Ontario’s financial services regulator has refused to renew Noella Caspersz's insurance agent license. According to the Financial Services Regulatory Authority of Ontario (FSRA), Caspersz directly or indirectly paid compensation to a non-licensee, contrary to section 403 of the Insurance Act.
FSRA also claimed Caspersz failed to promptly, explicitly and completely respond to its inquiry within the specified period, violating sections 442.1 (5) and 442.3 (3) of the same law.
In 2023, the FSRA imposed sanctions against Caspersz for failure to respond to inquiries related to allegations of churning, fronting and product-client suitability. The regulator then proposed to refuse to renew her insurance agent license and imposed an administrative penalty of $50,000.
The news comes after the FSRA refused to renew Ishaan Ahuja’s life and accident agent license, sickness agent license and general insurance agent license for allegedly providing false information in his applications for these licenses. The regulator alleged Ahuja was not of good character and reputation.
Meanwhile, Jasneet Singh Bajwa was also denied his license renewal due to alleged misconduct. The regulator said the denial followed a review of Bajwa’s practices and background, which revealed alleged irregularities in his handling of insurance policies and licensing documentation.
The FSRA is an independent regulatory agency created to improve consumer and pension plan beneficiary protection in Ontario. It regulates various sectors of the insurance industry in the province, including property and casualty, life and health, and pension plan administrators.
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