FSRA issues Notice of Proposal against Ismaail Irfaan Samcooaree
TORONTO, Sept. 24, 2026 /CNW/ — The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Ismaail Irfaan Samcooaree (Samcooaree).
FSRA alleges that Samcooaree contravened the Insurance Act, R.S.O. 1990, c.I.8, as amended, and its regulations as follows:
- by submitting insurance applications that falsely represented prospective insureds as the premium payors when the bank accounts used for premium payments were controlled by a team of insurance agents (Agents) led by Samcooaree; and
- by opening and maintaining bank accounts and making them available to the Agents, to falsely represent that the insureds were paying their own premiums.
FSRA is proposing to impose an administrative penalty of $100,000 against Samcooaree.
Samcooaree requested a hearing before the Financial Services Tribunal about this proposal.
Learn more:
Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities.
For media inquiries:
Russ Courtney
Senior Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
