Regulator revokes agent and corporate insurance licenses for unsuitable conduct

The Financial Services Regulatory Authority of Ontario (FSRA) revoked the life insurance and accident and sickness agent’s license for one agent and the license of her corporation, saying the agent’s past conduct is grounds to believe she will not conduct insurance business in accordance with the law if she were allowed to remain licensed.

Saadia Ali had her licenses revoked and the regulator refused to renew the corporate insurance agent licenses for her firm, Anusha Financial Group Inc. 

The order says she is being sanctioned for making false or misleading statements or representations in the solicitation and registration of insurance, for making false and misleading statements about the terms, benefits and advantages of the insurance contracts she sold and provided an incomplete comparison of policies or contracts for the purpose of inducing an insured to lapse, forfeit or surrender a policy or contract.

Specifically, records recovered by London Life Insurance Company and Canada Life which terminated their relationships with Ali, found that insurance policy transactions were completed solely for the purpose of Ali and her husband, Amin Ali, to obtain deferred sales charge (DSC) fees from at least 27 different clients, “with no benefit to the clients as consumers,” according to the notice of proposal originally filed against both of the Alis.

The notice of proposal also documents cases where Ali worked on client files, not her own, counselled clients to withhold information about existing medical conditions, advised clients to transfer funds between institutions, incurring thousands in DSC charges, and cases where the Alis misappropriated funds.

Amin Ali is also the subject of a Mutual Fund Dealers Association (MFDA) decision. His own license expired in July 2022.

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Fund salesperson banned for outside activities 

Licensed since July 2007, Saadia Ali and Amin Ali also both failed to disclose on licensing applications that Amin was the subject of the MFDA investigation, or that either had been terminated by London Life.

“Ali is not suitable for licensing,” the regulator states. “Her past conduct affords reasonable grounds for belief that she will not conduct insurance business in accordance with the law.”