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 Jing (Laura) Zhang (“Ms. Zhang”)
ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY
Jing (Laura) Zhang (“Ms. Zhang”) is licensed under the Act as a Life Insurance and Accident and Sickness Insurance Agent (#08105543).
On May 19, 2015, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to impose an Administrative Penalty in the amount of $1,600 on Ms. Zhang. The Superintendent had determined that Ms. Zhang had contravened section 13 of Ontario Regulation 347/04 by failing to maintain errors and omissions insurance.
Ms. Zhang requested a hearing before the Financial Services Tribunal (“Tribunal”) in accordance with the Act. Ms. Zhang and the Superintendent have resolved this matter on consent and without a hearing before the Tribunal.
ORDER
An Administrative Monetary Penalty in the amount of $1,600 is imposed on Jing (Laura) Zhang.
TAKE NOTICE THAT Jing (Laura) Zhang 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. Jing (Laura) Zhang must pay the Administrative Monetary Penalty no later than 6 months after the date of the invoice.
If Ms. Zhang 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 day of , 2015.
_________________________________
Anatol Monid
Executive Director, Licensing and Market Conduct Division
By Delegated Authority from
The Superintendent of Financial Services