In the Matter of The FINANCIAL INSTITUTIONS ACT (RSBC 1996, c.141) (the "Act")
and The INSURANCE COUNCIL OF BRITISH COLUMBIA ("Council")
and NARINDER KAUR BRAR (the "Licensee")
ORDER As Council made an intended decision on October 15, 2013, pursuant to sections 231and 236 of the Act; and
As Council, in accordance with section 23 7 of the Act, provided the Licensee with written reasons and notice of the intended decision dated November 6, 2013; and
As the Licensee has not requested a hearing of Council's intended decision within the time period provided by the Act;
Under authority of sections 231and 236 of the Act, Council orders: 1. The Licensee is fined $500.00. 2. A condition is imposed on the Licensee's life and accident and sickness insurance licence that requires her to pay the above-ordered fine no later than February 26,2014. If the Licensee does not pay the ordered fine in full by this date, the Licensee's life and accident and sickness insurance licence is suspended as of February 27,2014, without further action from Council and the Licensee will not be permitted to complete any annual filing until such time as the ordered fine is paid in full.
This order takes effect on the 26th day of November, 2013.
Chairperson, Insurance Council of British Columbia
, CFP, CLU, CHS, CPCA, FEA
INTENDED DECISION of the INSURANCE COUNCIL OF BRITISH COLUMBIA ("Council")
respecting NARINDER KAUR BRAR (the "Licensee")
INTRODUCTION Pursuant to section 232 of the Financial Institutions Act (the "Act"), Council conducted an investigation into an allegation the Licensee failed to obtain the required continuing education ("CE") credits.
As part of Council's investigation, on August 19, 2013, an Investigative Review Committee (the "Committee") met with the Licensee. The Committee was comprised of one voting member and three non-voting members of Council. Prior to the Committee's meeting with the Licensee, an investigation report was distributed to the Committee and the Licensee for review. A discussion of this report took place at the meeting and the Licensee was provided an opportunity to clarify the information contained therein and make further submissions. Having reviewed the investigation materials and after discussing this matter with the Licensee, the Committee made a recommendation to Council as to the manner in which this matter should be disposed.
A report setting out the Committee's findings and recommended disposition, along with the aforementioned investigation report, was reviewed by Council at its October 15, 2013 meeting and it determined the matter should be disposed of in the manner set out below.
PROCESS Pursuant to section 237 of the Act, Council must provide written notice to the Licensee of the action it intends to take under sections 231 and 236 of the Act before taking any such action. The Licensee may then accept Council's decision or request a formal hearing. This intended decision operates as written notice of the action Council intends to take against the Licensee .
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Intended Decision N arinder Kaur Brar 181027 November 6, 2013 Page 2 of4
FACTS 1. The Licensee was first licensed in British Columbia as a life and accident and sickness insurance agent in July 2 0 10 .
2. In February 2012, the Licensee contacted Council regarding CE credits that were required for her June 2012 annual filing. At this time, the Licensee advised that she had not completed any CE credits for the June 2011 annual filing period.
3. Based on her licensing history, the Licensee was required to have completed 15 technical CE credits by May 31, 2011.
4. The Licensee claimed that it was her understanding that she did not need to complete CE credits for her first year of licensing. The Licensee claimed she misinterpreted the requirements of Council's CE program.
5. The Licensee completed the required credits for the annual filing period ending May 31, 20 11 as soon as she realized she had not met her CE requirements.
ANALYSIS Council recognized the Licensee voluntarily disclosed her failure to meet the requirements of Council's CE program for the filing period ending May 31, 2011, and that she took responsibility for her misinterpretation of Council Rules.
Council noted that once the Licensee was aware of her failure to meet the CE requirements, she promptly completed the required CE credits. Council accepted that the Licensee misinterpreted Council Rules and that her breach was not intentional.
Council considered prior decisions relating to unintentional breaches of Council Rule 7(5) and was of the view that a fine of$500.00 was appropriate in the circumstances.
Intended Decision N arinder Kaur Brar 181027 November 6, 2013 Page 3 of4
INTENDED DECISION Pursuant to sections 231 and 23 6 of the Act, Council made an intended decision to fine the Licensee $500.00.
The Licensee is advised that should the intended decision become final, the fine will be due and payable within 90 days of the date of the order. In addition, failure to pay the fine within the 90 days will result in the automatic suspension of the Licensee's life and accident and sickness insurance licence and the Licensee will not be permitted to complete any annual filing until such time as the fine is paid in full.
The intended decision will take effect on November 26,2013, subject to the Licensee's right to request a hearing before Council pursuant to section 23 7 of the Act.
RIGHT TO A HEARING If the Licensee wishes to dispute Council's findings or its intended decision, the Licensee may have legal representation and present a case at a hearing before Council. Pursuant to section 237(3) of the Act, to require Council to hold a hearing, the Licensee must give notice to Council by delivering to its office written notice of this intention by November 25, 2013. A hearing will then be scheduled for a date within a reasonable period of time from receipt of the notice. Please direct written notice to the attention of the Executive Director.
If the Licensee does not request a hearing by November 25,2013, the intended decision of Council will take effect.
Even if this decision is accepted by the Licensee, pursuant to section 242(3) of the Act, the Financial Institutions Commission still has a right to appeal this decision of Council to the Financial Services Tribunal ("PST"). The Financial Institutions Commission has 30 days to file a Notice of Appeal, once Council's decision takes effect. For more information respecting appeals to the PST, please visit their website at www.fst.gov.bc.ca or contact them directly at:
Financial Services Tribunal PO Box 9425 Stn Prov Govt Victoria, British Columbia V8W9Vl
Reception: 250-387-3464 Fax: 250-356-9923 Email: FinancialServicesTribunal@gov.bc.ca
Intended Decision Narinder Kaur Brar 181027 November 6, 2013 Page 4 of4
Dated in Vancouver, British Columbia, on the 6th day of November, 2013.
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