Life insurance representative Yanick Tessier (certificate no. 217456) has had his licence revoked by the Financial Markets Administrative Tribunal (TMF). He must also pay an administrative penalty of $21,000.

The TMF hearing was held on October 7 before administrative judge Jean-Nicolas Boutin-Wilkins. The decision, dated October 16, was sent to us by the Autorité des marchés financiers (AMF), which issued a press release on the matter on October 21.

The TMF approved an agreement reached between the AMF and the respondent, who represented himself. Between March 2022 and November 2024, Tessier held a certificate authorizing him to practise in life insurance. He was attached to an insurance company's firm, which terminated his employment in August 2024. His certificate was not renewed when it expired.

In the course of his duties, he offered insurance products to 26 people, several of whom were close friends, telling them that he would pay the premiums himself or that they would benefit from an insurer promotion under which the premiums would be paid.

He also told them that the compensation he received when these policies were issued would exceed the premiums he would pay. On occasion, he claimed that the insurer was offering to pay the premiums for family members and friends of its representatives for a limited period. Approximately 36 policies were issued in this manner.

The amounts involved

This conduct enabled him to receive $120,931.90 in commissions. He also obtained advances or withdrew cash surrender values from certain policies, for an additional $22,464.55.

He derived no financial benefit from this conduct, given the more than $82,000 in premiums he paid and the nearly $62,000 in commissions clawed back by the insurer following the early termination of certain policies.

The respondent acknowledges having committed violations, including of section 469.3 of the Act respecting the distribution of financial products and services (LDPSF) and section 36 of the Code of Ethics of the Chambre de la sécurité financière.

Tessier provided false or misleading information to the insurer regarding the identity of the bank account holder whose account was used to pay the insurance premiums. The respondent "placed his personal interests ahead of those of his clients."

The TMF considers that the measures proposed by the AMF and accepted by the respondent "meet the objectives of the legislation, serve the public interest and do not bring the administration of justice into disrepute."

Revocation of the licence "is justified because the violations directly undermine the essential qualities of integrity and probity required to practise in the life insurance sector, and because the protection of the public demands it." The tribunal adds that the administrative penalty is consistent with the parameters established by the legislation.