The market practices committee of the General Insurance Council of Saskatchewan and the Life Insurance Council of Saskatchewan have entered into a consensual agreement and undertaking with Bora Insurance Brokers Ltd., after the firm agreed it was guilty of misconduct.
The firm, through Sarah Edwards its designated representative, acknowledged the misconduct, agreeing that it failed to notify the life insurance council within 30 days of the commencement of legal action against it. Council by-laws require firms to make such disclosures within 30 days if any type of legal action, including but not limited to class action lawsuits or civil actions respecting the business of insurance is commenced naming the firms in question.
The firm is also being sanctioned for making a material misstatement in an application for licensing.
In addition to a penalty of $1,700, the firm also agreed to pay investigation costs totalling $550.
