A Co-operators General Insurance Company and Co-operators Life Insurance Company employee and agent, Christine Richard, has been ordered to pay civil penalties by the Alberta Insurance Council, after it was discovered that Richard failed to apply for a transfer of her certificates of authority when Co-operators took ownership of the agency she worked for.
When Richard applied to renew her general certificate of authority and her life, accident and sickness certificates of authority in May 2021, it was discovered that the agent was unlicensed from March 2, 2021 until May 11, 2021. During that period, Richard sold 14 general insurance policies and one life insurance policy, earning salary from Co-operators for the general sales and commissions of $581.75 for the life insurance policy sold during that time. During the unlicensed period, the Alberta council says Richard missed paying three transfer fees of $25.00 each.
Although she faced potential fines up to $1,000 for each unlicensed day, the regulator ultimately imposed a civil penalty of $700 for missing the transfer of her general certificates of authority and for selling 14 policies while unlicensed, plus $100 for selling the life insurance policy without a valid and subsisting certificate of authority.
