Financial Services Tribunal & Pension Commission of Ontario Case Summaries/
Summaires des dcisions du Tribunal des services financiers et de la Commission des rgimes de retraite de l'Ontario

Case Name/nom du dossier:Suri v. Superintendent - I0138-2000

Type/type:Insurance/Assurance

Decision Date/Date de la dcision:2001-05-08

Tribunal/tribunal:FST/TSF

 



Franais

Jatinder S. Suri v. Superintendent of Financial Services

FST File No.: I0138-2000

Date of Decision: May 8, 2001

Panel Members: Colin H.H. McNair, Chair, Joseph P. Martin, Joyce A. Stephenson

Parties to hearing: Jatinder S. Suri
The Superintendent of Financial Services

Subject: REVOCATION OF LIFE INSURANCE AGENT LICENCE

Summary:

The Director of Licensing and Enforcement, by delegated authority from the Superintendent, ordered the revocation of the level II life insurance licence of Jatinder Suri (“Suri”). The Director’s decision was made on the recommendation of the Advisory Board, following a hearing. The Advisory Board found that over a period of 9 years, Suri had misappropriated or misdirected his clients’ funds for his own personal use, forged clients’ signatures, used confidential information to target clients for personal loans, did not advise his clients to seek independent legal advice in respect of their personal loans to him and generally placed his own personal interests above those of his clients. The Advisory Board found that these actions demonstrated Suri’s untrustworthiness to act as a life insurance agent.

On appeal of the Director’s order, Suri asked the Tribunal to substitute a one-year suspension in place of the renovation of his licence. The Tribunal found that despite Suri’s assertions that the Advisory Board process was “over-powering”, there was no evidence of any unfairness in the hearing. In addition, Suri’s conduct was considered serious enough and sufficiently relevant to the suitability of a life insurance agent to justify revocation of the licence. It did not matter that the client’s from whom Suri borrowed money were friends. Finally, the Tribunal found that new documentary evidence presented on the appeal, including letters of reference and personal financial statements, if taken into account, would not change the conclusion to uphold the Director’s decision.

Cases referred to:

Transamerica Life Insurance Company of Canada v. Superintendent of Financial Services (FST File No. 10028/98)

This summary is offered as a public service and should not be relied upon as legal advice. Many factors unknown to us may affect the applicability of any statement or comment made in the summary to your particular circumstances.

Jatinder S. Suri c. Surintendant des services financiers

No de dossier du TSF : I0138-2000

Date de la dcision : Le 8 mai 2001

Groupe d’experts : Colin H.H. McNair, prsident, Joseph P. Martin, Joyce A. Stephenson

Parties B l’audience : Jatinder S. Suri
Surintendant des services financiers

Objet : RVOCATION DU PERMIS D’ASSUREUR-VIE

Sommaire :

Le directeur de la dlivrance des permis et de l’application des mesures lgislatives, en vertu de l’autorit qui lui est dlgue par le Surintendant, a ordonn la rvocation du permis d’assureur-vie niveau II de Jatinder Suri ( M. Suri ).Le directeur a donn suite aux recommandations d’un conseil consultatif aprPs la tenue d’une audience. Le conseil consultatif a dcouvert que, pendant neuf ans, M. Suri avait dtourn les fonds de ses clients B ses propres fins, forg la signature de ses clients, utilis des renseignements personnels pour tenter d’obtenir des prLts personnels de la part de ses clients, n’a pas conseill B ceux-ci d’obtenir un avis juridique indpendant au regard des prLts personnels qu’ils lui avaient accords et avait, gnralement, plac ses intrLts personnels au-dessus de ceux de ses clients. Le conseil consultatif a conclu que ces actions dmontraient que M. Suri n’tait pas suffisamment fiable pour agir en qualit d’assureur-vie.

En appel de l’ordonnance du directeur, M. Suri a demand au Tribunal de remplacer la rvocation de son permis par une suspension d’un an. Le Tribunal a tabli qu’en dpit des assertions de M. Suri concernant la dmesure du processus, rien ne dmontrait que l’audience tait injuste. En outre, il considrait que la conduite de M. Suri tait suffisamment grave et pertinente B sa capacit d’Ltre assureur-vie pour justifier la rvocation de son permis. Le fait que les clients auxquels M. Suri a emprunt de l’argent tait ses amis n’avait aucune importance. Enfin, le Tribunal a conclu que les nouveaux documents prsents en appel, y compris lettres de rfrence et tats financiers personnels, s’ils taient pris en compte, ne changeraient pas la conclusion de confirmer la dcision du directeur.

Jurisprudence :

Compagnie d'Assurance-Vie Transamerica du Canada c. l’Ontario (Surintendant des services financiers) (Dossier du TSF no 10028/98)

Ce sommaire est offert B titre de service public et ne saurait constituer des avis juridiques. Nombreux sont les facteurs que nous ignorons et qui peuvent avoir une incidence sur l’application de nos commentaires B votre cas particulier.