Metrix Professional Insurance Brokers Inc.
Registration Number: A3705
Vancouver, BC
Robert Bradley Shantz
Registration Number: R30925
Vancouver, BC
HEARING DATE: March 9, 2017
MISCONDUCT: Ontario Regulation 991, ss 15(1)9, 15(1)13, 16(4), 4.1, 4.2, 16(6)(a)(b) and (c)
PARTICULARS OF THE COMPLAINT:
Metrix Professional Insurance Brokers Inc. (hereinafter referred to as “Metrix Professional Insurance”) is a registered insurance brokerage carrying on business in the City of Vancouver, British Columbia.
Robert Bradley Shantz is a registered insurance broker and was Principal Broker of Metrix Professional Insurance with authority to act in the name of the corporation regarding reports made to RIBO under the Regulations and may have knowingly concurred in the alleged misconduct of Metrix Professional Insurance.
Metrix Professional Insurance has operated in a net trust deficit position as determined by RIBO staff in their investigation. It also failed to maintain, always, in its trust account moneys and trust investments that are sufficient, together with trust funds receivable, to meet all its trust obligations.
DISCIPLINE COMMITTEE’S DISPOSITION:
The Discipline Committee approved a consent agreement between Metrix Professional Insurance and RIBO, and ordered:
(a) That the brokerage file monthly position reports in Form 1 showing full compliance of Sections 16(4), Subsection 1, Subsections 4.1 and 4.2 and Subsection (6)(a)(b) and (c) of Ontario Regulation 991 for a period of one year, commencing with the month ending February 28, 2017, and thereafter as at March 31, 2017, April 30, 2017, May 31, 2017, June 30, 2017, July 31, 2017, August 31, 2017, September 30, 2017, October 31, 2017, November 30, 2017, December 31, 2017 and January 31, 2018. These reports are to be accompanied with the following verifying financial attachments; internally generated balance sheet, income statement, summary page of the aged premium receivable listing, copies of the original bank statements of the trust and general accounts and the corresponding reconciliation statements and any other working paper that verifies a balance that differs with a system generated balance. Should these financial attachments not be applicable to this brokerage, then RIBO and the broker will agree on what these verifying financial attachments will be. These reports are to be in RIBO’s offices 30 days after the respective month end.
(b) That the brokerage shall subsequently file quarterly position reports in Form 1 showing full compliance of Sections 16(4), Subsection 1, Subsections 4.1 and 4.2 and Subsection (6)(a)(b) and (c) of Ontario Regulation 991 commencing with the month ending April 30, 2018, and thereafter as at July 31, 2018, October 31, 2018 and January 31, 2019. These reports are to be accompanied with the following verifying financial attachments; internally generated balance sheet, income statement, summary page of the aged premium receivable listing, copies of the original bank statements of the trust and general accounts and the corresponding reconciliation statements and any other working paper that verifies a balance that differs with a system generated balance. Should these financial attachments not be applicable to this brokerage, then RIBO and the broker will agree on what these verifying financial attachments will be. These reports are to be in RIBO’s offices 30 days after the respective month end.