In the Matter of The FINANCIAL INSTITUTIONS ACT (the "Act") (RSBC 1996, c.141)
and The INSURANCE COUNCIL OF BRITISH COLUMBIA ("Council")
and NICHOLAS DI PERNO (the "Licensee")
DECISION AND ORDER UNDER SECTIONS 231 & 238 OF THE ACT
WHEREAS the Licensee is licensed as a Level 3 general insurance agent nominee; AND WHEREAS Council has commenced an investigation pursuant to section 232 of the Act, relating to allegations that the Licensee failed to competently carry out his duties and responsibilities as a nominee. Namely, as the nominee of SSEI Insurance Agency Ltd. (the "Agency"), an insurance agency which he operates as a principal, he failed to ensure there was adequate supervision and, as a result, the following misconduct allegedly occurred:
• insurance binders and/or insurance policy documentation were issued without authority; • Agency staff carried on insurance business without being licensed with Council as required;
• policy fees were not disclosed as required; • insurer policy documentation was altered; and • insurance coverage was placed without insurer authority; .. ./2
238 ORDER Nicholas Di Perno File Number: 161244-1772 November 16, 2010 Page 2 of2
AND WHEREAS the Licensee acknowledged that misconduct occurred at the Agency; AND WHEREAS Council determined the above allegations are sufficiently serious to call into question the Licensee's suitability to act as an agency nominee;
AND WHEREAS Council determined that further investigation is necessary to establish the scope of the misconduct at the Agency, but considers the length of time required to complete an investigation and make a decision pursuant to section 231 of the Act, would be detrimental to the due administration of the Act;
AND WHEREAS Council considers it to be in the public interest to suspend the Licensee's general insurance 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;
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 Suite 300 -1040 West Georgia Street, Vancouver, British Columbia, V6E 4Hl; alternatively, the Licensee may appeal this order to the Financial Services Tribunal.
Dated in Vancouver, British Columbia, on the 16 th day of November, 2010. ~ 0 B'&bara MacKinnon, CAIB Chairperson, Insurance Council of British Columbia