The Insurance Council of British Columbia has cancelled the general insurance license held by Lisa May Wessels and won’t consider an application to renew her license for three years after Wessels admitted to misappropriating client funds owed to the Insurance Corporation of British Columbia (ICBC). Wessels reportedly concealed the misappropriation by taking the cash payments and issuing agency cheques to the ICBC before writing the amounts off as bad debt.
Discovered during a routine internal audit, Wessels was terminated for cause in October 2024. Feb. 3, 2025 she started work with another insurance agency as a general insurance agent after telling that agency she left her first agency because she didn’t want to be a manager. This was noted as an aggravating factor by the council in its intended decision.
“Council concluded that it was deceptive of the licensee to conceal the truth of her termination from her new employer, and this action warranted a longer cancellation,” the intended decision in the case states.
After her termination, Wessels arranged to repay the agency $9,567.05 to cover the misappropriation of $5,194.70 plus a loan she owed the agency. The council noted this effort as a mitigating factor in the case.
“Conversely, the licensee’s seniority in the insurance industry and her position as a manager for several years were viewed as aggravating factors,” they write. “The licensee had over a decade of experience as a manager and ought to have known how to handle client funds appropriately and that taking funds for her personal use was wrong.”
First licensed in August 1998, the level 3 general insurance agent and branch manager for 14 years must also complete an ethics course and pay the council’s investigation costs in the amount of $1,687.50 before the council will consider any future application for a license from the former agent.
