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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, in particular sections 441.1, 441.2 and 441.3
AND REGARDING Luan (Charles) Xing
ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY
Luan (Charles) Xing (“Mr. Xing”) is a licensed life insurance agent and accident and sickness insurance agent under the Insurance Act (the “Act”), with licence number 13131589.
On March 13, 2019, the Superintendent of Financial Services (the “Superintendent”) issued a Notice of Proposal to Impose an Administrative Penalty in the amount of $3,000 (the “Notice”) on Mr. Xing for furnishing false, misleading or incomplete information to the Financial Services Commission of Ontario contrary to clause 447(2)(a) of the Act.
Canada Post records indicate that the Notice was delivered on March 21, 2019. Mr. Xing had fifteen (15) days after the Notice was given to request a hearing before the Financial Services Tribunal (the “Tribunal) in accordance with subsection 441.3(5) of the Act.
On April 9, 2019, the Registrar of the Tribunal confirmed that no request for a hearing had been filed regarding this matter.
Subsection 441.3(7) of the Act provides that the Superintendent may carry out the proposal when no hearing has been requested.
ORDER
An administrative penalty of $3,000 is imposed on Luan (Charles) Xing.
TAKE NOTICE THAT Mr. Xing 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. Mr. Xing must pay the administrative penalty no later than thirty (30) days after the date of the invoice.
If Mr. Xing 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, , 2019.
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Anatol Monid
Executive Director, Licensing and Market Conduct Division
By delegated authority from the Superintendent of Financial Services