|
|
Superintendent of Financial Services |
|
surintendant des services financiers |
|
REGARDING the Insurance Act, R.S.O. 1990, c. I.8, as amended (the “Act”), in particular sections 288.5 and 288.7;
AND REGARDING Toronto Erectile Dysfunction Incorporated
ORDER TO REFUSE APPLICATION
Toronto Erectile Dysfunction Incorporated (“TEDI”) is a corporation incorporated in Ontario. Heung-Wing Li, also known as Leung-Wing Li (“Dr. Li”), is the sole director and officer of TEDI.
On January 10, 2018, Dr. Li filed an application with the Financial Services Commission of Ontario (“FSCO”) for a service provider licence on behalf of TEDI.
On January 3, 2019, the Superintendent of Financial Services (the “Superintendent”) issued a Notice of Proposal to Refuse Application with respect to TEDI’s service provider licence application (the “Notice of Proposal”). The Superintendent determined that there were reasonable grounds to believe that TEDI is not suitable to be licensed as the proposed Principal Representative of TEDI, Dr. Li, will not carry out the obligations of a Principal Representative with honesty and integrity.
The Notice of Proposal was sent by regular and registered mail on January 9, 2019. TEDI had until January 31, 2019 to file a request for hearing with the Financial Services Tribunal (the “Tribunal”). The registered mail copy was returned marked “unclaimed”, but the regular mail copy was not returned.
On February 1, 2019, the Registrar of the Tribunal confirmed that neither TEDI nor anyone on its behalf requested a hearing in writing.
ORDER
The application for a service provider licence filed on behalf of Toronto Erectile Dysfunction Incorporated on January 10, 2018, is hereby refused.
DATED at Toronto, Ontario, this day of , 2019.
_________________________________
Heather Driver
Director, Licensing Branch
By Delegated Authority from
The Superintendent of Financial Services