Chawla, Preetinder
February
17, 2011
Regulatory Body: Insurance Council of Manitoba
Decision Maker: Life Insurance Council
Life agent fined $2,000.00 and assessed partial investigation costs of
$1,000.00 in violation of The Insurance Act of Manitoba Section 113 (1)
unfair or deceptive acts or practices in the replacement of life insurance
policies; Life Insurance and Accident and Sickness Agent's Code of Conduct (pre
March 18, 2009) Section 1 - Priority of Policyowner Interests, Section 3 -
Misrepresentation and Section 6 - Replacement; and Life Insurance and Accident
and Sickness Agent's Code of Conduct (March 18, 2009) Section 1 - Interests of
the Client, Section 2 - Needs of the Client, Section 4 - Professionalism,
Section 5 - Confidentiality and Section 7 - General Information Disclosure and
Documentation.