The Financial Services Regulatory Authority of Ontario (FSRA) has refused to renew the life insurance and accident and sickness insurance licence of Michael Lampel and the corporate agent licence of IFC Financial Inc. operating as Insurance for Children, and imposed three administrative penalties totalling $55,000 against Lampel. The action follows a contested hearing before the Financial Services Tribunal after FSRA issued a Notice of Proposal in December 2023 based on an insurer’s report of misconduct. The Tribunal found Lampel and IFC were not suitable to be licensed under Ontario’s Insurance Act, citing serious misconduct including submitting false or misleading statements or representations in the solicitation or registration of insurance (contrary to section 17(c) of Ontario Regulation 347/04) and providing false information to FSRA (contrary to section 447(2)(a) of the Act), and concluded administrative penalties were appropriate given the intentional and repeated nature of Lampel’s conduct.
Financial Services Regulatory Authority of Ontario 2026-02-03
Financial Services Regulatory Authority of Ontario refuses to renew licences for Michael Lampel and IFC Financial and imposes $55,000 in administrative penalties
The Financial Services Regulatory Authority of Ontario has refused to renew the insurance licences of Michael Lampel and IFC Financial Inc., operating as Insurance for Children, and imposed $55,000 in penalties following a Tribunal finding of serious misconduct, including false statements and information.