The Financial Services Regulatory Authority of Ontario (FSRA) has imposed a compliance order and assessed administrative penalties against former corporate life insurance agency, McGill Health Services, and its president, Peter Maccabe.
To comply with the order, Maccabe must immediately cease soliciting insurance business in Ontario and permanently cease operating six websites. He and McGill must also pay $15,000 for failing to comply with requirements established under Ontario’s Insurance Act. (Broken down, FSRA fined Maccabe $5,000 and McGill $10,000.)
McGill was previously licensed as a corporate life insurance agent until its license expired in June 2015. Maccabe is the sole director and officer of McGill. FSRA states in its order that he has never been licensed under the Insurance Act in Ontario.
FSRA first proposed to impose the compliance order in February 2021. It later dismissed Maccabe’s and McGill’s request for a hearing in March 2022. The six websites listed in the FSRA compliance order today point to a website landing page for McGill Group of Companies. In it Maccabe, as president, encourages new and existing business to make contact through a variety of means. It also endorses membership in a global travel evacuation and rescue service, which in turn appears to refer travel insurance purchasers back to McGill.