Bajwa admitted he did not have valid E&O from August 2023 until October 23, 2023, when his license expired,” the notice of proposal states.

iA reportedly issued a $70,217.35 chargeback for commissions earned on all of the 22 contracts in question during its investigation.

For falsely claiming on his mortgage renewal licenses that he had not had a business relationship terminated for breach of trust or fraud, the regulator also imposed a number of conditions on Bajwa’s mortgage license. Among them, they say all mortgages arranged by the former life agent must be reviewed by his principal broker. Bajwa is not allowed to access any client files he is not directly involved with and must provide a statement to FSRA, every three months, signed by Bajwa and his principal broker, confirming that he is complying with his licensing conditions. The order will be revisited in two years.