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

AND IN THE MATTER OF Hardeep Minhas

MINUTES OF SETTLEMENT AND UNDERTAKING

PART I – INTRODUCTION

1. Hardeep Minhas (“Minhas”) is licensed as a Life Insurance and A&S Insurance Agent (licence #17163861) under the Act. He has been licensed since December 21, 2017.
2. On October 1, 2025, 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 Minhas (the “NOP”).
3. Minhas disputed the allegations and, on October 14, 2025, requested a hearing before the Financial Services Tribunal (the “Tribunal”) in respect of the NOP.
4. Minhas and the Director, by delegated authority from the CEO, (collectively the “Parties”) wish to resolve this matter on consent and without a hearing before the Tribunal.

PART II – AGREED FACTS

(a) Parties

5. During the relevant time, Minhas was contracted with World Financial Group Insurance Agency of Canada Inc.
6. “GS” and “VK” are a married couple residing in Ontario.

(b) Rebating of Premiums

7. In 2023 and 2024, Minhas sold a series of insurance policies to GS and VK (the “Policies”).
8. Minhas subsequently made a series of payments to GS and VK for various expenses, including for premium payments in respect of the Policies.
9. Minhas received approximately $1,300 in commissions for selling the Policies.

PART III – NON-COMPLIANCE WITH THE ACT

10. Section 439 of the Act states that no person shall engage in any unfair or deceptive act or practice. Section 438 of the Act defines “unfair or deceptive act or practice” as any activity or failure to act that is prescribed by the Authority rules as an unfair or deceptive act or practice.
11. By engaging in the conduct described above in Part II, Minhas admits and acknowledges that he contravened paragraph (v) of subsection 7(1) of the Unfair or Deceptive Acts or Practices rule.

PART IV – TERMS OF SETTLEMENT

12. Minhas admits the facts contained in Part II of these Minutes of Settlement and Undertaking (“Minutes”).
13. Minhas acknowledges and agrees that he has been given the opportunity to seek independent legal advice, and he has done so (or has waived the right to do so) and is entering into these Minutes voluntarily, understanding the consequences of doing so.
14. Minhas 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 the licence, a Notice of Proposal to impose an administrative penalty, or a prosecution under the Provincial Offences Act.

(a) Issuance of Order

15. Minhas acknowledges that, upon execution of these Minutes by both Parties, the order attached as Schedule “A” to these Minutes (the “Order”) will be issued, pursuant to which Minhas shall pay an administrative penalty of $1,750.

(b) Process for Execution of Settlement

16. Minhas acknowledges that these Minutes are not binding on the Director until signed by the Director.
17. 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.
18. Upon receiving an executed copy of these Minutes from FSRA, Minhas will withdraw his 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 two business days.
19. 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.
20. 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

21. 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;
    2. Minhas shall be permitted to disclose the Minutes and Order to his legal representative, financial professionals, and / or spouse; and
    3. The Parties shall be permitted to inform the Tribunal.
22. 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 Minhas; and
    2. FSRA and Minhas 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.
23. Upon issuance of the Order:
    1. Minhas agrees that these Minutes and the Order form part of his 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 him or any affiliated entities;
    2. Minhas 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

24. Whether or not the Order is issued, Minhas 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.
25. Upon issuance of the Order:
    1. Minhas waives all rights to a hearing before the Tribunal regarding the NOP;
    2. Minhas waives all rights to a judicial review or appeal of the Order;
    3. The Director agrees that FSRA will not initiate further proceedings against Minhas relating to the facts contained in Part II of these Minutes, except where:
       1. New facts relevant to the facts contained in Part II come to the attention of FSRA that are materially different from those facts contained in Part II of these Minutes;
       2. Minhas fails to comply with any term in these Minutes or the Order; or
       3. FSRA assesses the suitability for licensing of Minhas or a related entity.
    4. Minhas agrees that should he fail to comply with any term in these Minutes or the Order, FSRA is entitled to bring any proceedings available to it.

DATED at the City of Kitchener, Ontario, March 12, 2026

Original signed by

Hardeep Minhas

DATED at the City of Kitchener, Ontario, March 12, 2026

Original signed by

Vandana Sharma
Name of Witness

DATED at Toronto, Ontario, April 10, 2026

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 441.2 and 441.3;

AND IN THE MATTER OF Hardeep Minhas (“Minhas”)

ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY

Minhas is licensed as a Life Insurance and A&S Insurance Agent (licence #17163861) under the Act. He has been licensed since December 21, 2017.

On October 1, 2025, the Director, Litigation & 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 Minhas (the “NOP”).

A Request for Hearing (Form 1), dated October 14, 2025, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 441.3(5) of the Act respecting the NOP.

On [date], Minhas withdrew the Request for Hearing, and the Tribunal closed its file in respect of this matter. Therefore, pursuant to section 441.3(7) of the Act, the Director makes the following Order.  

ORDER

An administrative penalty in the amount of $1,750 is hereby imposed on Hardeep Minhas for the reasons set out in the Minutes of Settlement.

TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Hardeep Minhas with information as to where and how to pay the administrative penalty. Hardeep Minhas must pay the administrative penalty no later than thirty (30) days after the date of this Order or as otherwise agreed on.

If Hardeep Minhas 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,

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

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