IN THE MATTER OF the Insurance Act, R.S.O. 1990, c.I.8, as amended (the “Act”), in particular sections 392.5 and 407.1;
AND IN THE MATTER OF Rajesh Kumar Abbi.
ORDER TO REVOKE LICENCE
Rajesh Kumar Abbi is licensed as an insurance agent (licence #02070155) under the Act.
On August 23, 2018, the Superintendent of Financial Services (the “Superintendent”) issued a Notice of Proposal to revoke insurance agent licence #02070155 issued to Rajesh Kumar Abbi under the Act. The Superintendent determined that Rajesh Kumar Abbi was no longer suitable to be licensed.
On February 5, 2019, a Request for Hearing (Form 1), was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with subsection 407.1(3) of the Act respecting the Notice of Proposal.
On June 8, 2019, the Financial Services Regulatory Authority of Ontario assumed the regulatory duties of the Financial Services Commission of Ontario, and the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”) assumed the regulatory duties of the Superintendent under the Act.
On June 10, 2019, Rajesh Kumar Abbi withdrew the Request for Hearing and the hearing was cancelled. Under subsection 407.1(7) of the Act, the CEO may issue the Order when no hearing has been requested.
Insurance agent licence #02070155 issued to Rajesh Kumar Abbi is hereby revoked.
DATED at Toronto, Ontario, December 17th, 2019.
Original signed by
Executive Vice President, Market Conduct
By delegated authority from the Chief Executive Officer,
Financial Services Regulatory Authority of Ontario
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