FSRA refuses to renew licence of 1550739 Ontario Inc. and revokes licence of Carman McKechnie

TORONTO, Nov. 21, 2024 /CNW/ - Ontario's financial services regulator, FSRA, has issued an Order refusing to renew the corporate licence issued to 1550739 Ontario Inc. and an Order revoking the insurance agent licence issued to Carman McKechnie ("McKechnie") under the Insurance Act, R.S.O. 1990, c.I.8., as amended (the "Act") and its regulations.

McKechnie is not suitable to hold a licence as an insurance agent as contemplated by subsections 4(1)(a) and (i) of Ontario Regulation 347/04 because McKechnie has provided false information with respect to the application for the licence and his past conduct affords reasonable grounds for belief he will not conduct insurance business in accordance with the law and with integrity and honesty. This conduct constitutes grounds for refusing to renew the corporate licence of 15570739 Ontario Inc. and to revoke McKechnie's insurance agent licence under the Act.

1550739 Ontario Inc. and McKechnie did not request a hearing or contest FSRA's proposal.

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For media inquiries:

Russ Courtney
Senior Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: russ.courtney@fsrao.ca

SOURCE Financial Services Regulatory Authority of Ontario