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Superintendent of Financial Services |
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surintendant des services financiers |
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REGARDING the Insurance Act, R.S.O. 1990, c. I.8, as amended (the “Act”), in particular section 441.4;
AND REGARDING BRIAN WANG
ORDER IMPOSING SUMMARY ADMINISTRATIVE PENALTY
BRIAN WANG holds a life insurance and accident insurance agent licence, licence number 05089990.
In a letter dated June 12th, 2017 sent to Brian Wang, a delegate of the Superintendent of Financial Services (“Superintendent”) advised of the intention to impose a summary administrative penalty of $3,000 against Brian Wang for failing to disclose the names of all the insurers she represents to every prospective insured, contrary to section 15(1) of Ontario Regulation 347/04.
Pursuant to subsection 441.4(2) of the Act, the Superintendent provided Brian Wang with the opportunity to make written submissions, which were to be received by the Superintendent’s delegate on or before July 10th, 2017. Brian Wang did provide written submissions which were taken into account in the decision to impose a summary administrative monetary penalty.
Therefore, pursuant to subsection 441.4(1) of the Act and Item 31 of Schedule 3 of Ontario Regulation 408/12, the Superintendent orders a summary administrative penalty against Brian Wang.
ORDER
A summary administrative penalty of $3,000 is imposed on Brian Wang.
TAKE NOTICE THAT BRIAN WANG 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. Brian Wang must pay the administrative penalty no later than 30 days after the date of the invoice.
If Brian Wang 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 on January 2, 2018.
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Izabel Scovino
Director, Market Regulation Branch
Licensing and Market Conduct Division
By Delegated Authority from the Superintendent of Financial Services