2.
3.
“The distribution of insurance in the B.C. marketplace is regulated by the Financial Institutions Act (the “FIA”). A person receiving compensation for acting as an insurance agent or salesperson may require a licence from the Insurance Council of B.C. Allowing payment of compensation or commissions to unlicensed insurance agents or salespersons is prohibited by the Act.
Proof of compliant licensing, or licensing exemption status under the FIA is required prior to your receipt of commissions or other compensation contemplated under this agreement.”
To pay to BCFSA the total amount of $20,000 within 30 days of the date of this Voluntary Compliance Agreement in lieu of the Superintendent issuing a Notice of Administrative Penalty under section 253.1 of the FIA; and
To pay BCFSA investigative costs in the total amount of $3,000.00 within 30 days of this Voluntary Compliance Agreement in lieu of the Superintendent issuing an order for investigative costs to be paid under section 241.1 of the FIA.
This Voluntary Compliance Agreement may be amended by the written agreement between the Superintendent and Old Republic. An amendment that results in a release or partial release from this Voluntary Compliance Agreement does not release Old Republic from complying with all applicable laws, including but not limited to enactments administered by BCFSA.
Signed to at the City of
This
1 st
day of
Hamilton
August
, in the province of
2025.
Ontario , Canada.
Authorized Signatory
Old Republic Insurance Company of Canada
Name: “Original signed by Michael Glas”
Title:
AVP Compliance
Signed to at the City of Vancouver, in the Province of British Columbia, Canada.
This 31 st
day of July, 2025.
BC Financial Services Authority
Name: “Original signed by Joy Tcheng”
Title:
VP, Financial Institutions