The Superintendent of Financial Services of Ontario has announced that it will impose an administrative penalty in the amount of $30,000, on former life insurance agent, Shawn Lee.
Although few details about Lee’s transgressions are provided, the notice says Lee is being fined for making a false or misleading statement or representation in the solicitation or registration of insurance, contrary to section 17(c) of Ontario Regulation 347/04.
Section 17(c) states that an agent who holds a life insurance license shall not make false or misleading statements or representations in the solicitation or registration of insurance.
Lee’s license to sell insurance expired in November 2018. Lee has not requested a hearing before the Financial Services Tribunal regarding the allegations.
If Lee fails to pay the administrative penalty, the Superintendent may file the order with the Superior Court of Justice. An administrative penalty that is not paid becomes a debt due to the Crown, and is enforceable as such.