The Financial Services Commission of Ontario undertook 42 enforcement investigations, most of them involving the insurance sector, during the first quarter of 2004, the government agency said Tuesday.

In a report documenting its enforcement actions, FSCO said the majority of the investigations were into insurance agents, including 21 complaints about agent conduct, two concerning suitability and four involving doing business without a licence.

FSCO also investigated a complaint about insurance company conduct, two complaints about mortgage broker conduct, one complaint about credit union conduct, and seven complaints regarding paralegals, among other cases.

The commission completed 56 new and existing investigations. Of those, 38 were closed without further action. However, there was one charge laid in Provincial Offences court, one agent’s sponsorship was withdrawn, six superintendent’s orders were issued, there was one cease-and-desist order issued, and nine letters of censure. Cases may be closed if there is insufficient evidence to support the allegations, or if the allegations are unfounded.

Also, during the first quarter, 42 warning letters were issued to life agents, all of whom were late in applying for licence renewal. These letters do not require formal investigations.

For the 12 months ended March 31, FSCO took 195 enforcement actions, including: 44 letters of censure, three conditions placed on licences, 17 Provincial Offences Court convictions and fines, 10 revocations of sponsorship, 15 licence suspensions, 28 licence surrenders, 14 licence revocations, two cease-and-desist orders, one disciplinary caution, two undertakings, and 59 paralegal terminations.