In the Matter of the FINANCIAL INSTITUTIONS ACT (RSBC 1996, c.141) (the “Act”)
and the
INSURANCE COUNCIL OF BRITISH COLUMBIA (“Council”)
and
DIVYANSHU VERMA (the “Licensee”)
DECISION AND ORDER UNDER SECTIONS 231 & 238 OF THE ACT
WHEREAS the Licensee currently holds a Level 1 general insurance salesperson (“Level 1 Salesperson”) licence in British Columbia, and has been licensed in British Columbia since 2020;
AND WHEREAS in the Licensee’s 2021 annual filing, the Licensee failed to declare that Continuing Education requirements were fulfilled, that obligations under Council Rules and Code of Conduct were understood, and that mandatory notifications, where applicable, were submitted to Council;
AND WHEREAS licensees are required to meet Continuing Education requirements, as required by Council Rule 7(5), and to submit mandatory notifications, as required by Council Rule 7(3);
AND WHEREAS Council initiated an Annual Filing Declaration Audit on November 25, 2021, and requested that the Licensee respond by December 17, 2021;
AND WHEREAS Council made additional attempts to contact the Licensee through telecommunication, electronic communication and written communication between December 13, 2021 and December 15, 2021;
AND WHEREAS Council sent a final request for information to the Licensee on March 25, 2022, with a deadline for providing the information of April 4, 2022, which the Licensee did not comply with;
Decision and Order under Sections 231 & 238 of the Act Divyanshu Verma LIC-2020-0024834-R01 April 29, 2022 Page 2 of 2
AND WHEREAS Council, having taken into consideration the Licensee’s repeated failure to cooperate with Council and to confirm that the Licensee was aware of and meeting certain licensing requirements, believes it to be in the interests of the public for the Licensee to be suspended until such time as the Licensee has complied with Council’s request for information;
AND WHEREAS Council considers the length of time required to hold a hearing would be detrimental to the due administration of the Act;
NOW THEREFORE Council orders that the Licensee's Level 1 Salesperson licence be suspended pursuant to sections 231 and 238 of the Act, to be effective the date of this order, until such time as the Licensee satisfactorily complies with Council’s requests for information pertaining to the Annual Filing Declaration Audit.
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 1400 – 745 Thurlow Street, Vancouver, British Columbia, V6E 0C5; alternatively, the Licensee may appeal this order to the Financial Services Tribunal.
Dated in Vancouver, British Columbia, on the 29 th
day of April, 2022.
___________________________ Janet Sinclair, Executive Director Insurance Council of British Columbia