The Insurance Council of British Columbia has fined Yuvraj Sidhu $5,000, assessed investigation costs, and ordered Sidhu to complete a remedial ethics course after the unlicensed agent was terminated for misappropriating client funds.
“The agency further provided a summary of the supporting documentation that revealed the former licensee had misappropriated $36,771 from the agency. A significant portion of the funds ($19,597) were misappropriated by way of credit card fraud,” the intended decision in Sidhu’s case states. “The former licensee had utilized the credit card of a client (AT) between January 31, 2020 and May 28, 2021 to process payments for 14 unrelated client accounts and kept the funds for himself. The outstanding balance of $17,174 was misappropriated through either cash payments not forwarded to the agency, personal e-transfers to the former licensee’s accounts and cheques made out to the former licensee’s personal name.”
According to the intended decision, the misappropriated funds have since been returned to the agency.
“Council concluded the former licensee did not act honestly or with sincere intention,” they continue. “Council has concluded the former licensee’s actions constituted serious breaches of the fundamental licensing requirements of trustworthiness and the intention to carry on the business of insurance in good faith.”
In addition to the fine, Sidhu was assessed investigation costs in the amount of $1,781.25 and had his license suspended for three years, ending in September 2026.
Licensed since July 2012, Sidhu’s case was first brought to light when he called the council himself to say that he was surprised to learn that his license had been terminated for non-renewal. “The former licensee disclosed during the call that he had been continuously practicing (reportedly for more than 13 months without a license), as he believed he was licensed.” Shortly after, Sidhu stopped responding to council staff. His misappropriation came to light when the council probed Sidhu’s termination in May 2021.
“The former licensee’s misconduct took place over an extended period and was not an isolated event. Council considers the multiple instances of misconduct and significant misappropriation of client funds to be aggravating factors relevant to determining an appropriate penalty. Council considers that the former licensee repaid the agency all the misappropriated funds as a mitigating factor,” they conclude.
