The Financial Services Regulatory Authority of Ontario issued an order imposing an administrative penalty of CAD 10,000 and adding conditions to Ishaan Ahuja’s insurance licence, finding he is not suitable to be licensed unconditionally under Ontario’s Insurance Act. The order points to false information provided in licence applications and concludes he is not of good character and reputation, which are grounds to refuse renewal under sections 4 and 8 of Ontario Regulation 347/04. The action follows a Financial Services Tribunal decision in Ishaan Ahuja v. Ontario (CEO of FSRA), 2025 ONFST 3, which directed FSRA to issue the licence with conditions to address identified risks after FSRA had proposed refusing the licence. FSRA has appealed the Tribunal’s decision to the Ontario Superior Court of Justice, Divisional Court, with a hearing scheduled for 8 October 2025. A stay of the Tribunal’s decision and its 11 April order in 2025 ONFST 6 remains in place pending the court’s decision.
Financial Services Regulatory Authority of Ontario 2025-08-12
Financial Services Regulatory Authority of Ontario imposes CAD 10,000 penalty and licence conditions on Ishaan Ahuja
The Financial Services Regulatory Authority of Ontario imposed a CAD 10,000 penalty and added conditions to Ishaan Ahuja’s insurance licence, citing unsuitability under Ontario’s Insurance Act due to false information and character concerns. This follows a Tribunal decision directing FSRA to issue the licence with conditions, which FSRA has appealed to the Ontario Superior Court of Justice. A stay on the Tribunal’s decision is pending the court's ruling.