In the Matter of The FINANCIAL INSTITUTIONS ACT (the "Act") (RSBC 1996, c.141)
and The INSURANCE COUNCIL OF BRITISH COLUMBIA ("Council")
and THEODORE YOUNG LEE (the "Licensee")
DECISION AND ORDER UNDER SECTIONS 231 & 238 OF THE ACT
WHEREAS the Licensee holds a general insurance agent licence, authorized to act as a Level 3 general insurance agent (nominee);
AND WHEREAS the Licensee is currently the subject of a Council investigation pursuant to section 232 of the Act, relating to allegations the Licensee, while engaging in insurance business as a Level 3 agent nominee of International Insurance Agencies Ltd. (the "Agency"), collected insurance premiums from Agency clients and failed to remit the premiums to insurers as required;
AND WHEREAS the Licensee does not dispute that these events occurred; AND WHEREAS, as a result of the Licensee's actions, the Agency is in arrears with various insurers for outstanding premiums and Agency clients received notification that their insurance coverage would be cancelled for non-payment of premium;
AND WHEREAS Council determined that the matter is sufficiently serious to bring into question the Licensee's suitability to hold any insurance licence;
AND WHEREAS Council determined that further investigation is necessary to establish the scope of the Licensee's misconduct, but considers the length of time required to complete an investigation and make a decision pursuant to section 231 ofthe Act, would be detrimental to the due administration of the Act;
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238 ORDER Theodore Young Lee File Number: 144177-1990 April 12, 2011 Page 2 of2
AND WHEREAS Council considers it to be in the public interest to suspend the Licensee's general insurance agent licence pursuant to section 231 (1 )(g) of the Act;
NOW THEREFORE Council orders the suspension of the Licensee's general insurance licence pursuant to sections 231 and 238 of the Act, effective the date of this Order; and
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 Co'uncil at Suite 300 - 1040 West Georgia Street, Vancouver, British Columbia, V6E 4H1; alternatively, the Licensee may appeal this Order to the Financial Services Tribunal.
Dated in Vancouver, British Columbia, on April 12, 2011.
Chairperson, Insurance Council of British Columbia
Barbara MacKinnon, CAIB