An order that is made regarding a licence holder reflects a situation at a particular point in time. The status of a licence holder can change. Readers should check the current status of a person’s or entity’s licence on the Licensing Link section of FSCO’s website. Readers may also wish to contact the person or entity directly to get additional information or clarification about the events that resulted in the order.
SUP ERINTENIlENT OF FINANCIAL SE RVICES Regarding the life insurance agent's licence of Gary Caspcrsz
ANllthe Insurance Act, R.S.O. 1990, c, 1.8, as amended, particularly section 393
ORIlER Pursuant to a Minutes of Settlement signed by Gary Caspcrsz which is filed, I order that life insurance agent's licence #94026769 of Gary Caspersz be suspended for a period of thirty (30) days commencing on the ' 5t day of ~ , 2008. ;D\ Dated at the City ofToronto this l"r day of 1~ , 2008 -'G~t ~w~son ' Executive Director. Licensing and Market Conduct Division. by Delegated Authori ty from the Superintendent of Financial Services
Super'i nte ndc ut of H nauc inl Services I{egarding the Life Insurance agent' s licence o f Gary Caspersz (hereinaft er re ferred to as ' the age nt")
AND the Insurance ACT. R.S.O_1990. c.1.8. as amended. particu larl y sec tion 393
~ I ioules of Selt lellU'n l The Superintendent of the Financial Services (Superintendent] initiated an investigation regard ing the conduct o f the agent.
The age nt and the Superintendent wish to resolve thi s mailer on consent and without a hea ring hefore an Advisory Board.
In considerati on ofthe mutual covenants and promises set out below, the Superintend ent and the agent agree as fo llows :
1. The agent waives his right to a hearing be fore an Adviso ry Board and the Superintenden t and any right to an appea l from an order or decision of the Superi ntendent in this matter:
The agent acknowledges and agrees that he has been advised to seek and receive independent lega l adv ice and is ente ring into these Minutes of Settlement voluntarily. understanding the consequences ofhis doing so;
3. The agen t. for the purpose of this proceeding. admits to the facts as set out in Schedule ' A'. attached hereto;
4 . The agent agrees that the facts set out in Schedule ' A' wo uld co nsti tute sufficient grounds to conve ne an Adv isory Board Hearing which may resu lt in the suspens ion or revocation of his life insurance licence;
5. The agent consents to having the Supe rintendent issue all ord er suspending his life insurance agent' s licence for a period of thirty (30 ) days comme ncing on the date these l\ linutcs o f Settleme nt take effect:
6. The Superintendent agrees to tak e 110 furth er action with respect to the matt ers referred to III Schedule •A. provided tha t the agent complies with these Minutes of Se tt lemen t;
7. The agent acknowledges and understands tha t these Minutes of Settlement. includ ing Schedule A. are public document s and they. or a summary o f them. shall he publish ed in bulletins and communications publi shed from time to tim e by the Financial Services Co mmiss ion o f On tario .
8. These Min utes of Sett lem ent do not take effect until they have been signed by the Superintendent or his del egat e.
Dated at the C ity of Toronto thi s 11 day o f Octob er. 2008. I Signature: /=7;f\l=;t"",L-=----- Signature: Gary C.. sz Witness nam e: Dated at the Ci ty of Toronto thi s 7 -CJ:1.yof h't."'t1J"V____. . 2008. ~/-"'- Grant Swanson Execut ive Director. Licensing and Market Conduct Division . by Delegated Aut hori ty from the Superinte nden t of Financial Services
SC IlE llliL E •A" I. Gary Caspcrsz (the agent) has been a licensed insurance agent since 1986. I lis curren t licence. #94026769. was issued on September 21. 2008 with an expiry date o f September 20.2010.
2. In November 2006 a complaint was received at the Financ ial Serv ices Commission o f Ontario (FSCO) alleging that. without the know ledge o fh is clients. the agent \vas naming a member of his family. who was also a licensed insurance agent. as the servicing agent on insurance applications written by him.
3. It was confirmed by the FSCO investigator that between 2001 and 2004 the agent wrote atleast ten insurance applications and failed to notify the clients that he named a family member. who was also a licensed age nt. as the serv icing agent and that he allow ed that person to sign the applications as though they were the servicing agent.
4. When questioned by the investigator regard ing his act ions the agent readil y admiucd thai the above facts were true but said he had ceased this practice more than a year ago .