Ontario watchdog targets life agent it said enabled fraudulent applications
The Financial Services Regulatory Authority of Ontario (FSRA) moved to shut the door on an insurance agent it alleged repeatedly submitted fraudulent life and health applications.
In a notice of proposal dated November 14, 2025, FSRA said it would refuse to renew the life insurance and accident and sickness insurance agent licence of Rajesh Narayanan Ramdass Raja and sought an administrative monetary penalty of $20,000.
The regulator alleged Raja “repeatedly submitted applications with incorrect or fraudulent information and provided his agent code to allow others to submit fraudulent business in his name,” contrary to Ontario Regulation 347/04.
Alleged fake clients, shared code and inflated commissions
FSRA’s investigation stemmed from a November 2023 report by Specialty Life Insurance, which terminated Raja the same day it filed a Life Agent Reporting Form alleging he submitted applications “for individuals who did not exist or applications that otherwise contained false information.”
An FSRA examination on January 23, 2024, identified “multiple insurance policies with incomplete, unreliable, and invalid account information.” Raja “falsely advised FSRA that he had met with all insured consumers” before later admitting he knew “some of the individuals listed on the policies did not exist,” the notice said.
According to the regulator, Raja acknowledged that “only one policy application was legitimate,” that “he shared his advisor code with other licensed agents who conducted some of the fraudulent sales in his name,” and that he “only received a small percentage of the commissions for the fraudulent policies.”
FSRA said Raja received commissions totalling $85,249.88 on the policies at issue, including more than $9,000 related to one consumer who was listed as payor on multiple policies.
Suitability, trust and the wider enforcement backdrop
Under Ontario’s Insurance Act, FSRA must be satisfied that agents are “of good character and reputation, and otherwise suitable to receive a licence.” In Raja’s case, the Director of Litigation and Enforcement said Raja “has demonstrated incompetence and untrustworthiness” and that a sanction short of refusal “would not adequately protect consumers.”
Raja requested a hearing before the Financial Services Tribunal, where the allegations may be contested and his “character, conduct and/or competence” could be in issue.
The case arrived as FSRA ramps up enforcement in adjacent mortgage and lending markets – activity closely watched by brokers and private lenders. FSRA acted against Andrew White, a life insurance agent the regulator alleged “introduced himself to the consumer as a mortgage broker” and arranged private loans without the required mortgage licences.
FSRA also pursued former broker Yashna Singh, issuing nine penalties totalling $75,000 after finding she continued to use restricted titles and operate outside the regime even after losing her licence.
In another case, FSRA has put strict limits on the business of Mississauga mortgage broker Rahman Mohammed after finding he arranged an expensive private mortgage through an unlicensed intermediary and failed to verify his borrower’s identity or assess whether the loan was suitable.
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