The Insurance Council of British Columbia is fining veteran general insurance agent, Lisa Maureen Degraaf $5,000 and cancelling Degraaf’s license for three years after she admitted to taking more than $4,705, owed to the Insurance Corporation of British Columbia (ICBC).
Licensed with some gaps since March 1987, Degraaf had, in the past, been a co-owner and agency partner for 27 years. She was terminated in April 2024 after misappropriating the funds – discovered when the ICBC audited the agency.
“The day of the insurers’ audit, the licensee phoned DC (her branch manager) to advise that she had taken funds intended to be deposited to the insurer. DC stated that during the phone call, the licensee admitted to taking $2,000 but later said she had taken up to $8,000,” the insurance council’s intended decision in the case states. “The agency’s investigation report states that it conducted a full reconciliation of all accounts and noted a shortage of money just exceeding $9,000 and that the licensee had verbally admitted to taking up to $8,000. It was also noted that the licensee only reported the theft once the insurer audit had begun.”
Degraaf was ultimately terminated for theft of $4,705 and was prohibited from conducting business with the ICBC for a period of one year, beginning in May 2024. The insurance council, in turn, cancelled Degraaf’s general insurance license, imposed the fine of $5,000 plus costs in the amount of $2,000. It will not consider an application for any insurance license for three years, ending in May 2028. It also ordered Degraaf to complete the Ethics and the Insurance Professional course from the Insurance Institute of Canada prior to applying for a license again in the future.
