A British Columbia life and accident and sickness insurance agent is being sanctioned by the Insurance Council of British Columbia for failing to maintain his errors and omissions (E&O) insurance and for being short continuing education (CE) credits for two licensing periods. All told the agent, Harshdeep Singh, is being fined $3,000, plus investigation costs.
The agent must also complete remedial education, including the Insurance Council Rules Course for Life and/or Accident & Sickness Insurance Agents and the Continuing Education Requirements & Guidelines course.
Licensed since April 2021, a 2023 audit revealed that Singh was without E&O coverage for 130 days between March and July 2023. The regulator’s staff also noted that Singh was short 17.75 CE credits for both licensing periods he was an agent.
“The licensee had produced 33 certificates of CE credits, however many were duplicates of CE credits already completed,” the intended decision in the case states.
Singh meanwhile explained that the insurance was cancelled without his knowledge when he left his previous agency. “The licensee assumed, without attempting to verify, that his E&O coverage had transferred over when he started at the agency,” they add.
The council found Singh’s efforts to make up the CE shortfall, and the fact that he obtained E&O coverage soon after the lapse was discovered to be mitigating. “Council determined that the licensee placed significant blame for his E&O lapse on his previous agency, rather than taking accountability himself, which council considered to be an aggravating factor.”
Broken down, Singh was fined $1,000 for each licensing period he did not complete sufficient CE and $1,000 for the E&O lapse. He must also pay investigation costs in the amount of $750.
