In the Matter of The FINANCIAL INSTITUTIONS ACT (RSBC 1996, c. 141) (the "Act")
and The INSURANCE COUNCIL OF BRITISH COLUMBIA ("Council")
and PAUL SE HUI OEI (the "Licensee")
DECISION AND ORDER UNDER SECTIONS 231 & 238 OF THE ACT
WHEREAS the Licensee currently holds an inactive life and accident and sickness insurance licence in British Columbia;
AND WHEREAS a Notice of Hearing of the British Columbia Securities Commission (the "BCSC"), dated September 26, 2016, set out numerous allegations against the Licensee and that the Licensee committed 82 contraventions of the Securities Act which together constituted one fraudulent scheme;
AND WHEREAS Council found that the BCSC's allegations against the Licensee were serious and brought into question the Licensee's suitability to hold an insurance licence;
AND WHEREAS Council determined it would be in the public's interest to prohibit the Licensee from engaging in insurance activities until such time as the BCSC's consideration of the aforementioned allegations is complete;
AND WHEREAS Council considers the length of time it would take to address this matter through an intended decision, pursuant to section 231 of the Act, would be detrimental to the due administration of the Act and the public's best interest;
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Decision and Order under Sections 231 & 23 8 of the Act Paul Se Hui Oei LIC-161253Cl21489Rl October 26, 2016 Page 2 of2
NOW THEREFORE, pursuant to sections 231 and 238 of the Act, Council orders that the Licensee's life and accident and sickness insurance licence. is suspended effective the date of this order and until such time as the BCSC's consideration of the aforementioned allegations is complete, and the matter has subsequently been considered by Council.
TAKE NOTICE that, pursuant to section 238 of the Act, the Licensee has the right to require 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 26th day of October, 2016.
Dr. Eric Yung Chairperson, Insur ( ouncil of British Columbia