The Financial Services Regulatory Authority of Ontario (FSRA) announced it has assessed an administrative penalty of $30,000 against Daniel Conrado, a former broker banned for 10 years by the Registered Insurance Brokers of Ontario (RIBO), after Conrado held out as an insurance agent, forging documents and then spending client premiums that were paid into his account to secure coverage.
FSRA learned about the activity from York Region Police in June 2022.
Conrado was licensed as an insurance agent with the Financial Services Commission of Ontario (the insurance industry’s previous regulator in the province) from 2009 until his license expired in 2011. He was also licensed as a RIBO insurance broker for two different brokerages between 2017 and 2020. He was not employed by a brokerage after October 14, 2020, and later, in June 2021, had his license revoked for 10 years.
The RIBO disciplinary hearing panel found that the broker accepted money from an insured, transferred it to his own account, failing to send it to the insurer. He was also found to have switched insurance companies without insured’s knowledge or consent, he fabricated liability cards for those with no automobile insurance and provided one insurer with a fraudulent letter of experience.
When offered the opportunity to defend himself in a second disciplinary hearing, Conrado declined. The committee revoked his license, banned him for 10 years from reapplying and fined him $10,000.
Following all of this, in November 2021 a would-be client, informed by his insurer that he was considered a high-risk driver and that his automobile insurance policy would not be renewed, contacted Conrado who said coverage could be obtained if the client paid in advance. After receiving $1,900, Conrado requested and received another $1,900 and another $1,000. When the client received a forged pink slip and was unable to get his money back from Conrado, he called the police. The regulator’s notice of proposal states the Conrado immediately spent the money on personal items.
“The director is satisfied the contraventions were intentional. Conrado knew that he was not licensed as an insurance agent but represented to BA that he was able to secure automobile insurance and purported to do so,” the regulator’s notice of proposal states. “Conrado was aware at the time that his registration with RIBO had been revoked and that his insurance agent license with FSRA had long since expired.”
