The Financial Services Regulatory Authority of Ontario (FSRA) has levied an administrative penalty in the amount of $1,750 against a life and health agent who rebated client premiums to earn approximately $1,300 in commissions.
The regulator announced in early May that Hardeep Minhas, an agent at the time, engaged in an unfair or deceptive act or practice, contrary to sections of the province’s Insurance Act. The regulator had initially sought a penalty in the amount of $3,000 “for paying a rebate to an insured or person applying for insurance, as an incentive or indictment to purchase, renew or retain an insurance product,” the notice of proposal in the case states.
First licensed in December 2017, Minhas initially disputed the allegations and requested a hearing before the Financial Services Tribunal in October 2025. According to the minutes of settlement and undertaking published by FSRA, the life insurance and accident & sickness insurance agent ultimately entered into an agreement with FSRA’s director, “to resolve the matter on consent and without a hearing before the tribunal,” the settlement states.
“In 2023 and 2024, Minhas sold a series of insurance policies to GS and VK (a married couple, according to the notice of proposal). Minhas subsequently made a series of payments to GS and VK for various expenses, including premium payments in respect of the policies.”
