In the Matter of The FINANCIAL INSTITUTIONS ACT (RSBC 1996, c. 141) (the "Act")
and The INSURANCE COUNCIL OF BRITISH COLUMBIA ("Council")
and KALBIR SINGH POONIA (the "Licensee")
DECISION AND ORDER UNDER SECTIONS 231 & 238 OF THE ACT
WHEREAS the Licensee was granted a life and accident and sickness insurance licence in January 2008;
AND WHEREAS the Licensee elected to change his insurance licence status to inactive on July 29, 2009, and has kept his licence in an inactive status ever since;
AND WHEREAS the Licensee has completed his annual filing with Council, in accordance with Council Rule 4(4)(b), for each licence period from 2010 through 2016;
AND WHEREAS an audit of the Licensee's continuing education records determined that the Licensee had failed to complete any continuing education from the 2012 licence period through to and including the 2016 licence period, as required by Council Rule 7(5);
AND WHEREAS Council found that the Licensee had made his annual filings for each of the last five licence periods, even though he knew, or ought to have known, that he was not in compliance with Council Rule 7(5) for each of those licence periods;
AND WHEREAS Council found that the Licensee's failure to complete any continuing education, even though he continued to submit his annual filings to Council, brought into question his suitability to hold an insurance licence;
AND WHEREAS Council considers the length of time required to make a decision on the Licensee's suitability to hold an insurance licence, pursuant to section 231 of the Act, would be detrimental to the due administration of the Act;
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Decision and Order under Sections 231 & 238 of the Act Kalbir Singh Poonia LIC-17191 IC107056Rl August 25, 2016 Page 2 of2
NOW THEREFORE, Council orders that the Licensee's life and accident and sickness insurance licence be terminated, pursuant to sections 231 and 23 8 of the Act, effective the date of this order.
TAKE NOTICE that pursuant to section 238 of the Act, the Licensee has the right to request a hearing on this order before Council by delivering written notice within 14 days of receipt of this order to Council at Suite 300, 1040 West Georgia Street, Vancouver, British Columbia, V6E 4Hl; alternatively, the Licensee may appeal this order to the Financial Services Tribunal.
Dated in Vancouver, British Columbia, on the 25th day of August, 2016