FSRA initiates enforcement action over premium controversy

FSRA initiates enforcement action over premium controversy | Insurance Business Canada

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FSRA initiates enforcement action over premium controversy

Accused allegedly violated section two of Ontario Regulation

Insurance News

By
Grant Funtila

The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Jensen Ocampo. The FSRA alleges that Ocampo violated section two (2) of Ontario Regulation 7/00, which was in effect at the time of the alleged infractions.

The regulation prohibits paying or offering a rebate of all or part of an insurance premium to individuals who are insured or applying for insurance on life, persons, or property in Ontario.

The FSRA is proposing to impose a $25,000 administrative penalty on Ocampo.

In response, Ocampo has requested a hearing before the Financial Services Tribunal to challenge the proposed penalty.

“The insurance licence (licence #768) issued to Ivari is hereby amended, on consent, to include conditions for the reasons set out in the Notice of Intent issued on May 30, 2024,” reads part of the regulator’s final order.

“FSRA is committed to protecting consumers and ensuring public confidence in the insurance sector,” stated Huston Loke, executive vice president of market conduct at FSRA.

The Financial Services Regulatory Authority of Ontario (FSRA) is an independent regulatory agency that helps consumers plan beneficiary protections in Ontario. It was established to replace the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO). Some of the sectors it regulates include the following:

Property and casualty insurance
Life and health insurance
Credit unions and caisses populaires
Loan and trust companies
Mortgage brokers