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IN THE MATTER OF the Insurance Act, RSO 1990, c. I.8, as amended (the “Act”), in particular sections 392.4 and 407.1;
AND IN THE MATTER OF 1550739 Ontario Inc. and Carman McKechnie (“McKechnie”)
ORDER TO REFUSE TO RENEW LICENCE OF 1550739 Ontario Inc. AND TO REVOKE THE LICENCE OF CARMAN McKECHNIE
On February 6, 2024, McKechnie submitted an application to renew the corporate insurance agent of 1550739 Ontario Inc. (licence # 33287M) under the Act.
McKechnie has been licensed continuously as a Life and Accident and Sickness Insurance Agent (licence # 02074754) under the Act since November 6, 2002. His licence expires January 31, 2026.
On September 27, 2024, by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”), the Director, Licensing (the “Director”) issued a Notice of Proposal to refuse to renew the licence of 1550739 Ontario Inc. and to revoke the licence of McKechnie.
The Notice of Proposal was delivered to 1550739 Ontario Inc. and McKechnie on October 8, 2024. Section 407.1 (3) 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 October 29, 2024, The Registrar of the Tribunal confirmed that 1550739 Ontario Inc. and McKechnie did not request a hearing by the Tribunal in accordance with section 407.1(3) of the Act respecting the Notice of Proposal. Therefore, pursuant to section 407.1(7) of the Act, the Director makes the following orders.
ORDER
The application to renew the corporate insurance agent licence issued to 1550739 Ontario Inc. (licence # 33287M) is hereby refused for the reasons set out in the Notice of Proposal.
DATED at Toronto, Ontario .
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Yovanka McBean
Director, Licensing (A)
By delegated authority from the Chief Executive Officer
Si vous désirez recevoir cet avis en français, veuillez nous envoyer votre demande par courriel immédiatement à : contactcentre@fsrao.ca.
ORDER
The life and accident and sickness insurance agent issued to Carman McKechnie (licence # 02074754) is hereby revoked for the reasons set out in the Notice of Proposal.
DATED at Toronto, Ontario .
_________________________________________________
Yovanka McBean
Director, Licensing (A)
By delegated authority from the Chief Executive Officer
Si vous désirez recevoir cet avis en français, veuillez nous envoyer votre demande par courriel immédiatement à : contactcentre@fsrao.ca.