CONSENSUAL AGREEMENT AND UNDERTAKING (“Agreement”)
Between THE MARKET PRACTICES COMMITTEE (“Committee”) of
THE LIFE INSURANCE COUNCIL OF SASKATCHEWAN (“Council”)
And Corey Pelland, Designated Representative (the “DR”) of Pelland Zimak Music Financial Services Ltd. (the “Agency”)
The DR acknowledges and agrees that he 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 May 16, 2023.
The DR acknowledges and agrees that he is guilty of misconduct by violating the following sections of the Council Bylaws:
Bylaw 3-1 Licences and obligations (4) A licence imposes on the licensee, and if a business, the designated representative, obligations including but not limited to, the following: (c) to immediately notify LICS of: (v) any withdrawal of a licence recommendation;
Bylaw 4-1 Professional misconduct (1) Without limiting the generality of subsection 4-1(1), a licensee may be guilty of misconduct if the licensee: (s) is a Designated Representative and fails to carry out his or his responsibilities as outlined in the Act, the regulations, or these bylaws, including Schedule B – Operating Principles for the Designated Representative; … (u) fails to reasonably respond to inquiries from LICS or ICS.
Consensual Agreement and Undertaking Corey Pelland, Designated Representative
The DR, Corey Pelland 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 DR 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 DR for activities not identified in this Agreement that may be in violation of the Act, the regulations or Council Bylaws.
d. The DR has been advised that it is in his best interest to obtain independent legal advice before entering into this Agreement. The DR 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 DR 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 DR, 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 $600.00
b. Pay the costs of investigation in the amount of 3 hours x $110.00 = $330.00
c. Pay the fine and costs, in the total amount of $930.00 within thirty (30) days from the date of this Agreement.
2
Consensual Agreement and Undertaking Corey Pelland, Designated Representative
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 DR as outlined in this Consensual Agreement and Undertaking.
_______O__r_i_g_i_n_a_l_ly__ s_i_g_n__e_d_ _b_y_:_ _C_o__re__y_ P__e_l_la_n__d_____________ Corey Pelland, Designated Representative
_______O_r_i_g_i_n_a_l_l_y_ s_i_g_n__e_d__ b__y_ G__r_a_n__t _L_a_u__b_e_ _f_o_r_:__________ THE MARKET PRACTICES COMMITTEE Life Insurance Council of Saskatchewan
______M__a_y_ _2_8__, _2_0_2__3____________________ Date
________M__a_y__ 3__0_, _2_0__2_3__________________ Date
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.
3