The Financial Services Regulatory Authority of Ontario (FSRA) has ordered Andi Efovia to cease and desist from conducting insurance business in the province and has ordered Efovia to pay administrative penalties totalling $25,000.
Broken down, Efovia is being fined $15,000 for acting as an insurance agent without being duly licensed and $10,000 for holding himself out to the public as an insurance agent while not being duly licensed.
Efovia is not and has not ever been licensed in the province. He was first reported in January and February 2024 when the Co-operators General Insurance Company and TD Insurance both filed complaints with the regulator.
The complaints note that Efovia applied for approximately 89 auto insurance policies on behalf of consumers. He provided false and misleading information when he used his own contact information and credit cards to secure the coverage. In addition to holding himself out as an insurance agent on social media, he also impersonated consumers or represented himself as a friend or translator for the consumers while arranging auto insurance policies for them.
Consumers reportedly paid Efovia between $250 and $2,000 for the arrangement of their policies, using Interac to e-transfer the funds to Efovia’s bank account. “Efovia’s unlicensed activity was conducted systematically and repeatedly over a sustained period of time,” the notice of proposal in the case states. “Efovia declined to cooperate with FSRA’s investigation.”
Efovia did not request a hearing by the Financial Services Tribunal.
