The Financial Services Regulatory Authority of Ontario (FSRA) imposed a compliance order on Andi Efovia requiring him to cease and desist from conducting insurance business in Ontario and levied administrative penalties totaling CAD 25,000. FSRA found Efovia contravened Ontario’s Insurance Act and regulations by acting as an insurance agent without being duly licensed, and by representing himself or holding himself out to the public as an insurance agent while not being duly licensed. Efovia did not request a hearing before the Financial Services Tribunal or contest FSRA’s proposal.
Financial Services Regulatory Authority of Ontario 2026-02-19
Financial Services Regulatory Authority of Ontario orders Andi Efovia to stop conducting insurance business and levies CAD 25,000 in penalties for unlicensed activity
The Financial Services Regulatory Authority of Ontario imposed a compliance order on Andi Efovia to cease insurance business activities in Ontario and fined him CAD 25,000. Efovia violated Ontario’s Insurance Act by acting as an unlicensed insurance agent and misrepresenting his status. He did not contest FSRA’s proposal or request a hearing.