FSRA issues Notice of Proposal against Michael Lampel and IFC Financial Inc. operating as Insurance for Children

TORONTO, Feb. 1, 2024 /CNW/ - Ontario's financial services regulator, FSRA, has initiated enforcement action against Michael Lampel (Lampel) and IFC Financial Inc. operating as Insurance for Children (Insurance for Children).

FSRA alleges that Lampel made false or misleading statements or representations in the solicitation or registration of insurance contrary to section 17(c) of Ontario Regulation 347/04 and provided false information to FSRA contrary to section 447(2)(a) of the Insurance Act. FSRA further alleges that this conduct affords reasonable grounds for the belief that Lampel and Insurance for Children are not suitable to be licensed under the Act.

FSRA is proposing to revoke the life insurance and accident and sickness insurance agent licence of and impose administrative penalties in the amount of $55,000 against Lampel and refuse to renew the corporate agent licence of Insurance for Children.

Lampel and Insurance for Children have requested a hearing before the Financial Services Tribunal about this proposal.

Learn more: 

Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. 

For media inquiries:

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

SOURCE Financial Services Regulatory Authority of Ontario