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 Yanfeng Chen
ADMINISTRATIVE MONETARY PENALTY ORDER
On July 25, 2014, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to impose an administrative monetary penalty of $1,000 on Yanfeng Chen.
Mr. Chen initially requested a hearing before the Financial Services Tribunal in accordance with the Act on August 26, 2014. On May 22, 2015, Mr. Chen withdrew his request for a hearing.
Section 441.3(7) of the Act provides that the Superintendent may carry out the proposal to impose an administrative monetary penalty where no hearing has been requested.
ORDER
An administrative monetary penalty in the amount of $1,000 is imposed on Yanfeng Chen pursuant to section 441.3(7) of the Act.
TAKE NOTICE THAT Mr. Chen will receive 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. Mr. Chen must pay the administrative monetary penalty no later than 30 days after the date of the invoice.
If Mr. Chen 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 this 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, , 2015
_____________________________
Anatol Monid, Executive Director
Licensing and Market Conduct Division
By delegated authority from
Superintendent of Financial Services