CONSENSUAL AGREEMENT AND UNDERTAKING (“Agreement”)
Between THE MARKET PRACTICES COMMITTEE (“Committee”) of
THE LIFE INSURANCE COUNCIL OF SASKATCHEWAN (“Council”)
And ANKIT VIRAMBHAI PATEL (“Licensee”)
The Licensee acknowledges and agrees that he received Notice regarding a proposed action, pursuant to Section 10-11 of The Insurance Act (the “Act”), and the reasons therefor, from Council, dated April 22, 2021.
The Licensee acknowledges and agrees that he is guilty of misconduct and that he violated Council Bylaws as follows:
Bylaw 4-1(1)(c) The Licensee failed to maintain a policy of errors and omissions (“E&O”) insurance coverage, contrary to section 5-26 of the Act and section 5-10(1)(a) of The Insurance Regulations (the “regulations”), for the period of ten (10) days in 2020, from 12:01 a.m. on August 14, 2020 to 12:01 a.m. on August June 24, 2020.
Bylaw 3-1(4)(c)(i) The Licensee did not notify Council that his E&O insurance coverage had lapsed for ten (10) days in 2020.
Consensual Agreement and Undertaking
The Licensee acknowledges and agrees that: a. His right to make a written submission to or appear before the Committee at an oral hearing to make representations as to why this action should not be taken has been explained to him and that he fully understands his rights and/or obligations.
b. The Licensee waives his right to make a written submission to the Committee or to appear before the Committee at an oral hearing and chooses to resolve this matter by way of this Agreement and accordingly waives any right of appeal with respect to this action.
c. This Agreement does not preclude Council from pursuing any other investigation and/or sanctions against the Licensee for activities not identified in this Agreement that may be in violation of the Act, the regulations or Council Bylaws.
d. The Licensee has been advised that it is in his best interest to obtain independent legal advice before entering into this Agreement. He has either:
a. obtained such independent legal advice prior to executing this Agreement; or b. has willingly chosen not to obtain such advice prior to executing this Agreement. e. The Licensee hereby affirms that he has read and understands the terms of this Agreement and is signing it voluntarily and of his own free will.
The Licensee, having waived his rights, accepts and undertakes to fulfill the sanctions imposed by the Committee as follows:
a. Pay a penalty in the amount of $1,000.00; and b. Pay the fine within 30 days from the date of service of this Agreement.
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Ankit Virambhai Patel
Consensual Agreement and Undertaking
The Committee’s Agreement: Upon fulfillment of the sanctions imposed, the Committee agrees this to be the full and final resolution of the violations of Council’s Bylaws by the Licensee as outlined in this Agreement.
Originally signed by: June 29, 2021 ________________________________________________________ _______________________________________ ANKIT VIRAMBHAI PATEL Date
Originally signed by Grant Laube for: June 30, 2021 _________________________________________________________ _______________________________________ THE MARKET PRACTICES COMMITTEE Date Life Insurance Council of Saskatchewan
Penalties affecting insurance intermediary’s licence Section 5-39(3) of the Act If a penalty imposed against a holder of an insurance intermediary’s licence pursuant to subsection (2) is not paid within 30 days after the holder is served with the written notice of the penalty and the decision of the Superintendent is not appealed, the licence is automatically suspended immediately following the last date for paying the penalty or appealing the decision, whichever is later, and remains suspended until the penalty is paid or the licence expires.
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Ankit Virambhai Patel