Ontario’s Financial Services Regulatory Authority (FSRA) has imposed a $100,000 administrative penalty on Kostyantyn Poshtarenko for acting as an insurance agent without a valid license.
Poshtarenko was found to have violated certain provisions of the Insurance Act and the Ontario Regulation 347/04 by conducting insurance business without the necessary authorization.
He did not request a hearing before the Financial Services Tribunal or contest FSRA’s proposed action.
This enforcement action comes amid broader concerns about insurance fraud in Ontario. The Insurance Bureau of Canada estimates that fraud in the province’s insurance sector costs between $770 million and $1.6 billion annually. Fraudulent activity, such as staged collisions, false claims, and the distribution of fake insurance documents, can lead to increased premiums and strain regulatory and enforcement resources.
FSRA has implemented the Fraud Reporting Service (FRS) Rule, which requires insurers to report information about suspected fraud cases. The aim is to better understand the scope of automobile insurance fraud and support more targeted responses across the sector.
In addition to administrative enforcement, FSRA has issued recent consumer alerts related to unlicensed activity. One such alert warns that Wangro Antoun, also known as Yasser Antoun, is not licensed to sell insurance in Ontario. Antoun is believed to be operating in the Greater Toronto Area and Windsor, offering consumers discounted auto insurance premiums. FSRA has advised consumers to avoid doing business with him.
Another consumer alert was issued concerning Hero Life Insurance, which FSRA states is not licensed to conduct insurance business in Ontario. According to the regulator, Hero Life Insurance contacts consumers by phone and email to sell life and health insurance products.
FSRA has received reports that company representatives posed as licensed agents and pressured individuals to share personal and confidential information. The public has been advised not to purchase products from Hero Life Insurance or make any arrangements through the company. Individuals who believe they may have been affected are encouraged to contact local police.
FSRA continues to take action against unlicensed insurance activity and reminds consumers that only licensed agents and companies are authorized to sell insurance under Ontario law.
