IN THE MATTER OF the Insurance Act, RSO 1990, c. I.8, as amended (the “Act”), in particular sections 441.2 and 441.3;
AND IN THE MATTER OF World Financial Group Insurance Agency of Canada Inc.
World Financial Group Insurance Agency of Canada Inc. (“WFG”) is licensed as a corporate insurance agency (licence #26687M) under the Act.
On April 9, 2024, by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”), the Director, Litigation and Enforcement (the “Director”) issued a Notice of Proposal to impose an administrative penalty in the amount of $50,000 on WFG for paying or allowing compensation or anything of value to a person for placing or negotiating insurance on lives, or for attempting so to do, who, at the date thereof, is not an agent or broker contrary to section 403(1) of the Act.
The Notice of Proposal was delivered to WFG on April 9, 2024. Section 441.3(5) of the Act provides that any person on whom a Notice of Proposal is delivered has fifteen (15) days after the Notice of Proposal is received to request a hearing by the Financial Services Tribunal (the “Tribunal”).
On April 29, 2024, the Registrar of the Financial Services Tribunal (the “Tribunal”) confirmed that WFG did not request a hearing by the Tribunal in accordance with section 441.3(5) of the Act respecting the Notice of Proposal. Therefore, pursuant to section 441.3(7) of the Act, the Director makes the following order.
An administrative penalty in the amount of $50,000 is hereby imposed on World Financial Group Insurance Agency of Canada Inc. (“WFG”), for the reasons set out in the Notice of Proposal.
TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to WFG with information as to where and how to pay the administrative penalty. WFG must pay the administrative penalty no later than thirty (30) days after the date of the invoice.
If WFG fails to pay the administrative penalty in accordance with the terms of this Order, the Chief Executive Officer may file the Order with the Superior Court of Justice and the Order may be enforced as if it were an order of the court. An administrative penalty that is not paid in accordance with the terms of an order imposing the penalty is a debt due to the Crown and is enforceable as such.
DATED at Toronto, Ontario, May 2, 2024.
Original signed by
Elissa Sinha
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
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