FSRA issues Notice of Proposal against Yogender Jain, Gold Standard Group Inc. and Daniel Emerson Tiffin

TORONTO, March 13, 2023 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Yogender Jain (Jain) to revoke his insurance agent licence and impose administrative penalties in the amount of $100,000, against Gold Standard Group Inc. (Gold Standard) to impose administrative penalties in the amount of $100,000 and against Daniel Emerson Tiffin (Tiffin) to impose a compliance order and administrative penalties in the amount of $50,000.

FSRA alleges that Jain contravened the Insurance Act and its regulations:

• by making false or misleading statements to an insurer contrary to subsection 17(c) of Ontario Regulation 347/04;
• by inducing an insured under an existing contract of life insurance to surrender the contract for consideration contrary to their interests contrary to paragraph 17(b)(ii) of Ontario Regulation 347/04;
• by allowing compensation to be paid to a non-licensee contrary to section 403 of the Insurance Act; and
• by furnishing false, misleading, or incomplete information to FSRA contrary to paragraph 447(2)(a) of the Insurance Act.

FSRA alleges that Gold Standard contravened the Insurance Act and its regulations:

• by making false or misleading statements to an insurer contrary to subsection 17(c) of Ontario Regulation 347/04;
• by inducing an insured under an existing contract of life insurance to surrender the contract for consideration contrary to their interests contrary to paragraph 17(b)(ii) of Ontario Regulation 347/04; and
• by allowing compensation to be paid to a non-licensee contrary to section 403 of the Insurance Act.

FSRA alleges that Tiffin contravened the Insurance Act and its regulations by acting as an insurance agent without a licence contrary to subsection 2(1) of Ontario Regulation 347/04.

Jain, Gold Standard and Tiffin may request a hearing before the Financial Services Tribunal.

Learn more:

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:

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

SOURCE Financial Services Regulatory Authority of Ontario