Grewal, Kamaldeep
February
6, 2012
Regulatory Body: Insurance Council of Manitoba
Decision Maker: Life Insurance Council
Agent fined $500.00 and assessed partial investigation costs of $500.00 in the
replacement of insurance in violation of The Insurance Act of Manitoba;
Section 113 (1) (c) and (e) of the Act; Section 151 (2) of the Act requiring
the applicant to initial changes to an application; Section 8 of the Rules -
Restrictions on transactions by new agents; and Section 2 – Interests of the
Client, and Section 7 - General Insurance Disclosure and Documentation of the
Life Insurance and Accident and Sickness Agent’s Code of Conduct. This matter
was appealed to The Insurance Agents’ and Adjusters’ Licensing Appeal Board
which upheld the decision of the Insurance Council and assessed an additional
requirement for the agent to submit a six page essay dealing with the
requirements for disclosure documentation, procedures for the completion of an
application, and a review of the current Rules and Code provisions that are
applicable to disclosure documentation and completion of an application.