SUPE RINTENDENT OF FINANCI AL SE RVICES Regarding the life insurance agent' s licence of Li libeth Ocampo
AND the Insurance Act. R.S.O. 1990. c, 1.8. as amended. panicularly section 393
ORDER Pursuant to a Minutes of Settlement signed by Lilibeth Ocampo which is filed. I order that life insurance agent's licence #0 1067567 of Lilibeth Ocampo be revoked for the period of one month commencing ~I I 1<107 . Dated at the City ofToronto this 1<1 K day of ~ , 2009
f .. I • - - .
Superintendent or Financial Services Regarding the Life Insurance agent's licence of Lilibeth Ocampo (hereinafter referred to as ' the agent ' )
AND the Insurance Act, R.S.O. 1990, c.1.8, as amended, particularly section 393
Minutes of Settlement The Superintendent of the Financial Services (Superintendent) initiated an investigation regarding the conduct of the agent.
The agent and the Superintendent wish to resolve this matter on consent and without a hearing before an Advisory Board.
In consideration of the mutual covenants and promises set out below, the Superintendent and the agent agree as follows:
I. The agent waives her right to a hearing before an Advisory Board and the Superintendent and any right to an appeal from an order or decision of the Superintendent in this matter;
2. The agent acknowledges and agrees that she has been advised to seek and receive independent legal advice and is enterin g into these Minutes of Settlement voluntaril y, understanding the consequences of her doing so;
3. The agent, 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' would constitute sufficient grounds to convene an Advisory Board Hearing which may result in the suspension or revocat ion of her life insurance licence;
5. The agent consents to having the Superintendent issue an order suspending her life insurance agent's licence for a period of one month commencing on the date these Minutes of Settlement take effect;
6. The Superintendent agrees to take no further action with respect to the matters listed in Schedule ' A' provided that the agent complies with these Minutes of Settlement;
7. The agent acknowledges and understands that these Minutes of Settlement, including Schedule A, are public documents and they, or a summary of them, shall be published in bulletins and communications published from time to time by the Financial Services Commission of Ontario.
8. These Minutes of Settlement do not take effect until they have been signed by the Superintendent or his delegate.
Dated a~~,v ;U this 344day of C7 vf3cR , 2009. Signature: Witness Signature: Name: Witness name: Dated at the ~ this I<f'~y of , 2009. Grant Swanson Executive Director, Licensing and Market Conduct Division, by Delegated Authority from the Superintendent of Financial Services
SCHEDULE 'A' I. Lilibeth Ocampo(the agent) has been a licensed insurance agent since September27. 2001. Her current life insurance licence, #1067567, was issued on September 27.2009 with an expiry date of September 26. 2011 .
2. On June 05. 2009 the agent was notified that she was one of a numberof individuals named asdefendants ina civil suit.
3. On August 05, 2009 the agent submitted an internetrenewal application of her life licence. She answered in the negative to Question 19which asked if she was •... currently a defendant in any civil proceeding .; '.
4. When interviewed theagent readily admitted to having been notified ofthe civil suit in advance of submining therenewal application. She said that she didn't think she had to
answer 'Yes' to thequestion as the civil suit was notrelated to insurance.