The Financial Services Regulatory Authority of Ontario (FSRA) announced September 7 that it has revoked the insurance agent’s license of Liset Jimenez Rodriguez, saying she is not suitable to be licensed after repeatedly demonstrating untrustworthiness. FSRA also states that Rodriguez is guilty of fraudulent practices.
Specifically, between January 2016 and January 2017 she reportedly sold 17 insurance policies to herself and 63 policies to members of her family. “As of January 2018, only two polices were still active,” FSRA states in its amended notice of proposal. She also entered invalid banking information on 55 applications for 22 clients, and reportedly made 85 repeat sales to just nine clients.
Sun Life Financial Distributors (Canada) Inc. reported Rodriguez in January 2018 saying it estimates that her actions have resulted in a loss of $138,785.85 for the company. In 2016 she received offer $247,000 in commissions and $86,000 in 2017 before being terminated in April that year.
“Rodriguez also failed to disclose to Sun Life that the life insurance policies she was selling were replacements for existing policies. This might have been done to take advantage of Sun Life’s commission structure,” they add.
Separately, in April 2020, Assumption Life also submitted a complaint about Rodriguez, claiming she was fronting by allowing an unlicensed individual to sell life policies using her name and credentials. The company provided a signed statement by Rodriguez’ employee admitting as much and saying that Rodriguez was never present during client meetings.
Finally, Rodriguez is being sanctioned for paying the premiums for a life insurance policy for that employee. “It is not improper to provide life insurance benefits to employees, however Rodriguez herself sold the policy and obtained a commission for doing so. It is an unfair and deceptive act for Rodriguez to rebate the premium on a policy she sold,” FSRA states. “With respect to improper replacements (also reported by Assumption Life), Rodriguez blames clients for failing to inform her that they had existing policies.”
The notice goes on to say be submitting incorrect banking information, FSRA’s director is also satisfied that Rodriguez is guilty of a fraudulent practice. “Given the repeated nature of the untrustworthy conduct, the director believes that Rodriguez is not suitable to be licensed as an insurance agent.”
Although the firm is not named in any of FSRA’s notices, Markham, Ontario-based Daumier Financial Services came out shortly after the announcement was made, saying that Rodriguez is stepping back from her career as an advisor to focus on other philanthropic programs in the community. “Daumier thanks her for her service and contributions for the past five years.”
