Agent and firm also penalized for allowing unlicensed activity and lying to investigators.

Minister of Finance approves amendment to Unfair or Deceptive Acts or Practices rule.

Who’s who of insurance representatives to provide operational and technical advice.

New Self-Regulatory Organization of Canada already overseen by securities commission.

Unlicensed activity included bilking one high-risk driver for $4,800.

Evidence suggests correlation between best practices and Insurance Act contraventions.

Operational efficiencies a focus, alongside public interest, innovation and choice for consumers.