Consensual Agreement and Undertaking Between Lance James Emile LaCroix and The Complaints and Investigation Committee of The Life Insurance Council of Saskatchewan (The Committee)
I, Lance James Emile LaCroix, agree that I breached the Life Insurance Council of Saskatchewan Bylaws when:
1. I did, contrary to Schedule A, Part II, Section 6, subsection (1) of the Life Insurance Council Bylaws, fail to maintain a valid policy of errors and omissions insurance; and
2. I did, contrary to Schedule A, Part II, Section 6, subsection (2), fail to immediately notify Council of cancellation or non-renewal of my errors and omissions insurance.
The breach occurred when I allowed my errors and omissions insurance certificate No. 334 to lapse on October 1, 2008 and did not replace it until October 16, 2008 with certificate No. 809109. I was without errors and omissions insurance for approximately 15 days.
I have allowed my errors and omissions insurance to lapse on two other occasions. December 30, 1998 through April 19, 1999 – 110 days May 1, 2000 through May 12, 2000 – 11 days I am aware I have the right to appear before a Discipline Committee of Council and I fully understand my rights and obligations under Bylaw 10.
I am aware that it is my right to seek legal counsel to protect my interests and that I have not been discouraged from doing so.
I hereby waive my rights to appear before a Discipline Committee and undertake to not exercise any appeal rights I may have under Council Bylaw 10, Section 3 or The Saskatchewan Insurance Act, as it relates to matters set out in this agreement and undertaking.
I agree to accept a ninety day suspension of my life and accident and sickness licence and to pay Councils costs of investigation in the amount of $400.00.
The Committee is authorized under Bylaw 7, Section 5, subsection 3, subparagraph (b) to enter into consensual resolutions of complaints and agrees to accept the ninety day suspension of my life and accident and sickness licence and payment of $400.00 as a resolution of the complaint against Lance James Emile LaCroix.
I agree that the ninety day suspension of my life and accident and sickness licence will begin upon receipt of the signed Consensual Agreement and Undertaking and the $400.00 costs of investigation.
The Committee further agrees to take no further action against Lance James Emile LaCroix for the acknowledged violations of Schedule A, Part II, Section 6, subsections (1) and (2) of the Life Insurance Council Bylaws.
Dated at Regina, in the Province of Saskatchewan, this 27 day of January 2009. ____”Lance LaCroix”____________________________________________ Lance James Emile LaCroix
Dated at Regina, in the Province of Saskatchewan, this 30 day of January 2009. ____”Kelly Aiken”________________________________________________ Kelly Aiken, Chairman, Complaints and Investigation Committee Life Insurance Council of Saskatchewan
KA/as W:\Complaints and Investigations\Consensual Agreements\Life\LaCroix\LaCroix December 2008.doc