IN THE MATTER OF the Insurance Act, R.S.O. 1990, c. I.8, as amended (the “Act”), in particular sections 392.4, 407.1, 441.2 and 441.3;

AND IN THE MATTER OF Noella Caspersz.

MINUTES OF SETTLEMENT AND UNDERTAKING

PART I – INTRODUCTION

1. Noella Caspersz (“Caspersz”) was licensed as a life insurance and accident and sickness insurance agent under the Act (licence # 94027106). She was first licensed in 1984.
2. Caspersz applied to renew her licence on July 14, 2023. Her licence expired on August 4, 2023.
3. On August 11, 2023, the Director, Litigation and Enforcement (the “Director”), by delegated authority from the Chief Executive Officer (“CEO”) of the Financial Services Regulatory Authority of Ontario (“FSRA”), issued a Notice of Proposal in respect of Caspersz (the “NOP”).
4. Caspersz disputed the allegations and, on or about August 28, 2023, requested a hearing before the Financial Services Tribunal (the “Tribunal”) in respect of the NOP.
5. On September 4, 2024, the Director, by delegated authority from the CEO of FSRA, issued a second Notice of Proposal (the “Second NOP”) in respect of Caspersz.
6. Caspersz disputed the allegation and, on or about September 10, 2024, requested a hearing before the Tribunal in respect of the Second NOP.
7. Caspersz and the Director, by delegated authority from the CEO, (collectively the “Parties”) wish to resolve these matters on consent and without a hearing before the Tribunal.

PART II – AGREED FACTS

(a) Referrals from Tiffin

8. Caspersz was introduced to Daniel Emerson Tiffin (“Tiffin”) through a professional contact. Tiffin owns 2796330 Ontario Inc.
9. In 2021 and 2022, Caspersz paid 2796330 Ontario Inc. approximately $14,815.
10. The $14,815 was invoiced by 2796330 Ontario Inc. as being for education and training from Tiffin at a rate of approximately $400/hour.
11. The $14,815 was paid out from the commissions Caspersz generated from clients that Tiffin referred Caspersz. Tiffin referred 16 clients to Caspersz.
12. Caspersz was aware that Tiffin was not a licensed life insurance and accident and sickness insurance agent at the time she made the payments.
13. Caspersz was aware that at least some of the 16 clients continued to meet with Tiffin about their insurance products.

(b) FSRA Investigation

14. On February 17, 2023, a FSRA Investigator sent Caspersz an inquiry letter under sections 442.1 and 442.3 of the Act. The inquiry letter required Caspersz provide certain information by March 3, 2023, and to contact the Investigator before February 3, 2023, to arrange an interview.
15. Caspersz received the letter and replied to the Investigator on February 23, 2023, indicating that she was on vacation and would reply when at home.
16. From March through June of 2023, the Investigator continued to try to schedule an interview with Caspersz. She did not attend at three scheduled interview times, one of which she cancelled in advance.
17. On June 13, 2023, Caspersz indicated that she was seeking a lawyer. The Investigator set another interview time but on June 26, 2023, Caspersz told the Investigator that she was not attending the interview and would contact him when she was ready. She never contacted the Investigator before the NOP was served.
18. On November 13, 2023, following the issuance of the NOP, Caspersz provided the requested records to the Investigator.
19. On December 1, 2023, Caspersz attended an interview with the Investigator.
20. Between the First Inquiry Letter on February 17, 2023, and the NOP issuance on August 11, 2023, Caspersz experienced health and family challenges that made it more difficult but not impossible for her to respond to the Investigator’s document requests and to attend an interview.

PART III – NON-COMPLIANCE WITH THE ACT

21. By engaging in the conduct described above in Part II, Caspersz admits and acknowledges that she breached the Act as follows:
    1. failing to answer inquiries by the Chief Executive Officer promptly, explicitly, and completely, and failing to answer in the manner and period specified, contrary to sections 442.1(5) and 442.3(3) of the Act; and
    2. directly or indirectly paying compensation to a non-licensee contrary to section 403 of the Act.
22. As a result of this non-compliance, Caspersz acknowledges that she is not presently suitable to be licensed under the Act, as contemplated by subsection 392.4(1) of the Act and paragraph 8(d) of Ontario Regulation 347/04.
23. Caspersz agrees to FSRA’s refusal to renew her licence.

PART IV – TERMS OF SETTLEMENT

24. Caspersz admits the facts contained in Part II of these Minutes.
25. Caspersz acknowledges and agrees that she has been given the opportunity to seek independent legal advice and she has done so (or has waived the right to do so) and is entering into these Minutes of Settlement and Undertaking (“Minutes”) voluntarily, understanding the consequences of doing so.
26. Caspersz acknowledges that these Minutes are an undertaking within the meaning of the Act, and that failure to comply may result in immediate regulatory action including, but not limited to, the issuance of a Notice of Proposal to revoke a licence, a Notice of Proposal to impose an administrative penalty, or a prosecution under the Provincial Offences Act.

(a) Issuance of Order

27. Caspersz acknowledges that, upon execution of these Minutes by both Parties, the order attached as Schedule “A” to these Minutes (the “Order”) will be issued.

(b) Process for Execution of Settlement

28. Caspersz acknowledges that these Minutes are not binding on the Director until signed by the Director.
29. These Minutes may be executed in counterparts, and may be executed and delivered by facsimile or e-mail, and all such counterparts and facsimiles or e-mails, as applicable, shall together constitute one and the same agreement.
30. Upon receiving an executed copy of these Minutes from FSRA, Caspersz will withdraw her Request for Hearing (Form 1) in respect of the NOP before the Tribunal by completing a Withdrawal/Discontinuance (Form 5) and filing it with the Registrar at the Tribunal within five (5) business days.
31. Upon confirmation from the Tribunal that the Request for Hearing has been withdrawn and the hearing has been cancelled, the Parties agree that the Director will issue an Order in the form attached as Schedule “A” to these Minutes.
32. The Parties accept and understand that these Minutes and any rights within the Minutes shall enure to the Parties and to any successors or assigns of the Parties.

(c) Disclosure of Minutes and Order

33. The Parties will keep the terms of these Minutes and the Order confidential until the Order is issued, except that:
    1. The Director shall be permitted to disclose the Minutes and the Order within FSRA; and
    2. The Parties shall be permitted to inform the Financial Services Tribunal.
34. If either of the Parties do not sign these Minutes or the Director does not issue the Order:
    1. These Minutes, the Order, and all related discussions and negotiations will be without prejudice to FSRA and Caspersz; and
    2. FSRA and Caspersz will each be entitled to all available proceedings, remedies and challenges, including proceeding to a hearing of the allegations contained in the NOP. Any proceedings, remedies and challenges will not be affected by these Minutes, the Order, or any related discussions or negotiations.
35. Upon issuance of the Order:
    1. Caspersz agrees that these Minutes and the Order form part of her administrative record for the purposes of any future licensing decision or as an aggravating factor in respect of a future administrative penalty or prosecution against her or any affiliated entities;
    2. Caspersz acknowledges that these Minutes and the Order are public and will be published by FSRA on its public website (or that of its successor) along with a press release that summarizes these Minutes and the Order; and
    3. The Parties agree not to make representations to any member of the public or media or in a public forum that are inconsistent with these Minutes or the Order.

(d) Further Proceedings

36. Whether or not the Order is issued, Caspersz will not use, in any proceeding, these Minutes or the negotiation or process of approval of these Minutes as the basis for any attack on FSRA’s jurisdiction, alleged bias, alleged unfairness, or any other remedies or challenges that may be available.
37. Upon issuance of the Order:
    1. Caspersz waives all rights to a hearing before the Tribunal regarding the NOP;
    2. Caspersz waives all rights to a judicial review or appeal of the Order;
    3. The Director agrees that FSRA will not take any further proceedings against Caspersz arising solely from the facts contained in Part II of these Minutes, unless facts not disclosed by Caspersz come to the attention of FSRA that are materially different from those contained in Part II of these Minutes or Caspersz fails to comply with any term in the Order; and
    4. Caspersz agrees that should she fail to comply with any term in these Minutes or the Order, FSRA is entitled to bring any proceedings available to it.

DATED at Mississauga, Ontario, Oct 22, 2024

Original signed by

Noella Caspersz

DATED at Mississauga, Ontario, Oct 22, 2024

Original signed by

Gary Caspersz
Name of Witness

DATED at Toronto, Ontario, December 2, 2024

Original signed by

Elissa Sinha
Director, Litigation and Enforcement
Financial Services Regulatory Authority of Ontario

By delegated authority from the Chief Executive Officer

APPENDIX A

IN THE MATTER OF the Insurance Act, R.S.O. 1990, c. I.8, as amended (the “Act”), in particular sections 392.4, 407.1, 441.2 and 441.3;

AND IN THE MATTER OF Noella Caspersz.

ORDER TO REFUSE TO RENEW LICENCE
AND TO IMPOSE AN ADMINISTRATIVE PENALTY

Caspersz was licensed as a life insurance and accident & sickness insurance agent (licence # 94027106). On July 14, 2023, she applied to renew her licence, which expired on August 4, 2023.

On August 11, 2023, 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 refuse to renew Caspersz’s licence and to impose an administrative monetary penalty of $50,000. The administrative penalty was for failing to answer inquiries by the Chief Executive Officer promptly, explicitly, and completely, and failing to answer in the manner and period specified, contrary to sections 442.1(5) and 442.3(3) of the Act.

The Notice of Proposal was delivered to Caspersz on August 15, 2023. A Request for Hearing dated August 28, 2023, was delivered to the Financial Services Tribunal (the “Tribunal”) on August 28, 2023, in accordance with sections 407.1(3) and 441.3(5) of the Act, respecting the Notice of Proposal.

Following the issuance of the Notice of Proposal, Caspersz complied with the inquiries that had been made by the Chief Executive Officer’s delegate. Further investigation revealed that Caspersz had been paying compensation to a non-licensee contrary to section 403 of the Act.

A second Notice of Proposal was issued by the Director on September 4, 2024. This Notice of Proposal proposed to impose administrative penalties, including for the contravention of section 403. It also proposed to refuse to renew Caspersz’s licence. Caspersz delivered a second Request for Hearing to the Tribunal on September 10, 2024.

On [TBD] Caspersz withdrew her Requests for Hearing and on [TBD] the Tribunal closed its file with respect to the matters. This order is made pursuant to a Minutes of Settlement and Undertaking (the “Minutes”) entered into by Caspersz and the Director on [TBD].

ORDER

The renewal of the life insurance and accident & sickness insurance agent licence (licence # 94027106) issued to Noella Caspersz is hereby refused for the reasons set out in the Minutes of Settlement dated [TBD].

DATED at Toronto, Ontario,

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

ORDER

An administrative penalty in the amount of $15,000 is hereby imposed on Noella Caspersz for the reasons set out in the Minutes of Settlement dated [TBD].

DATED at Toronto, Ontario,

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

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