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 James Zhan
ORDER TO IMPOSE AN
ADMINISTRATIVE PENALTY
On March 28, 2016, the Superintendent of Financial Services issued a Notice of Proposal to impose an administrative penalty in the amount of $1,500 on James Zhan for contravening clause 447(2)(a) of the Act by directly or indirectly furnishing false, misleading or incomplete information to the Financial Services Commission of Ontario.
On April 18, 2016, Mr. Zhan requested a hearing before the Financial Services Tribunal (“Tribunal”). At the Pre-Hearing Conference, the Tribunal set a hearing date of October 21, 2016.
On July 15, 2016, the Superintendent and Mr. Zhan entered into Minutes of Settlement in order to resolve the matter. Mr. Zhan has withdrawn his Request for Hearing before the Tribunal.
ORDER
Pursuant to subsection 441.3(7) of the Act, an administrative penalty of $500 is imposed on James Zhan.
TAKE NOTICE THAT James Zhan 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. James Zhan must pay the administrative penalty no later than 30 days after the date of the invoice.
If James Zhan 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