The Financial Services Regulatory Authority of Ontario (FSRA) has refused to renew the life insurance and accident and sickness agent licence of Mckasey Samuel Cadore.
FSRA found that Cadore made a material misstatement or omission on his licence application, contrary to Ontario Regulation 347/04, and that he had demonstrated incompetence or untrustworthiness making him unsuitable to hold a licence. The order was issued after Cadore withdrew his request for a hearing before the Financial Services Tribunal.
In its earlier notice of proposal, FSRA alleged that Cadore knowingly submitted false claims to Sun Life for services he did not receive, and accepted reimbursement that he failed to repay despite agreeing to do so.
The case follows the Ontario Divisional Court's decision in November 2025 to dismiss FSRA's appeal in the case of Ishaan Ahuja. In that case, the Tribunal had ordered FSRA to renew Ahuja's licences with a one-year supervision period and a $10,000 administrative penalty, even though it found he had made misleading statements on his licensing application.
The Tribunal's reasoning in Ahuja turned on the nature of the misstatements. It found that Ahuja had relied on incorrect advice from his firm about continuing to work while his renewal was pending, and that he stopped immediately once FSRA told him otherwise. It also found that the misstatements did not conceal conduct so serious that a licence would certainly have been refused, giving fraud and theft as examples of conduct that would meet that bar.
The allegations against Cadore, which involve claims submitted for services he did not receive, sit much closer to the conduct the Tribunal identified as disqualifying. Ahuja established that a material misstatement no longer leads automatically to refusal. It did not establish that misstatements covering up dishonest conduct will be treated leniently.
Cadore's case follows a familiar pattern. FSRA refused to renew the life and accident and sickness licence of Hong Wei Liao in 2025 after she withdrew her own hearing request, following findings that she had provided false information in her application.
In proposed guidance on licensing suitability, FSRA has said it "considers all of the information requested in its licensing application to be material."
For MGAs and agencies onboarding or renewing life agents, the case is a reminder that suitability extends beyond sales conduct and client complaints. Allegations here arose from an agent's own dealings with an insurer, outside any sales file. Firms that rely mainly on self-disclosure at onboarding may not see that kind of conduct until the regulator acts.
