The Financial Services Regulatory Authority of Ontario (FSRA) has imposed an administrative penalty of CAD 25,000 on Murteza Mohamedali and added conditions to his life insurance and accident and sickness insurance agent licence. The Financial Services Tribunal found that Mohamedali contravened section 17(c) of Ontario Regulation 347/04 by repeatedly representing on life insurance applications to the insurer that premium funds came directly from his clients, when those representations were false and misleading. FSRA’s order followed the Tribunal’s decision in Mohamedali v. Ontario (CEO of FSRA), 2025 ONFST 4.
Financial Services Regulatory Authority of Ontario 2025-06-23
Financial Services Regulatory Authority of Ontario imposes CAD 25,000 penalty and licence conditions on Murteza Mohamedali for misleading premium funding representations
The Financial Services Regulatory Authority of Ontario imposed a CAD 25,000 penalty on Murteza Mohamedali and added conditions to his insurance agent licence. The Financial Services Tribunal found Mohamedali violated Ontario Regulation 347/04 by falsely representing premium funds' sources on life insurance applications.