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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 sections 441.1, 441.2 and 441.3
AND REGARDING Ly Lin Sok
ORDER FOR AN ADMINISTRATIVE PENALTY
Ly Lin Sok (“Ms. Sok”) is licensed as a life and accident & sickness insurance agent (licence # 14140868) under the Act.
On January 2, 2019, the Superintendent of Financial Services (the “Superintendent”) issued a Notice of Proposal to Impose an Administrative Penalty (the “Notice”) in the amount of $1,750 on Ms. Sok for failing to comply with a requirement under the Act, namely the requirement for an agent who holds a life insurance licence to maintain errors and omissions insurance pursuant to section 13 of Ontario Regulation 347/04.
The Notice was delivered to Ms. Sok by registered mail on February 25, 2019. Ms. Sok had fifteen (15) days after the Notice was given to request a hearing before the Financial Services Tribunal (the “Tribunal”).
On March 25, 2019, the Registrar of the Tribunal confirmed that Ms. Sok did not request a hearing.
Pursuant to subsection 441.3(7) of the Act, the Superintendent makes the following order:
ORDER
An administrative monetary penalty in the amount of $1,750 is hereby imposed on Ly Lin Sok.
TAKE NOTICE THAT Ly Lin Sok will shortly be receiving 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. Ms. Sok must pay the administrative penalty no later than thirty (30) days after the date of the invoice.
If Ms. Sok 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 , 2019.
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Anatol Monid
Executive Director, Licensing & Market Conduct Division
By Delegated Authority from the Superintendent of Financial Services