The Insurance Council of British Columbia has revoked both the general insurance license and life and accident and sickness insurance agent’s license held by Wanan (Page) Li after Li submitted a fraudulent insurance claim to the Insurance Corporation of British Columbia (ICBC) to recover the costs of a vehicle she financed and sold to an exporter.

First licensed in December 2020, Li was banned from conducting ICBC business for a minimum of five years. In its investigation, the ICBC determined that Li had financed a vehicle, valued at over $110,000, purchased an annual policy for it and immediately sold it to an overseas exporter in exchange for $30,000 and a promise to pay the remainder.

“The licensee attempted to contact the exporter several times to receive the remaining value for the vehicle but the exporter stopped responding to her,” the intended decision in the case states. In January 2024 the exporter refused to pay and suggested that Li report the vehicle as stolen to receive the rest of the money owing on the vehicle. She did so in February 2024, reporting the vehicle as stolen to ICBC, the RCMP and the dealership where she bought the car. “The licensee had not been in possession of the car since July 2023,” they write. “During the ICBC’s investigation, the licensee admitted the claim was fraudulent.” 

In addition to the fraud, the agent was also sanctioned for selling a one-year policy when a temporary operation permit (TOP) was required for a car which wouldn’t be driven in the province.

Li says she was facing stressful financial difficulties at the time and wanted to earn extra money. Her agency also made submissions attesting to the agent’s work ethic, saying the transgressions were out of character. The council says it accepts that Li’s misconduct was isolated in nature and considers the five-year suspension imposed by the ICBC and the outstanding vehicle debt to be mitigating factors.

That said, the intended decision continues saying “council found that the licensee’s conduct displayed a flagrant disregard not only for the laws governing the licensee’s conduct, but also the resources expended by the ICBC and police in investigating the fraudulent theft reported, which in council’s view is an aggravating factor,” they write.

“Council believes that the licensee’s conduct warrants a significant penalty, as she willingly participated in a well-thought-out attempt to defraud the ICBC of more than $100,000. Council found the licensee’s misconduct was aggravating to a level that warranted discipline on the higher end of that established by precedent in cases involving fraudulent insurance claims, given the significant amount of potential loss to the ICBC if her claim had been effective.” 

In addition to cancelling Li’s license for three years, the agent must also complete two rules and ethics courses and pay the council’s investigation costs totalling $2,125.