A former insurance broker in Ontario has been ordered to pay a $50,000 fine after an independent tribunal found that he acted as an insurance agent without a valid licence and used licensed agents as “fronts” to receive commissions.
On Friday, the Financial Services Regulatory Authority of Ontario (FSRA) said it would proceed with an administrative penalty and compliance order on Daniel Emerson Tiffin.
During a five-day hearing held in January, the FRSA accused Tiffin of giving former clients insurance advice, including where to transfer their policies and which new policies to select after he became unlicenced.
Tiffin was an agent for Industrial Alliance (iA) until 2018, when he was sentenced to six months in jail for trading in securities when he was prohibited from doing so by the Ontario Securities Commission. He was also ordered to pay $624,500 in restitution to seven investors who purchased promissory notes issued by his company, Tiffin Financial Corporation.
Then, in 2021, he was accused of recruiting Yogender Jain, a licenced insurance agent, to act as “front” by signing and submitting finalized paperwork.
More than 40 unsuspecting clients were allegedly encouraged to switch their policies from Tiffin’s former employer iA to Canada Life and paid deferred sales charges totalling more than $196,000, according to court documents.
“Canada Life paid significant first-year commissions to Jain for the transfers during his relatively short agent tenure,” the FRSA alleged. “Over $300,000 of sales commissions were paid for opening new policies for Mr. Tiffin’s former Industrial Alliance clients whom Mr. Tiffin advised to transfer to Canada Life. As he [Jain] received half of these commissions, Mr. Tiffin received over $150,000 for these transfers.”
The FSRA has taken enforcement action against the Jain by revoking his licence and issuing a $100,000 penalty. He did not request a hearing or contest FSRA’s allegations.
“Consumers deserve advice from educated and licenced insurance professionals who act with integrity,” Elissa Sinha, director of litigation and enforcement at FSRA said in a statement. “As a regulator, we will take action to uphold these high standards in order to build the public’s trust and confidence in the insurance industry.”
According to court documents, Tiffin became upset during his January 2025 hearing and reached a point where he refused to answer any more questions.
“Upon being instructed by the tribunal that he must answer the questions put to him in cross-examination Mr. Tiffin abruptly exited the virtual hearing,” court documents noted. “Mr. Tiffin did not return and did not respond to the Registrar’s attempts to contact him.”
The hearing proceeded without him, in accordance with the tribunal’s rules and procedures. Ultimately, the tribunal agreed with the FSRA and found that the administrative penalty and compliance order against Tiffin were appropriate.
Tiffin is prohibited from acting as an insurance agent and from collecting commissions directly or indirectly on insurance business in Ontario. He is also prohibited from engaging in the business of insurance in Ontario.
CityNews’ attempts to contact Tiffin and Jain went unanswered.
Last month, regulators warned about a “concerning trend” of insurance brokers working without a valid licence.
“There is a real risk of consumer harm if insurance agents disregard the law and forget or knowingly fail to renew their licence in time,” the FSRA claimed.
The agency says insurance policies sold by unlicensed agents could be voided, cancelled or cause damage to an individual’s insurance history, leading to higher fees.
