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 Fedele Group Financial Inc. o/a DFSIN Vaughan Central
ORDER TO IMPOSE AN ADMINISTRATIVE
MONETARY PENALTY
On April 29, 2016 the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to impose an Administrative Monetary Penalty against Fedele Group Financial Inc. o/a DFSIN Vaughan Central (“Fedele Group”). The Superintendent had determined that Fedele Group contravened or did not comply with subsection 392.2(6) of the Insurance Act (the “Act”) and subsection 2(1) of Ontario Regulation 347/04, namely acting as an insurance agent without a licence for a period from August 22, 2015 to January 18, 2016.
Fedele Group requested a hearing before the Financial Services Tribunal. However, prior to the hearing, the parties entered into Minutes of Settlement in which Fedele Group, among other things, consented to an order imposing an administrative penalty of $3,467.
In accordance with the Minutes of Settlement, Fedele Group was required to withdraw to the hearing request. Fedele Group did withdraw the hearing request, which was confirmed by the Financial Services Tribunal on October 28, 2016.
Therefore, in accordance with Minutes of Settlement, the Superintendent issues the following order.
ORDER
An Administrative Monetary Penalty of $3,467 is imposed on Fedele Group Financial Inc. o/a DFSIN Vaughan Central.
TAKE NOTICE THAT Fedele Group must pay the administrative penalty no later than six (6) months after being given notice of this Order. You will be receiving shortly an invoice from Ontario Shared Services, a part of the Ministry of Government Services, with information as to where and how to make the payment.
If you fail 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, , 2016.
______________________________
Anatol Monid
Executive Director, Licensing and Market Conduct Division
By delegated authority from:
The Superintendent of Financial Services