FSRA imposes administrative penalties against Chris Oppong

The Financial Services Regulatory Authority of Ontario (FSRA) has imposed administrative penalties in the total amount of $60,000 against Oppong.

FSRA alleges that Oppong contravened the Insurance Act, R.S.O. 1990, c.I.8, as amended (the “Act”) and its regulations as follows:

1. By using coercion and undue influence in order to secure insurance business, contrary to subsection 17(a) of Ontario Regulation 347/04.
2. By fraudulently procuring payments on premiums on insurance policies, contrary to section 395 of the Act.
3. By reimbursing premiums, contrary to subsection 2(1)2 of Ontario Regulation 7/00 and subsection 7(1)(v) of the UDAP Rule.

Oppong did not request a hearing or contest FSRA’s proposal.

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For media inquiries:

Russ Courtney
Sr. Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]