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 Daniel Conrado (“Conrado”).
ORDER IMPOSING AN ADMINISTRATIVE PENALTY
Conrado was licensed with the Financial Services Commission of Ontario, the previous regulator of the insurance sector, as an insurance agent, licence number 09111852, from December 11, 2009, until his licence expired on December 10, 2011. Conrado has not been licensed as an insurance agent since 2011.
On December 21, 2022, 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 $30,000 on Conrado for contravening section 2(1) of Ontario Regulation 347/04 for acting as an insurance agent without a licence.
The Notice of Proposal was delivered to Conrado on January 9, 2023. 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 February 22, 2023, the Assistant Registrar of the Financial Services Tribunal (the “Tribunal”) confirmed that Conrado 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, Director makes the following order.
ORDER
An administrative penalty in the amount of $30,000 is hereby imposed on Daniel Conrado, 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 Daniel Conrado with information as to where and how to pay the administrative penalty. Daniel Conrado must pay the administrative penalty no later than thirty (30) days after the Order is issued.
If Daniel Conrado 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, February 22, 2023
Elissa Sinha
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
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