The Insurance Council of British Columbia (ICoBC) has fined Tamara Hoi-Yan Chiu $1,000 – half of what it would typically assess in similar cases – after Chiu failed to meet the council’s continuing education (CE) requirements for two licensing periods.
The intended decision in the case notes that Chiu acknowledged the breaches, accepted responsibility for the misconduct and agreed that remedial action was necessary in the case after an audit found her to be short 6.75 credits over a three-year period.
When the CE shortfall was brought to Chiu’s attention, the agent completed an additional 34.5 credits. “The licensee acknowledged the misconduct and responded to council inquiries in a timely manner,” the intended decision states.
“Given the significant mitigating factors, council concluded that a lower penalty is warranted when assessing an appropriate fine for failing to complete the required CE credits in a licensing year,” they write. “A fine lower than the $1,000 threshold is justified in these circumstances. Council concluded that a fine of $1,000 is appropriate, representing $500 for each license year in which the licensee had a CE shortfall.”
In addition, Chiu was required to complete remedial coursework, including the Council Rules Course for Life and/or Accident & Sickness Insurance Agents course and the regulator’s Continuing Education Requirements & Guidelines course.
