A former billing specialist has admitted that he acted as an insurance agent in numerous automobile insurance registrations between 2022 and 2024. During the period, Chintankumar Narendra Thakkar collected at least $10,000 in fees from his activities as an unlicensed insurance agent.
Although the Financial Services Regulatory Authority of Ontario (FSRA) initially sought a $30,000 penalty, this was cut by more than half after Thakkar requested, then withdrew his request for a hearing before the Financial Services Tribunal. Ultimately, the regulator only assessed an administrative penalty totalling $13,500.
The minutes of settlement and undertaking note that Thakkar is not and has never been licensed as an insurance agent under the province’s Insurance Act. Similarly, he has never been a registered insurance broker under the Registered Insurance Brokers Act.
Despite this, Thakkar held himself out as an insurance agent, solicited clients and transmitted insurance applications, charging between $100 and $300 for his services which prospective insureds paid directly to the unlicensed agent by e-transfer.
“Thakkar used the insurer’s online system to bind insurance policies,” the minutes state. “During the application process Thakkar impersonated the prospective insureds when using the insurer’s online platform.” He similarly misrepresented that his clients were eligible for group insurance discounts when they were not, and impersonated prospective insureds during telephone calls with the insurer.
FSRA issued a cease-and-desist letter to Thakkar in January 2024. In early August he withdrew his request for a hearing and entered into the agreement with the regulator.
