FSRA imposes administrative penalties against Chris Oppong
TORONTO, Jan. 11, 2024 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has imposed administrative penalties in the total amount of $60,000 against Oppong.
FSRA alleges that Oppong contravened the Insurance Act, R.S.O. 1990, c.I.8, as amended (the "Act") and its regulations as follows:
a. By using coercion and undue influence in order to secure insurance business, contrary to subsection 17(a) of Ontario Regulation 347/04.
b. By fraudulently procuring payments on premiums on insurance policies, contrary to section 395 of the Act.
c. By reimbursing premiums, contrary to subsection 2(1)2 of Ontario Regulation 7/00 and subsection 7(1)(v) of the UDAP Rule.
Oppong did not request a hearing or contest FSRA's proposal.
Learn more: Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities.
For media inquiries:
Russ Courtney Sr. Manager of Media Relations Financial Services Regulatory Authority C: 437-225-8551 Email:[email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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