IN THE MATTER OF the Insurance Act, R.S.O. 1990, c. I.8, as amended (the “Act”), in particular sections 392.5, 407.1 and 441.3;
AND IN THE MATTER OF Oded Oliver Beer.
ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY AND TO AMEND LICENCE
Beer is licensed as an insurance agent (licence #01063700) under the Act. Beer’s licence was renewed on January 4, 2021, with a present expiry date of January 3, 2023.
On May 21, 2021, by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (“Chief Executive Officer”), the Director, Litigation and Enforcement (the “Director”) issued a Notice of Proposal to revoke Beer’s licence and to impose administrative penalties on Beer for engaging in unfair or deceptive acts of rebating premiums, contrary to section 439 of the Act.
A Request for Hearing (Form 1) dated May 27, 2021 was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with sections 407.1(3) and 441.3(5) of the Act respecting the Notice of Proposal.
On March 10, 2022, Beer withdrew the Request for Hearing, and on March 10, 2022, the Tribunal closed its file in respect of this matter. This Order is made pursuant to a settlement entered into by Beer and the Director.
Administrative penalties in the total amount of $16,000 are hereby imposed on Oded Oliver Beer, for the reasons set out in the Notice of Proposal.
For the reason set out in the Notice of Proposal, the insurance agent licence (licence #01063700) issued to Oded Oliver Beer is hereby amended as follows:
Financial Services Regulatory Authority of Ontario
Legal & Enforcement
25 Sheppard Avenue West, Suite 100
Toronto, Ontario, M2N 6S6
TAKE NOTICE THAT Financial Services Regulatory Authority of Ontario will deliver an invoice to Oded Oliver Beer with information as to where and how to pay the administrative penalties. Beer must pay the administrative penalties no later than one hundred eighty days (180) days after the date of the invoice.
If Oded Oliver Beer fails to pay the administrative penalties in accordance with the terms of this Order, the Chief Executive Officer may file the Order with the Superior Court of Justice and the Order may be enforced as if it were an order of the court. An administrative penalty that is not paid in accordance with the terms of an order imposing the penalty is a debt due to the Crown and is enforceable as such.
DATED at Toronto, Ontario, March 18, 2022
Head, Licensing and Risk Assessment
By delegated authority from the Chief Executive Officer
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