DECISION
IN THE MATTER OF
THE LIFE INSURANCE COUNCIL OF SASKATCHEWAN (“Council”)
MARKET PRACTICES COMMITTEE (“the Committee”)
RESPECTING
Jordan Turcotte (“the Licensee”)
The Committee is authorized under Council’s Bylaw 2, section 2-3, to investigate complaints and adjudicate or mediate disputes respecting alleged non-compliance with The Insurance Act (the “Act”), The Insurance Regulations (the “Regulations”) or Council’s Bylaws by applicants, licensees or persons who are required to be licensees pursuant to section 5-31(3)(i) of the Regulations, and to make decisions respecting penalties and other charges pursuant to section 5-31(3)(k) of the Regulations.
The Market Conduct Auditor (“Auditor”) of the Insurance Councils of Saskatchewan conducted an audit in relation to the continuing education (“CE”) records of the Licensee. The results of that audit were submitted to the Compliance Department of Council to prepare an Investigation Report, which was submitted to the Committee on March 20, 2024.
Decision Jordan Turcotte
A Notice of Proposed Action dated March 25, 2024, enclosing a Consensual Agreement and Undertaking (the “Agreement”) was delivered via registered mail to the Licensee on March 26, 2024. The Agreement was not claimed from the post office by the Licensee and on April 16, 2024, the Agreement was returned to the Insurance Councils of Saskatchewan’s office.
The Licensee did not provide written representations or request a hearing to advise the Committee why the actions identified in the Agreement should not be taken, pursuant to section 10-11(3) of the Act, within the required time.
As the Licensee failed to meet the requirements of section 10-11(3) of the Act within the required time, the Committee has confirmed that the actions outlined in the Agreement will be taken, pursuant to section 10-11(6) of the Act.
MISCONDUCT AND BYLAW VIOLATIONS BY THE LICENSEE:
Bylaw 4-1 Professional misconduct (2) Without limiting the generality of subsection 4-1(1), a licensee may be guilty of misconduct if the licensee: (u) fails to reasonably respond to inquiries from LICS or ICS.
REASON FOR THE DECISION: As the Licensee failed to provide written representations or request a hearing, the Committee, pursuant to section 10-11(11) of the Act, considers the Agreement appropriate and makes the following order:
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THE COMMITTEE HEREBY ORDERS THAT: 1. The Licensee pay the following fine:
Bylaw 4-1(2)(u) for Failure to Respond
Total:
Decision Jordan Turcotte
$ 300.00 $ 300.00
2. The Licensee pay the costs of investigation: 3 hours at $110.00 per hour = $330.00.
3. The Licensee must pay the fine and costs of investigation, in the amount of $630.00, within 30 days of receiving this Decision, pursuant to section 5-39(3) of the Act.
Dated at Saskatoon, in the Province of Saskatchewan, this May 21, 2024 day of May 2024.
Originally Signed by: Som Houmphanh, Chair Market Practices Committee Life Insurance Council of Saskatchewan
Section 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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