REGARDING the Insurance Act, R.S.O. 1990, c. I.8, as amended (the “Act”), in particular sections 288.6 and 288.7
AND REGARDING JB Lifestyle Inc.
ORDER TO REVOKE LICENCE
On September 10, 2015, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal (“Notice”) to revoke the service provider licence of JB Lifestyle Inc. (licence #SP12185). The Superintendent is satisfied that JB Lifestyle Inc. failed to submit its annual information return when required, and therefore contravened section 21 of Ontario Regulation 90/14. The Superintendent is also satisfied that JB Lifestyle Inc. failed to respond to multiple communications from the staff of the Financial Services Commission of Ontario and therefore contravened subsection 442.1(2) of the Act. Accordingly, the Superintendent is of the opinion that JB Lifestyle Inc. is no longer suitable to hold a service provider licence.
The Notice was served on JB Lifestyle Inc. by registered mail on September 24, 2015. JB Lifestyle Inc. had 15 days after the Notice was given to request a hearing before the Financial Services Tribunal (“Tribunal”) in accordance with subsection 288.7(3) of the Act.
In a decision dated March 15, 2016, the Tribunal confirmed that JB Lifestyle Inc. did not request a hearing in respect of the Notice within the time period set out in subsection 288.7(3) of the Act.
Subsection 288.7(7) of the Act provides that the Superintendent may carry out the proposal to revoke the service provider licence when no hearing has been requested.
Pursuant to subsection 288.7(7) of the Act, the service provider licence of JB Lifestyle Inc. (licence #SP12185) is hereby revoked.
DATED at Toronto, Ontario, on the 28th day of March, 2016.
Original signed by
Executive Director, Licensing and Market Conduct Division
By Delegated Authority from
The Superintendent of Financial Services