CONSENSUAL AGREEMENT AND UNDERTAKING (“Agreement”)
Between THE MARKET PRACTICES COMMITTEE (“Committee”)
of
THE LIFE INSURANCE COUNCIL OF SASKATCHEWAN (“Council”)
And
Jenny De Guzman (“licensee”)
The licensee acknowledges and agrees that they received the Notice regarding a Proposed Action pursuant to Section 10-11 of The Insurance Act (the “Act”), and the reasons therefore, from Council, dated July 30 2024.
The licensee acknowledges and agrees that they are guilty of misconduct by violating the following sections of the Council Bylaws:
Bylaw 9-1 Rules for qualifying for continuing education (1) Licensees are required to earn a minimum of fifteen credit hours of continuing education in each annual reporting period
Bylaw 9-2 Definition of continuing education (1) Only courses that provide technical education are considered to qualify as continuing education including courses that directly relate to: (b) financial planning provided that a maximum of five hours per year is related to non-insurance sectors such as securities (s) for a minimum of four years, for inspection by LICS in the event of an audit of licensee records.
Consensual Agreement and Undertaking Jenny De Guzman
Bylaw 4-1 Professional misconduct (1) For the purposes of the Act, the regulations and these bylaws, professional misconduct is a question of fact but includes any matter, conduct or thing, whether or not disgraceful or dishonorable that: (c) is a breach of the Act, the regulations or these bylaws.
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 to her and that she fully understands her rights and/or obligations.
b.
c.
d.
e.
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.
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.
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 and of her own free will.
The licensee, having waived her rights, accepts and undertakes to fulfill the sanctions imposed by the Committee as follows:
a.
b.
c.
Pay a penalty in the amount of $300.00
Pay the costs of investigation in the amount of 3 hours x $110.00 = $330.00
Pay the fine and costs, in the total amount of $630.00 within thirty (30) days from the date of this Agreement.
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d.
Consensual Agreement and Undertaking Jenny De Guzman
Provide copies of her 8 additional CE certificates for her February 10, 2021 to February 10, 2022 reporting period within thirty (30) days from the date of this Agreement.
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: ________________________________________________________
Jenny De Guzman
Originally signed By: _______________________________________________________ THE MARKET PRACTICES COMMITTEE Life Insurance Council of Saskatchewan
August 10, 2024 _______________________________________
Date
August 13, 2024 _______________________________________ Date
Penalties affecting insurance intermediary’s licence
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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