In the matter of the FINANCIAL INSTITUTIONS ACT (RSBC 1996, c. 141) (the “Act”)
and the
INSURANCE COUNCIL OF BRITISH COLUMBIA (“Council”)
and
HONG WEI (WINNIE) LIAO (the “Licensee”)
ORDER UNDER SECTIONS 231 & 238 OF THE ACT
Pursuant to sections 231 and 232 of the Act, Council conducted an investigation regarding the matter of whether the Licensee
Council’s Rules and Council’s Code of Conduct in connection with
breached
After due investigation of this matter, and based on Council’s written Reasons for Decision after Council’s consideration of the relevant evidence including the Licensee’s responses to questions which were raised with the Licensee during the investigation, Council orders:
1.
That pursuant to section 231(1) of the Act, Council intends to make an order (“Order 1”), as follows:
(a) the cancellation of the Licensee’s life and accident and sickness insurance licence; and
Order under Sections 231 and 238 of the Act Hong Wei (Winnie) Liao LIC-178908C124450R1, COM-2023-00990 May 29, 2024 Page 2 of 2
2.
(b) any application by the Licensee for an insurance licence will not be considered for a period of three years after the date of Order 1.
That pursuant to section 238(1) of the Act, Council considers that the length of time required to hold a hearing would be detrimental to the due administration of the Act, and Order 1 will be made effective from the date on which Order 1 is issued.
PLEASE TAKE NOTICE that, pursuant to section 238(2) of the Act, a person directly affected by an order made under section 238(1) of the Act may, within 14 days of receiving a copy of the order:
(a) require a hearing before Council by delivering written notice to Council (at Suite 1400, 745 Thurlow Street, Vancouver, British Columbia, V6E 0C5); or
(b) appeal the order to the Financial Services Tribunal.
Dated in Vancouver, British Columbia, on the 29 th
day of May, 2024.
__________________________________ Janet Sinclair, Executive Director Insurance Council of British Columbia
The unredacted version of the Order and the referenced Reasons for Decision have not been published at this time to protect the fairness and integrity of ongoing proceedings, but these will be published in accordance with Council’s usual practice once there is no longer a basis to withhold publication.