The Financial Services Regulatory Authority of Ontario (FSRA) issued a notice of proposal initiating enforcement action against Rajesh Narayanan Ramdass Raja, proposing to refuse to renew his life insurance and accident and sickness insurance agent licence and to impose an administrative monetary penalty of CAD 20,000. FSRA alleges that Ramdass Raja is not suitable to be licensed under the Insurance Act and its regulations because he repeatedly submitted applications containing incorrect or fraudulent information and provided his agent code to allow others to submit fraudulent business in his name, contrary to section 17(c) of Ontario Regulation 347/04. Ramdass Raja has requested a hearing before the Financial Services Tribunal regarding FSRA’s proposal.
Financial Services Regulatory Authority of Ontario 2026-01-14
Financial Services Regulatory Authority of Ontario proposes to refuse renewal of Ramdass Raja’s insurance agent licence and impose a CAD 20,000 penalty
The Financial Services Regulatory Authority of Ontario has initiated enforcement action against Rajesh Narayanan Ramdass Raja, proposing to refuse the renewal of his insurance agent licence and impose a CAD 20,000 penalty due to allegations of submitting fraudulent applications and misuse of his agent code. Ramdass Raja has requested a hearing before the Financial Services Tribunal.