FSRA revokes licence of Yogender Jain and imposes administrative penalties against Yogender Jain and Gold Standard Group Inc.

TORONTO, June 2, 2023 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has revoked a life insurance and accident and sickness agent licence of Yogender Jain (Jain), and imposed administrative penalties in the total amount of $100,000 against Jain and administrative penalties in the total amount of $100,000 against Gold Standard Group Inc. (Gold Standard).

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.

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.

Jain and Gold Standard did not request a hearing or contest FSRA's notice of proposal.

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