Consensual Agreement and Undertaking Between Andrew Oluoch Anindo and The Complaints and Investigation Committee of The Life Insurance Council of Saskatchewan (The Committee)
Andrew Oluoch Anindo acknowledges and agrees that: 1. He violated The Life Insurance Council (Council) Bylaws when:: a. contrary to Schedule A, Part II, Section 6, subsection (1) he failed to maintain a valid policy of errors and omissions insurance; and
b. contrary to Schedule A, Part II, Section 6, subsection (2) he failed to immediately notify Council of cancellation or non-renewal of his errors and omissions insurance.
2. The breach occurred when he allowed his errors and omissions insurance certificate No. FITO694942001 – PIP 2008-0330 to lapse on August 15, 2009.
3. He was without errors and omission insurance until October 21, 2009 when he became insured under policy No. 5762165 issued by Axa Pacific Insurance Company.
4. He was without errors and omissions insurance for 66 days. 5. His rights to appear before a Discipline Committee of Council have been explained to him and he fully understands his rights and/or obligations under Council Bylaw 10;
6. He waives his rights to appear before a Discipline Committee and undertakes not to exercise any appeal rights he may have under Council Bylaw 10, Section 3 or The Saskatchewan Insurance Act, (the Act) as it relates to matters set out in this agreement and undertaking.
7. He has been advised by The Committee that it is in his interests to obtain independent legal advice before entering into this consensual agreement and undertaking
Consensual Agreement and Undertaking Page 2 Andrew Oluoch Anindo having waived his rights undertakes to: 1. Pay a fine in the amount of $330.00; and 2. Reimburse Council’s investigation costs in the amount of $220.00. The Committee’s Agreement: 1. The Committee agrees to accept from Anindo the payment of $550.00 as full and final resolution of his violation of Council’s Bylaws; and
2. The Committee further agrees to take no further action against Anindo for the acknowledged violations of Council’s Bylaws that are set out in this agreement.
Dated at Regina, in the Province of Saskatchewan, this 29 day of December, 2009. Originally signed by: __________________________________________________________ Andrew Oluoch Anindo
Dated at Regina, in the Province of Saskatchewan, this 8 day of March, 2010. Originally signed by: _____________________________________________________ Kelly Aikens, Chairman, Complaints and Investigation Committee Life Insurance Council of Saskatchewan