The Financial Services Regulatory Authority of Ontario (FSRA) issued a notice of proposal against Hong Wei Liao, initiating enforcement action and proposing to refuse to renew his life insurance and accident and sickness agent licence under Ontario’s Insurance Act. FSRA alleges Liao is not suitable to be licensed, including that he is not of good character and reputation and has demonstrated incompetence and untrustworthiness to transact insurance agency business, which it identifies as grounds to refuse renewal under sections 4 and 8 of Ontario Regulation 347/04. Liao has requested a hearing before the Financial Services Tribunal in respect of the proposal.
Financial Services Regulatory Authority of Ontario 2025-02-06
Financial Services Regulatory Authority of Ontario proposes to refuse renewal of Hong Wei Liao’s life insurance and accident and sickness agent licence
The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Hong Wei Liao, proposing to refuse the renewal of his life insurance and accident and sickness agent licence under Ontario’s Insurance Act. FSRA cites Liao's lack of good character, reputation, and competence as grounds for the proposal. Liao has requested a hearing before the Financial Services Tribunal.