CONSENSUAL AGREEMENT AND UNDERTAKING (“Agreement”)
Between
THE MARKET PRACTICES COMMITTEE (the “Committee”) of
THE LIFE INSURANCE COUNCIL OF SASKATCHEWAN (“Council”)
And Maricel Maronilla Praxedes (the “Licensee”)
The Licensee acknowledges and agrees that she received the Notice regarding a Proposed Action, pursuant to section 10-11 of The Insurance Act (the “Act”), and the reasons therefor from Council, dated June 13, 2022.
The Licensee acknowledges and agrees that she is guilty of misconduct and that she violated Council Bylaws as follows:
Bylaw 4-1(1)(c) when she breached Bylaw 9-1(1) The Licensee failed to meet the fifteen (15) CE credit hours requirement for the July 12, 2018 and July 12, 2019 reporting periods.
The Licensee acknowledges and agrees that: a. Her 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 and that she fully understands her rights and/or obligations.
b. The Licensee waives her 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 the 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 Insurance Regulations or Council Bylaws.
d.
e.
Consensual Agreement and Undertaking Maricel Maronilla Praxedes
The Licensee has been advised that it is in her best interest to obtain independent legal advice before entering into this Agreement. The Licensee 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. The Licensee hereby affirms that she has read and understands the terms of this Agreement and is signing it voluntarily.
The Licensee, having waived her rights, accepts and undertakes to fulfill the sanctions imposed by the Committee as follows:
a.
b.
c.
d.
Pay a penalty in the amount of $1000.00.
Pay the costs of investigation in the amount of 5 hours x $110.00 per hour = $550.00
Pay the fine and costs of investigations (for a total of $1550.00) within 30 days from the date of receipt of this Agreement.
Complete 7.25 CE credit hours within 6 months of the acceptance of the Agreement.
The Committee’s Agreement: Upon fulfillment of the sanctions imposed, the Committee agrees this will be the full and final resolution of the violations of The Insurance Regulations and Council’s Bylaws by the Licensee as outlined in this Agreement.
________O__ri_g_i_n_a__ll_y_ _s_ig__n_e_d__ _b_y__: _M__a_r_i_c_e_l _P__ra__x_e_d_e__s_________ _______ J _ u _ n _ e __ 2 __ 0 _ , _ 2 _ 0 __ 2 _ 2 ___________________ Signature of the Licensee Date
_____________________ M __ a _ r _ i _ c _ e _ l _ P __ ra __ x _ e _ d _ e __ s ___________________ ________J_u_n_e__ 2__0_, _2_0__2_2__________________ Name of the Licensee (please print) Date
_______O__ri_g_i_n_a__ll_y_ _s_ig__n_e_d__ b__y_: _G__r_a_n_t_ _L_a_u_b__e________________ _________Ju__n_e_ _2_3__, _2_0_2__2_________________ THE MARKET PRACTICES COMMITTEE Date Life Insurance Council of Saskatchewan
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Consensual Agreement and Undertaking Maricel Maronilla Praxedes
Penalties affecting insurance intermediary’s licence
5-39(3) 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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