FINANCIAL INSTITUTIONS ACT, RSBC 1996, c.141 (the “Act”)
and the
INSURANCE COUNCIL OF BRITISH COLUMBIA (“Council”)
and DEEPINDER SINGH BAJWA (the “Licensee”)
ORDER
As Council made an intended decision on June 17, 2025 pursuant to sections 231 and 236 of the Act; and
As Council, in accordance with section 237 of the Act, provided the Licensee with written reasons and notice of the intended decision dated July 2, 2025; and
As the Licensee has not requested a hearing of Council’s intended decision within the time period provided by the Act;
Under authority of sections 231 and 236 of the Act, Council orders that:
1) The Licensee’s accident and sickness insurance agent licence is suspended commencing on July 24, 2025, until such time as the Licensee has satisfactorily complied with Council’s requests for information pertaining to Council’s audit; and
2) The Licensee is not permitted to complete the Licensee’s annual licence renewal unless the Licensee’s licence suspension has been lifted at the time of renewal.
This order takes effect on the 24
th day of July, 2025
______________________________ Janet Sinclair, Executive Director Insurance Council of British Columbia
1.
2.
3.
of the
INSURANCE COUNCIL OF BRITISH COLUMBIA (“Council”)
respecting
DEEPINDER SINGH BAJWA (the “Licensee”)
Council initiated an accident & sickness insurance practice audit of the Licensee in February 2025. As part of its mandate to protect the public, Council regularly conducts practice reviews to monitor licensees’ compliance with regulatory requirements, including legislation, the Council Rules and the Code of Conduct.
Between February 2025 and May 2025, Council staff made repeated efforts to contact the Licensee to obtain information necessary for the audit. Despite these requests for information, Council has not received a response from the Licensee.
Council reviewed the issue of the Licensee’s unresponsiveness to the audit at its June 17, 2025, meeting, where it was determined the matter should be disposed of in the manner set out below.
PROCESS
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Pursuant to section 237 of the Financial Institutions Act (the “Act”), Council must provide written notice to the Licensee of the action it intends to take under sections 231 and 236 of the Act before taking any such action. The Licensee may then accept Council’s decision or request a formal hearing.
This intended decision operates as written notice of the action Council intends to take against the Licensee.
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FACTS
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The Licensee has been licensed with Council as an accident and sickness insurance agent (“A&S Agent”) since April 17, 2018. The Licensee has held an authorization to represent an agency (the “Agency”) since April 17, 2018. The Licensee has also acted as the nominee for the Agency since April 17, 2018.
On February 13, 2025, Council initiated an accident & sickness insurance practice audit of the Licensee’s insurance practice. The Licensee was asked to respond by March 19, 2025.
Between March 5, 2025, and March 18, 2025, Council staff made attempts to contact the Licensee, to proactively remind the Licensee of the pending response due date.
On March 20, 2025, following the passing of the due date, a final request letter was sent to the Licensee. The Licensee was instructed to respond by April 17, 2025.
10. The postal tracking summary report indicates that the letter from Council dated March 20, 2025, was delivered to the Licensee.
11. On May 20, 2025, a letter was sent to notify the Licensee that, due to his failure to respond to the audit, Council staff intended to bring the matter to the attention of the voting Council members at the June 2025 Council meeting. The letter invited the Licensee to submit the required information by May 26, 2025, and explained that the Licensee might be subject to disciplinary action by Council, which could include licence suspension or termination.
12. The postal tracking summary report indicates that the letter from Council dated May 20, 2025, was delivered to the Licensee.
13. As of the date of this decision, the Licensee has not responded to any of Council staff’s efforts to communicate. The contact information that Council staff have used in their attempts to communicate with the Licensee is the most current contact information that the Licensee has on file with Council.
ANALYSIS 14. Council has determined that it is appropriate to suspend the Licensee’s A&S Agent licence until such time that the Licensee has satisfactorily complied with the audit’s request for information.
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15. Effective regulation relies in part on licensees being responsive to Council. The importance of responsiveness is emphasized by section 231(1)(d) of the Act, which states that a licensee having “refused or neglected to make a prompt reply to an inquiry addressed to the licensee under this Act” is grounds for Council to take disciplinary action. Additionally, section 12 of the Code of Conduct (“Dealing with the Insurance Council of British Columbia”) requires licensees to “respond promptly and honestly to inquiries from Council.”
16. When a licensee fails to respond to an audit, it hinders Council’s ability to determine whether that person has been conducting insurance business in accordance with the Council Rules and other requirements. As such, it is in the public interest for Council to take action when licensees fail to communicate with Council staff during the audit process.
INTENDED DECISION
17. Pursuant to sections 231 and 236 of the Act, Council made an intended decision to:
a.
Suspend the Licensee’s accident and sickness insurance agent licence, from the date of Council’s order, until such time as the Licensee has satisfactorily complied with Council’s requests for information pertaining to Council’s audit; and
b. Not permit the Licensee to complete the Licensee’s annual licence renewal unless the Licensee’s licence suspension has been lifted at the time of renewal.
18. Subject to the Licensee’s right to request a hearing before Council pursuant to section 237 of the Act, the intended decision will take effect after the expiry of the hearing period, unless the Licensee satisfactorily complies with the audit during the hearing period.
RIGHT TO A HEARING
19. If the Licensee wishes to dispute Council’s findings or its intended decision, the Licensee may have legal representation and present a case in a hearing before Council. Pursuant to section 237(3) of the Act, to require Council to hold a hearing, the Licensee must give notice to Council by delivering to its office written notice of this intention within fourteen (14) days of receiving this intended decision. A hearing will then be scheduled for a date within a reasonable period of time from receipt of the notice. Please direct written notice to the attention of the Executive Director. If the Licensee
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does not request a hearing within 14 days of receiving this intended decision, the intended decision of Council will take effect.
20. Even if this decision is accepted by the Licensee, pursuant to section 242(3) of the Act, the British Columbia Financial Services Authority (“BCFSA”) still has a right of appeal to the Financial Services Tribunal (“FST”). The BCFSA has thirty (30) days to file a Notice of Appeal once Council’s decision takes effect. For more information respecting appeals to the FST, please visit their website at https://www.bcfst.ca/ or visit the guide to appeals published on their website at https://www.bcfst.ca/app/uploads/sites/832/2021/06/guidelines.pdf.
Dated in Vancouver, British Columbia on the 2
nd
day of July, 2025
For the Insurance Council of British Columbia
___________________________ Janet Sinclair Executive Director