The Insurance Council of British Columbia has assessed a $25,000 penalty and kicked Joshua John Krenus out of the industry for 10 years after the former owner of Alteri Insurance Brokers Inc. directed one of his salespersons to alter premium notices, charging 15 commercial clients more than the premiums permitted by the insurer, before pocketing the proceeds.

The differences between the original and manipulated policy premiums ranged from $200 to $10,000. All told the scheme netted the agent who created the fake documents and the agency itself, approximately $70,000 between June 2022 and July 2024. According to that agent, also sanctioned by the insurance council, the agency kept 65 per cent of the proceeds, paying out 35 per cent in commissions.

Related: Agent sanctioned for falsifying documents to inflate premiums

When Krenus, who has previously been sanctioned by council, was asked to account for his actions, he blew off council investigators, simply saying he was not in insurance anymore. “No other response, explanation or communication was provided by the licensee or on his behalf with respect to this matter during the investigation,” the council’s reasons for decision states. 

The sanctions levied against Krenus include the cancellation of his level 1 general insurance sales person’s license, cancellation of his life and accident and sickness insurance license, a fine in the amount of $25,000 and costs totalling $1,062.50. The council adds that it will not consider any license application from Krenus for 10 years. During those 10 years, Krenus is also prohibited from being an officer, director, partner or controlling shareholder of any insurance agency licensed by the council.

Related: