An Insurance Council of British Columbia (ICoBC) decision sanctions former licensee Jian Feng He with $2,000 in fines for failing to renew errors and omissions (E&O) insurance.
He, who has since left the insurance industry, was a life agent from July 16, 2015, till August 2, 2022, when his licence was terminated due to E&O non-renewal.
The non-renewal was discovered when the agency he was representing did a random audit of the former licensee’s E&O insurance.
On March 19, 2021, He confirmed to the ICBC that his E&O had lapsed in July 2020. However, the council’s investigation determined that the He’s E&O had lapsed twice, once from October 2, 2019, till October 29, 2019, and then from July 2, 2020, till March 16, 2021.
The council established that He did not write any policies in British Columbia during the lapse periods.
The decision also notes that He did not self-report the lapse periods to the council, as is required by the regulator’s rules.
The former licensee, who also held a Chartered Professional Accountant, Certified General Accountant designation, claims he wasn’t aware of the reporting process or the lapses, despite receiving several reminders from his insurance provider.
In addition to the fine, the council has ordered He to pay $1,250 in costs and to complete the council rules course for life and/or accident and sickness insurance before he can be re-licensed in future.
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