The Life Insurance Council of Saskatchewan (LICS) has taken steps to sanction Sidney Richard Squires for being without errors and omissions (E&O) coverage for 13 days in 2025 while the agent was transitioning his business.

The consensual agreement and undertaking notes that lapsed E&O coverage could mean that Squires may not have coverage for losses which occurred prior to the lapse. It also notes that every business that applies for or holds an insurance agent’s license for life, accident and sickness or life and accident and sickness insurance must maintain a valid policy and provide proof of it annually.

The required coverage in Saskatchewan for those with such licenses is $1-million for any one occurrence, a minimum aggregate limit of $1-million of all occurrences within a year and $1,000 extended coverage for losses resulting from fraudulent or dishonest acts. The policy must cover the licensee’s activities and be underwritten by an insurance company licensed to do business in Canada.

Licensed since April 1997, the consensual undertaking notes that Squires had coverage until April 1, 2025. Despite having received auto-generated emails from the insurance council reminding the agent of his E&O reporting obligations, advising him that his policy had expired, Squires also answered ‘yes’ to the licensing attestation question confirming that he maintained a valid E&O policy covering his business activities, as required under the province’s regulations and the council’s bylaws.

“Regardless of intent, the submission of materially inaccurate information constitutes a violation as it impairs the ability to carry out Insurance Council of Saskatchewan oversight,” the undertaking continues. It also notes that the incident is not the first for the life agent – the council sent Squires a cautionary letter in May 2022 for making a material misstatement on his 2021 Annual Return.

“The most recent misstatement resulted from inattention rather than intent,” the regulator states, but also notes that the recurrence of inaccurate reporting “can indicate a troubling pattern.”

For the lapsed policy and the material misstatement, Squires was ordered to pay a penalty in the amount of $1,500 and costs totalling $330.