FSRA revokes the licence of Saadia Ali and refuses to renew the licence of Anusha Financial Group Inc.
The Financial Services Regulatory Authority of Ontario (FSRA) issued an order revoking the life insurance and accident sickness agent licence of Saadia Ali (Ali) and an order refusing to renew the corporate insurance agent licence of Anusha Financial Group Inc. (Anusha).
Ali is not suitable for licensing as her past conduct affords reasonable grounds for belief that she will not conduct insurance business in accordance with the law and with honesty and trustworthiness. Additionally, Ali contravened the Act as Ali:
- made false or misleading statements or representations in the solicitation or registration of insurance contrary to section 17(c) of Ontario Regulation 347/04;
- made false or misleading statements as to the terms, benefits or advantages of a contract or policy of insurance issued or to be issued contrary to section 1(5) of Ontario Regulation 7/00; and
- provided an incomplete comparison of a policy or contract of insurance with that of any other insurer for the purpose of inducing or intending to induce an insured to lapse, forfeit or surrender a policy or contract contrary to section 1(6) of Ontario Regulation 7/00 and section 17(d) of Ontario Regulation 347/04;
Anusha’s past conduct affords reasonable grounds of belief it will not transact insurance agency business in accordance with the law and with honesty and trustworthiness.
FSRA issued the order regarding Ali as a result of a settlement.
Anusha did not request a hearing or contest FSRA’s proposal.
FSRA is working to protect consumers through its monitoring and enforcement activities.
FSRA continues to work on behalf of stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.
For media inquiries:
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
Email: [email protected]