A relatively new agent in the industry, Ghousia Iram is being fined $2,000, assessed investigation costs, must complete remedial education and be subject to additional supervision after the agent’s errors and omissions (E&O) insurance lapsed while the agent was not conducting business.
Licensed as a life and accident and sickness insurance agent from July 2022 until November 2022, and again after February 2023, Iram was found to be without E&O coverage for 173 days between February and July 2023.
Discovered during an audit, the Insurance council of British Columbia also learned at the same time that the agent was short 15 continuing education (CE) credits for the 2022-2023 licensing period. By May 2024 Iram provided additional certificates to make up the shortfall. “Although this satisfied the shortage, she completed the credits outside of the required time frame,” the intended decision in the case states.
Mitigating factors
Without elaborating, the intended decision also states that Iram failed to respond promptly to inquiries on multiple occasions. That she was new to the industry, along with the effort to make up the CE shortfall were both identified as mitigating factors. “Council found the licensee declaring that she fulfilled her CE and E&O requirements for her 2023 license renewal to be a material misstatement and an aggravating factor,” they write.
In addition to the $2,000 fine and coursework (the Council Rules Course for life and/or accident & sickness insurance agents and the Continuing Education Requirements and Guidelines Course were both assigned), Iram must also pay investigation costs in the amount of $750 and remain supervised by a qualified agent for an additional six-month period at the conclusion of her new life agent supervision period.
