A former British Columbia agent is being sanctioned by the Insurance Council of British Columbia (ICoBC) for the second time in 2025, after the council ordered the already-suspended agent to pay a fine of $6,000, hearing costs in the amount of $81,296.26 and investigation costs totalling $2,593.75.

The sanctions follow a March 2025 decision to also fine Hong Wei (Winnie) Liao $25,000 plus costs in the amount of $54,864.28, for lying about having a Master of Business Administration degree from a university she did not attend. At the time, Liao also had her license cancelled until May 2029. She is prohibited from being a controlling shareholder, partner, officer or director of any licensed insurance agency in British Columbia for a period of five years, ending at midnight on May 28, 2029. 

In the most recent case, in addition to the fine and costs, the British Columbia council added another year to her suspension. It is also requiring Liao to be supervised for two years upon her return. She is prohibited from acting as a nominee for any agency for three years upon her return, and must also complete six remedial courses, including an ethics course and an elder planning course.

Liao withdrew from the proceedings 

The council’s reasons for decision in the most recent case notes that Liao had withdrawn from the proceedings, indicating that she had no intention of participating any further. She was accused of failing to perform a competent needs assessment for her clients. She reportedly recommended products that were inappropriate, failed to adequately describe how the products she recommended worked and what could happen if clients stopped paying premiums. In addition to the council’s sanctions for failing to maintain proper records, Liao was also accused of rebating policy premiums to clients (Liao claims that clients returned one dollar, bringing her under the 25 per cent threshold permitted). The rebates were also not documented.

“Council takes the position that the former licensee is not credible and that her explanations for what is or is not contained in her files, or for what communications she had with the clients, establish that she should not be believed on any point of controversy,” the reasons for decision in the case states.

Accused of inflating probate and administration fees 

Among her transgressions, Liao is also accused of inflating probate and administration fees in cases where the client’s assets would not need to be probated at all. Similarly, she noted that the clients required $90,000 to cover accounting costs where there were none. She additionally indicated that the clients required $500,000 for debt elimination and $200,000 for tax liabilities without including any information in her files about the source of these liabilities.

In addition, the clients did not have sufficient income to cover the premiums.

“The former licensee recommended a policy referred to as “20 Pay” that involved paying premiums over 20 years. For this particular couple (in their 70s), the premiums would have totalled $2.92-million,” they write. “Council submits that the premiums paid in 20 years would exceed the death benefit generated. Council emphasized that a policy over 20 years for a client in their mid-70s should be highly scrutinized and compared carefully to other products given the length of the policy in relation to life expectancy of the clients.” 

Liao’s files did not contain any comparisons.

“Council says that the former licensee’s evidence that she generated and provided comparisons to the clients should not be believed,” they add.