The Financial Services Regulatory Authority of Ontario (FSRA) secured court orders and monetary sanctions against two unlicensed individuals who failed to comply with FSRA summonses issued under the Insurance Act. The Divisional Court of Ontario ordered Kostyantyn Poshtarenko and Anatolii Stoliar to attend an interview and provide information to FSRA, imposing a CAD 5,000 fine plus CAD 1,000 for each day they remain non-compliant, up to a total of CAD 25,000. The summonses were issued in connection with FSRA’s inquiries into alleged unlicensed activity by Poshtarenko; FSRA previously imposed a CAD 100,000 administrative penalty on Poshtarenko for acting as an insurance agent while not licensed, and he did not request a hearing before the Financial Services Tribunal.
Financial Services Regulatory Authority of Ontario 2025-09-18
Financial Services Regulatory Authority of Ontario obtains Divisional Court orders and fines up to CAD 25,000 for non-compliance with Insurance Act summonses
The Financial Services Regulatory Authority of Ontario (FSRA) obtained court orders and monetary sanctions against Kostyantyn Poshtarenko and Anatolii Stoliar for non-compliance with FSRA summonses under the Insurance Act. The Divisional Court of Ontario mandated their attendance for an interview and imposed a CAD 5,000 fine, plus CAD 1,000 daily for continued non-compliance, up to CAD 25,000. This follows FSRA's previous CAD 100,000 penalty on Poshtarenko for unlicensed insurance activity.