Revocation, Suspension, or Surrender of a Licence

 
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Revocation, Suspension, or Surrender of a Licence

Licence Suspension or Revocation

A licence may be revoked or suspended by the Financial Services Commission of Ontario (FSCO) for a variety of reasons such as:

  • Failure to comply with applicable laws, guidelines, or a condition of the licence.
  • Provision of false information on the licence application form or any other information provided to FSCO.
  • Failure to maintain proper enrollment in HCAI.
  • Failure to pay a fee for the licence.

Before issuing an order to revoke or suspend a licence, the Superintendent will issue a Notice of Proposal to the service provider giving reason for the proposal - except if the service provider has not paid the licensing fees or has failed to pay an administrative penalty levied under the Insurance Act, in which case the Superintendent can revoke or suspend the licence without issuing a Notice of Proposal.

Licence Surrender

Service providers who no longer wish to maintain their service provider licence can apply to surrender its licence. The surrender is subject to FSCO's approval. FSCO will consider the following when determining whether or not it is in the public interest to allow a service provider to surrender its licence:

  • Whether there are any outstanding or anticipated proceedings or regulatory matters involving the service provider, the licence or the service provider’s Principal Representative.
  • Whether the service provider has any outstanding fees, charges or penalties payable under the Insurance Act.
  • Whether the service provider has failed to make reasonable arrangements for the storage of records (relating to listed expenses) after it ceases to hold the licence, or has failed to inform FSCO about the location where the records are to be kept.