Financial Services Regulatory Authority of Ontario issues Notice of Proposal against Giannini, Kanagasabey, AGJR and Arthur G&B seeking CAD 300,000 to CAD 600,000 penalties

The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action by issuing a Notice of Proposal against Alessandra Giannini, Inparanee Kanagasabey, AGJR Enterprise Inc. and Arthur G&B Enterprise Inc., alleging misconduct in the solicitation or registration of insurance. FSRA alleges the parties made false or misleading statements or representations contrary to section 17(c) of Ontario Regulation 347/04 under the Insurance Act. It also alleges Giannini and Kanagasabey engaged in an unfair or deceptive act or practice contrary to section 439 of the Act, as prescribed under section 8 of Authority Rule 2020-002. The proposal includes administrative penalties of CAD 300,000 each for Giannini and Kanagasabey and CAD 600,000 each for AGJR and Arthur G&B, and a refusal to renew Kanagasabey’s life insurance and accident and sickness insurance agent licence. All four parties have requested a hearing before the Financial Services Tribunal regarding the proposal.