The Financial Services Regulatory Authority of Ontario (FSRA) has imposed an administrative penalty of CAD 100,000 on Kostyantyn Poshtarenko for acting as an insurance agent while not duly licensed. The penalty relates to contraventions of section 392.2(6) of the Insurance Act and section 2(1) of Ontario Regulation 347/04. Poshtarenko did not request a hearing before the Financial Services Tribunal or contest FSRA’s proposal.
Financial Services Regulatory Authority of Ontario 2025-05-01
Financial Services Regulatory Authority of Ontario fines Kostyantyn Poshtarenko CAD 100,000 for acting as an insurance agent without a licence
The Financial Services Regulatory Authority of Ontario imposed a CAD 100,000 penalty on Kostyantyn Poshtarenko for unlicensed insurance agent activities. This action pertains to violations of the Insurance Act and Ontario Regulation 347/04. Poshtarenko did not seek a hearing or challenge the proposal.