Superintendent
of surintendant des
Financial services
Services financiers
___________________________________________________________________________
REGARDING the Insurance Act, R.S.O. 1990, c. I.8, as amended, in particular sections 441.1, 441.2 and 441.3
AND REGARDING Irene Chinturu Anyanwu
ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY
Irene Chinturu Anyanwu is a life insurance and accident and sickness insurance agent under the Insurance Act, R.S.O. 1990, c. I.8 (“Act”).
On November 7, 2014, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to impose an administrative penalty in the amount of $1,300 on Ms. Anyanwu. The Superintendent had determined that Ms. Anyanwu had contravened section 13 of Regulation 347/04 by failing to maintain errors and omissions insurance coverage for a period of about four months while licensed.
Ms. Anyanwu requested a hearing before the Financial Services Tribunal (“Tribunal”). The Tribunal held a hearing on June 25, 2015. By decision dated July 27, 2015 and pursuant to section 441.3(6) of the Act, the Tribunal directed the Superintendent to carry out the proposal to impose an administrative penalty of $1,300 against Ms. Anyanwu.
ORDER
An administrative penalty of $1,300 is imposed on Irene Chinturu Anyanwu.
TAKE NOTICE THAT Ms. Anyanwu 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. Ms. Anyanwu must pay the administrative penalty no later than 30 days after the date of the invoice.
If Ms. Anyanwu fails to pay the administrative 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 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, August 19, 2015.
_________________________________
Anatol Monid
Executive Director,
Licensing and Market Conduct
By delegated authority from the
Superintendent of Financial Services