The Financial Services Regulatory Authority of Ontario (FSRA) wants to revoke the licence of Insurance for Children president Michael Lampel.
In a release, the financial services regulator said: “FSRA alleges that Lampel made false or misleading statements or representations in the solicitation or registration of insurance contrary to section 17(c) of Ontario Regulation 347/04 and provided false information to FSRA contrary to section 447(2)(a) of the Insurance Act.
“FSRA further alleges that this conduct affords reasonable grounds for the belief that Lampel and Insurance for Children are not suitable to be licensed under the Act.”
Formally known as IFC Financial Inc., Insurance for Children currently holds a corporate insurance agency licence. Lampel, meanwhile, is a licensed insurance agent whose LinkedIn profile indicates that he serves as president of Insurance for Children.
“FSRA is proposing to revoke the life insurance and accident and sickness insurance agent licence of and impose administrative penalties in the amount of $55,000 against Lampel and refuse to renew the corporate agent licence of Insurance for Children,” the watchdog said.
“Lampel and Insurance for Children have requested a hearing before the Financial Services Tribunal about this proposal.”
Broken down, the proposed fines are $50,000 for breaching section 17(c) of Ontario Regulation 347/04 and two penalties of $2,500 each for violating section 447(2)(a) of the Insurance Act. FSRA’s reasons for its proposal are outlined here.
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