Superintendent
of Surintendant des
Financial services
Services financiers
___________________________________________________________________________
REGARDING the Insurance Act, R.S.O. 1990, c. I.8, as amended (the “Act”), in particular sections 441.1, 441.2 and 441.3
AND REGARDING Scott Reynolds (“Mr. Reynolds”)
ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY
Scott Reynolds (“Mr. Reynolds”) is licensed under the Act as a Life Insurance and Accident and Sickness Insurance Agent (Licence #94019070). Pursuant to his authority under the Act, the Superintendent of Financial Services (“Superintendent”) initiated an investigation regarding a complaint about Mr. Reynolds.
During the course of the investigation of the complaint, Mr. Reynolds failed to provide information about a life insurance policy upon the request of the Superintendent on June 6, 2014, and therefore Mr. Reynolds contravened section 442.3(1) of the Act.
A Notice of Opportunity for Hearing under the Act was issued by the Superintendent on August 12, 2014. On August 29, 2014, Mr. Reynolds responded by requesting a hearing before the Advisory Board.
Through Minutes of Settlement, Mr. Reynolds and the Superintendent have resolved this matter on consent and without requiring a hearing before the Advisory Board.
ORDER
Pursuant to Minutes of Settlement, an Administrative Monetary Penalty in the amount of $3,000 is imposed on Scott Reynolds.
TAKE NOTICE THAT Scott Reynolds will be receiving shortly an invoice from Ontario Shared Services, a part of the Ministry of Government and Consumer Services, with information as to where and how to make the payment. Scott Reynolds must pay the Administrative Monetary Penalty no later than 30 days after the date of the invoice.
If Mr. Reynolds fails to pay the Administrative Monetary Penalty in accordance with the terms of this Order, the Superintendent 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 Monetary 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, this 19th day of May, 2015.
“Anatol Monid”
_________________________________
Anatol Monid
Executive Director, Licensing and Market Conduct division
By delegated authority from
The Superintendent of Financial Services