The Financial Services Regulatory Authority of Ontario (FSRA) has imposed a $17,000 administrative penalty on insurance agent Jensen Ocampo for offering illegal rebates to clients, which violates Ontario Regulation 7/00. Ocampo’s actions, involving rebates to 27 clients for life insurance premiums, were deemed a serious breach of conduct in the province’s insurance market. The penalty follows previous enforcement actions against him, including a proposed $25,000 fine earlier this year. FSRA emphasized its commitment to upholding compliance with insurance laws to protect consumers and maintain market integrity.
