FSRA moves to revoke exploitative couple's life insurance licenses

In one case, the Alis reportedly sold a life insurance policy to a client in 2016; when the client passed away in 2019, the policy was not paid out because they did not disclose their medical condition, upon the advice of Amin.

The notice of proposal also described how the Alis advised another client in 2016 that she was rebalancing her segregated fund policies within London Life, when in fact she was transferring into Canada Life. The policy transfers – for which Saadia received around $2,500 in commissions – led to new DSC schedules, which resulted in the client incurring approximately $2,500 in DSCs when she transferred her policies to Ivari two years later.

In 2013, the couple transferred another client’s London Life segregated fund policy to an equivalent Canada Life segregated fund policy without her knowledge. The client only discovered the transfer when she started receiving statements from Canada Life; she incurred approximately $24,500 in DSCs.

In 2017, Amin also reportedly advised two clients to surrender the paid-up portion of two London Life whole life insurance policies they had owned since 1990. They received $8,000, but also incurred tax consequences that Amin failed to inform them about.

The document also detailed how the couple took over $20,000 from clients supposedly to invest in policies, but did not use the money for that purpose. They failed to account for the money they had collected from clients.