FSRA revokes licence of life agent who sold repeat policies

The Financial Services Regulatory Authority of Ontario (FSRA) has revoked the licence of an insurance advisor who allegedly sold repeat policies to reap commissions, among other misconduct.

Liset Jimenez Rodriguez, who was previously licensed to sell life and accident and sickness insurance, allegedly sold multiple and repeat policies to herself, immediate family members and nine clients between 2016 and 2017 to reach reward targets with Sun Life Financial Distributors (Canada) Inc., according to a notice of proposal from FSRA.

Rodriguez received more than $247,000 in commissions in 2016 and $86,000 in 2017 before Sun Life terminated her in April 2017, the notice said.

“Rodriguez intended to manipulate Sun Life’s commission structure for her own benefit, demonstrating incompetence or untrustworthiness to transact the insurance agency business for which her licence has been granted,” FSRA’s notice stated.

Rodriguez also allegedly provided invalid banking information on 55 policy applications for 22 clients, resulting in delayed payments.

In 2020, Assumption Life reported Rodriguez for misconduct related to untrustworthiness, fraud and a deceptive act.

The firm alleged that Rodriguez engaged in “fronting” by allowing someone unlicensed to sell policies using her name and credentials. Additional allegations included premium rebating and failing to inform the insurer that policies sold were replacements for existing ones.

Assumption Life terminated Rodriguez.

“Rodriguez is not suitable to be licensed as she has repeatedly demonstrated untrustworthiness to transact insurance business and as she is guilty of a fraudulent practice,” FSRA said in a release on Thursday. “Further, Rodriguez engaged in an unfair and deceptive act or practice … by refunding all or part of a premium for insurance.”

The final order of licence revocation was dated Aug. 18, after Rodriguez withdrew her request for a hearing.

Rodriguez had been licensed as a life and accident and sickness agent since 2015, and her licence was set to expire later this year.

Rodriguez’s most recent employer, Markham, Ont.–based Daumier Financial Services, thanked Rodriguez for her service in an emailed statement on Thursday.

“Liset has been an active local advocate with a history of service to the community,” the firm’s statement said. “Daumier thanks her for her service and contributions for the past five years.”

The firm’s statement said Rodriguez was “stepping back from her career as an advisor to focus on other philanthropic programs in the community.”

It further stated: “Daumier continues to protect the interests of its clients and support them with their life and health insurance needs. Daumier will always act in the best interest of clients and its focus remains on delivering the best service to help Canadians make the right decisions that protect themselves, their families, and businesses today and into the future.”

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.