In the Matter of The FINANCIAL INSTITUTIONS ACT (the "Act") (RSBC 1996, c.141)
and The INSURANCE COUNCIL OF BRITISH COLUMBIA ("Council")
and ROADWAYS INSURANCE AGENCIES INC. (the "Agency")
DECISION AND ORDER UNDER SECTIONS 231 & 238 OF THE ACT
WHEREAS the general insurance agent licence held by the Agency's nominee, Yik Lun Hui, has been suspended effective March 15,2011, pending an investigation by Council into allegations that he failed to competently carry out his duties and responsibilities as a nominee and that he knowingly processed improper insurance transactions;
AND WHEREAS an investigation ofthe Agency identified misconduct that brings into question the supervision at the Agency;
AND WHEREAS Council determined that misconduct at the Agency arose from the activities of a past owner of the Agency, a present owner of the Agency, as well as from Yik Lun Hui, all of whom failed to perform their responsibilities adequately;
AND WHEREAS Council determined it is necessary to require that the Agency be supervised by a person who is capable oftaking sufficient steps to ensure that adequate procedures and measures are implemented at the Agency to prevent similar misconduct from arising in future;
AND WHEREAS Council considers it to be in the public interest to attach conditions to the Agency's licence, pursuant to section 231(1)(h) of the Act, to address the concerns with the supervision at the Agency;
AND WHEREAS Council determined that the length of time required to hold a hearing on the matter would he detrimental to the due administration of the Act:
238 ORDER Roadways Insurance Agencies Inc. File Number: 165029-1750 March 17, 2011 Page 2 of2
NOW THEREFORE Council orders the following condition be attached to the Agency's general insurance agent licence pursuant to sections 231 and 238 of the Act, effective the date of this Order:
The Agency's licence is automatically suspended on April 12,2011 unless it has appointed a nominee who:
• has been licensed as a nominee for at least five of the last seven years; • works for the Agency in a full-time capacity and does not represent any other insurance agency; and • is a director, officer, partner or majority shareholder of the Agency or is at arm's length from the Agency's owners.
TAKE NOTICE that pursuant to section 238 of the Act, the Agency 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 4H1; alternatively, the Agency may appeal this Order to the Financial Services Tribunal.
Dated in Vancouver, British Columbia, on the 17 Chairperson, Insurance Council of British Columbia
th day of March 2011. Barbara MacKinnon, CAm