Ontario's financial services regulator, the Financial Services Regulatory Authority (FSRA), has revoked the insurance agent license of Minh Anh Nguyen.

Nguyen was found to have provided falsified documents to an insurer and misappropriated client funds, in violation of the Insurance Act. These actions were grounds for the revocation of his license under section 392.5 of the Insurance Act and section 8 of Ontario Regulation 374/04.

Nguyen did not request a hearing before the Financial Services Tribunal or challenge FSRA's proposal.

Earlier this month, the FSRA refused to renew Noella Caspersz’s insurance agent license. Caspersz allegedly violated the Insurance Act for failure to promptly, explicitly and completely respond to the regulator’s inquiry within the specified time.

Caspersz had also received sanctions in 2023 for failure to respond to inquiries related to allegations of churning, fronting and product-client suitability.

More recently, FSRA refused to renew Ishaan Ahuja’s various insurance licenses for allegedly providing false information in his applications for these licenses. Jasneet Singh Bajwa also failed to renew his license due to alleged misconduct when the regulator reviewed his practices and background and claimed that it found irregularities in his handling of insurance policies and licensing documentation.

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