Ontario’s financial services regulator has revoked the insurance licenses of Daumier Financial Services Inc., Carmen Munoz Gutierrez, and Andres Antonio Hernandez Silva for violating provisions of the province’s Insurance Act.
The Financial Services Regulatory Authority of Ontario (FSRA) also denied a license application from 1000532009 Ontario Ltd.
FSRA found that the individuals and the company made false or misleading statements in the solicitation or registration of insurance, contrary to the Insurance Act. Based on this, the regulator concluded that they were not suitable to be licensed under the Act.
The enforcement actions were finalized after the involved parties withdrew their Requests for Hearing before the Financial Services Tribunal. FSRA also ended separate enforcement proceedings against Ana Huang Yu, Maylin Rodriguez Perez, and Michael Lue after their licences expired.
These decisions are part of broader regulatory activity targeting unlicensed insurance practices and fraud in the sector.
Earlier this year, the FSRA imposed a $100,000 administrative penalty on Kostyantyn Poshtarenko for conducting insurance business without a valid licence. Poshtarenko was found to have breached provisions of the Insurance Act and Ontario Regulation 347/04. He did not contest the proposed action or request a hearing before the Financial Services Tribunal.
FSRA has also previously issued a public warning regarding Hero Life Insurance, which it says is not licensed to conduct insurance business in Ontario.
Representatives of Hero Life Insurance, which markets life and health insurance products through phone and email outreach, have allegedly posed as licensed agents to solicit personal and confidential information from consumers. The regulator has advised the public not to purchase insurance from Hero Life nor engage with its representatives.
The Insurance Bureau of Canada estimates that insurance fraud in Ontario costs between $770 million and $1.6 billion annually. Common forms of fraud include staged accidents, false claims, and the sale of fake insurance policies, all of which can lead to increased premiums and additional strain on regulatory oversight.
