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 Alireza Sedighpour
ORDER TO IMPOSE
AN ADMINISTRATIVE PENALTY
Alireza Sedighpour is licensed as a life insurance and accident and sickness insurance agent (licence #05089421).
On January 15, 2016, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to impose an administrative penalty in the amount of $2,300 on Mr. Sedighpour for failing to maintain errors & omissions insurance at all times when licensed, contrary to section 13 of Ontario Regulation 347/04 under the Act.
On January 19, 2016, the Notice of Proposal was sent to Mr. Sedighpour and he had 15 days after service of the Notice to request a hearing before the Financial Services Tribunal (“Tribunal”) in accordance with subsections 441.3(2) and 441.3(5) of the Act.
The Registrar of the Tribunal has confirmed that, as of February 5, 2016, no request for a hearing has been received from or on behalf of Mr. Sedighpour.
Subsection 441.3(7) of the Act provides that the Superintendent may carry out the proposal to impose an administrative penalty when no hearing has been requested.
ORDER
Pursuant to subsection 441.3(7) of the Act, an administrative penalty of $2,300 is imposed on Alireza Sedighpour.
TAKE NOTICE THAT Mr. Sedighpour 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. Pursuant to subsection 9(1) of Ontario Regulation 408/12, Mr. Sedighpour must pay the administrative penalty no later than 180 days after the date of the invoice.
If Mr. Sedighpour 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, , 2016.
_________________________________
Anatol Monid
Executive Director
Licensing and Market Conduct Division
By Delegated Authority from:
The Superintendent of Financial Services