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Financial Services Regulatory Authority of Ontario

IN THE MATTER OF the Insurance Act, RSO 1990, c. I.8, as amended (the “Act”), in particular section 392.5;

AND IN THE MATTER OF Timothy Pal (the “Licensee”).




The Licensee was licensed as an insurance agent (licence # 94022025) under the Act until June 29, 2021.

On June 30, 2021, the Licensee submitted an application to renew the insurance agent licence issued to them under the Act (the “Application”).

On June 4, 2020, a Life Agent Reporting Form (LARF) was submitted by the Canada Life Assurance Company, for misrepresentation.

The LARF indicated that in 2013 the Licensee attempted to maintain VL’s insurance policy in force by submitting payments to the insurer in the form of cheques drawn on the inactive bank account of the Licensee’s corporation.

The Licensee submitted the cheques despite the client’s expressed and written instructions to rescind the policy, which the licensee did not communicate to the insurer.

The Licensee failed to disclose their termination from Canada Life Assurance Company on the Application.

The Financial Services Regulatory Authority of Ontario (“FSRA”) reviewed the Application and the Licensee’s suitability to be licensed.

The Head, Insurance Conduct, a delegate of the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “CEO”), believes that the above finding raises concerns regarding the Licensee ’s suitability to hold a licence under the Act, and that such concerns can be addressed through an Order for suspension and the imposition of conditions on the Licence, to which the Licensee consents and undertakes to comply.


The insurance agent licence issued to Timothy Pal (licence # 94022025) is hereby suspended for period of 10 months from the date their license is reissued.

The Licensee’s insurance agent licence is amended to impose the following conditions:

  1. Successful completion of a professional ethics course through a FSRA approved Life Licence Qualification Program (LLQP) program prior to the end of their suspension;

  2. A period of supervision commencing on the last day of their suspension and continuing for a period of one year; and

  3. An undertaking that the suspension will remain in effect until acceptance of a supervisor acceptable to FSRA.

DATED at Toronto, Ontario, November 1, 2021.

Original signed by

Erica Hiemstra
Head, Insurance Conduct

By delegated authority from the Chief Executive Officer

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