Latest news with #FSRA
Cision Canada
2 days ago
- Business
- Cision Canada
FSRA imposes an administrative penalty and suspends the licence of Donald Newton Mason Français
TORONTO, June 19, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has imposed an administrative penalty of $5,000 on Donald Newton Mason (Mason) and suspended Mason's life insurance and accident & sickness insurance agent licence. Mason failed to provide requested information to FSRA, contrary to subsection 442.3(1) of the Insurance Act, R.S.O. 1990, C.I.8, as amended. Mason did not request a hearing before Financial Services Tribunal or contest FSRA's proposal. Learn more: Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. For media inquiries: Ashley Legassic Sr. Media Relations and Digital Officer Financial Services Regulatory Authority C: 647-719-8426 Email: [email protected] SOURCE Financial Services Regulatory Authority of Ontario
Cision Canada
4 days ago
- Automotive
- Cision Canada
FSRA's new Fraud Reporting Service Rule approved by the Minister of Finance Français
TORONTO, /CNW/ - Fraud drives up the cost of auto insurance for everyone operating a vehicle. That's why Ontario's financial services regulator (FSRA) is taking a critical step to help combat the effects of auto insurance fraud, with its Fraud Reporting Service (FRS) Rule and Guidance. The Rule, which has now been approved by the Minister of Finance, applies to all automobile insurers in Ontario and will come into effect when the government proclaims the related changes to the Insurance Act into force. FSRA will work with the industry and the Ontario government to ensure auto insurers clearly understand the new expectations and are able to effectively implement the changes before the Rule and Guidance take effect. "This is an important step toward more effectively tracking and identifying auto insurance fraud" said Glen Padassery, Executive Vice President of Policy and Auto Insurance, FSRA. "Fraud drives up costs for drivers. By improving how fraud is tracked and reported, we're helping build accountability across the system to better protect consumers." Once effective, the FRS Rule will require auto insurers to provide specific auto insurance fraud information to FSRA. These insights will help to: Better determine the amount of auto insurance fraud in the province Identify and address fraud trends Establish a baseline to be able to track and reduce the amount of fraud in the future By identifying and addressing fraud, auto insurance rates could be reduced. FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at FOR MEDIA INQUIRIES: Ashley Legassic Sr. Media Relations and Digital Officer Financial Services Regulatory Authority C: 647-719-8426 Email: [email protected] SOURCE Financial Services Regulatory Authority of Ontario
Yahoo
4 days ago
- Automotive
- Yahoo
FSRA's new Fraud Reporting Service Rule approved by the Minister of Finance
TORONTO, June 17, 2025 /CNW/ - Fraud drives up the cost of auto insurance for everyone operating a vehicle. That's why Ontario's financial services regulator (FSRA) is taking a critical step to help combat the effects of auto insurance fraud, with its Fraud Reporting Service (FRS) Rule and Guidance. The Rule, which has now been approved by the Minister of Finance, applies to all automobile insurers in Ontario and will come into effect when the government proclaims the related changes to the Insurance Act into force. FSRA will work with the industry and the Ontario government to ensure auto insurers clearly understand the new expectations and are able to effectively implement the changes before the Rule and Guidance take effect. "This is an important step toward more effectively tracking and identifying auto insurance fraud" said Glen Padassery, Executive Vice President of Policy and Auto Insurance, FSRA. "Fraud drives up costs for drivers. By improving how fraud is tracked and reported, we're helping build accountability across the system to better protect consumers." Once effective, the FRS Rule will require auto insurers to provide specific auto insurance fraud information to FSRA. These insights will help to: Better determine the amount of auto insurance fraud in the province Identify and address fraud trends Establish a baseline to be able to track and reduce the amount of fraud in the future By identifying and addressing fraud, auto insurance rates could be reduced. Learn More Fraud Reporting Service Rule Fraud Reporting Service Guidance Submission to the Minister Consultation on the Rule and Guidance Publication of Board Approved Rule FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at FOR MEDIA INQUIRIES: Ashley LegassicSr. Media Relations and Digital OfficerFinancial Services Regulatory AuthorityC: 647-719-8426Email: SOURCE Financial Services Regulatory Authority of Ontario View original content to download multimedia:
Cision Canada
13-06-2025
- Business
- Cision Canada
FSRA imposes administrative penalty and imposes conditions on mortgage broker licence of Renkai Lin and suspends the mortgage brokerage licence of ZK Financial Inc. Français
TORONTO, June 13, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has issued Orders imposing an administrative penalty of $6,000 against Renkai Lin ("Lin"), imposing a condition on Lin's mortgage broker licence, and suspending the mortgage brokerage licence of ZK Financial Inc. ("ZK Financial") for a period of 2 months. Lin contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 ("Act") by giving false or misleading information to the CEO on behalf of himself and on behalf of ZK Financial, contrary to subsection 45(1) of the Act. FSRA issued these Orders as a result of a settlement with Lin and ZK Financial. Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. For media inquiries: Ashley Legassic Sr. Media Relations and Digital Officer Financial Services Regulatory Authority C: 647-719-8426 Email: [email protected]
Cision Canada
12-06-2025
- Business
- Cision Canada
FSRA concludes licensing enforcement action against Daumier Financial Services Inc., 1000532009 Ontario Ltd., Carmen Munoz Gutierrez, Ana Huang Yu, Andres Antonio Hernandez Silva, Maylin Rodriguez Perez, and Michael Lue Français
TORONTO, June 12, 2025 /CNW/ - Ontario's financial services regulator, FSRA, revoked the licences of Daumier Financial Services Inc. (Daumier Financial), Carmen Munoz Gutierrez (Munoz Gutierrez), and Andres Antonio Hernandez Silva (Hernandez Silva). FSRA has also refused to issue a licence to 1000532009 Ontario Ltd. FSRA determined that Daumier Financial, Munoz Gutierrez, and Hernandez Silva contravened the Insurance Act, R.S.O. 1990, c.I.8, as amended (the Act), and its regulations by making false or misleading statements or representations in the solicitation or registration of insurance contrary to section 17(c) of Ontario Regulation 347/04. This conduct affords reasonable grounds for the belief that they and 1000532009 Ontario Ltd. are not suitable to be licensed under the Act. FSRA issued these orders as the above parties withdrew their Requests for Hearing before the Financial Services Tribunal. FSRA discontinued the licensing enforcement action against Ana Huang Yu, Maylin Rodriguez Perez, and Michael Lue after their licenses expired. Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. For media inquiries: Ashley Legassic Sr. Media Relations and Digital Officer Financial Services Regulatory Authority C: 647-719-8426 Email: [email protected]
