The Insurance Council of British Columbia has fined Alteri Insurance Brokers Inc. and has ordered the agency to employ a full-time level 3 general insurance agent for at least two years after its former agents were sanctioned by the council for falsifying documents.

“The agency failed to disclose to the strata and the property manager that its policy had lapsed, and, to compound this, had issued falsified insurance documentation (including the invoice and payment agreement) over several months to mislead the strata that it had valid coverage. Council concluded that there was a lack of accountability at the agency,” the intended decision in the case states. “Council concluded that the agency was not financially reliable as premiums were collected from the strata when the policy had not been bound.” 

In correspondence to the Insurance Portal regarding this publication’s reporting on previous cases, Alteri’s current compliance department notes that the firm was purchased by Southampton Financial Inc. in October of 2023. (The transgressions in question culminated in a complaint to the council, which kicked off the council’s investigation, in December 2021.)

“Southampton Financial has fully cooperated in any and all Alteri related investigations involving any and all prior employees of Alteri,” they write. “Southampton Financial has put significant efforts in taking all available steps to correct, prevent and rectify all prior negative actions.” According to the correspondence, the agency has already appointed a new nominee.

The insurance council also noted the change in ownership in its intended decision, saying “new ownership has communicated an intention to improve the culture of compliance and governance of the agency,” they write.

Despite this, the council fined the agency $10,000 and assessed investigation costs totaling $2,203.12. Although the agency requested a hearing in February 2025, it withdrew the request in July. The council says the issuance of its intended decision was delayed as earlier investigations proceeded, in case evidence was received which could have impacted the council’s intended disciplinary action.

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