The Insurance Council of British Columbia (ICoBC) is fining Robin Singh Khosa $5,000, ordering Khosa to complete remedial training and to pay the council’s investigation costs after it was found that Khosa lied both to the council and to his client.

If he returns to the industry in the future, Khosa must also be supervised by a life and accident and sickness insurance agent, approved of by the council, for a period of two years.

The sanctions come after Khosa sold a client an unsuitable insurance policy by failing to conduct an adequate financial needs analysis before failing to follow the client’s instructions to cancel the insurance policy.

First licensed in June 2019, Khosa’s life agent’s license was cancelled in August 2023 due to non-renewal. When he attempted to apply for a license again in June 2024, he failed to explain why he answered ‘no’ to the question about whether or not he was under investigation and council closed the application.

In February 2023 the council initiated the investigation into Khosa’s actions when the client complained about the unsuitable policy and that he’d failed to cancel the policy when asked.

During the course of the investigation, it was found that the financial needs analysis prepared by the former licensee was dated a day after the application for insurance was made. It was not signed by the client. “Although an insurable need of $240,000 was listed, no rationale was provided for this amount. There was also no rationale provided for the $350,000 of life insurance coverage that was taken by the complainant,” the intended decision states.

Client attempted to cancel the policy 

Beginning in November 2022, the client attempted to cancel the policy. She was told that if she did so, she would lose all of the contributions made to the policy and Khosa referred her to his manager. The client then asked Khosa to cancel the policy in late December, followed up the next day to see if there was any paperwork to be signed, asked for confirmation on a number of occasions, and was told at one point that the agent had left the business when he had not.

The client then received a letter from the insurance company stating that she owed a $540 premium within the month. It was discovered that the pre-authorized premium withdrawals had been stopped but that the monthly insurance premiums were being deducted from the policy’s fund value. The policy was finally cancelled at the end of February 2023.

Khosa claimed the client wanted her money back and became agitated when she did not receive it. “He reminded her of the surrender charges but she demanded that her premiums be refunded,” he claimed in his response to council staff during the course of its investigation into his conduct.

Also during the course of the council’s investigation Khosa claimed that he was no longer an active agent and did not have access to his email account. This was later proven to be false. He also stated that there was no documentation in the case “because this is common practice in the industry.” 

Withheld material information 

In addition to lying to the client and to council, it was also found that Khosa withheld material information when selling the policy, did not adequately review the application with the client and lied to the insurer, as well, by failing to provide full and accurate information about the client’s needs in the policy application.

“Council found that the former licensee’s actions demonstrated incompetence,” they write. “As a whole, council determined that the former licensee’s actions demonstrated a flagrant disregard for the laws governing the former licensee’s conduct. Council did not find any relevant mitigating factors.” 

In addition to the supervision and fine, Khosa must also complete six courses on ethics, fact-finding and product suitability, including the Council Rules Course. He must also pay investigation costs totalling $2,125.