After Lawrence Fuller failed to notify the Insurance Council of Manitoba (ICM) that he was under investigation by another regulator altogether, Fuller is being sanctioned by the ICM for violating sections of Manitoba’s Insurance Act which contemplate misrepresentation, fraud, deceit and dishonesty.
Fuller is being sanctioned for not notifying the ICM within 15 days of finding out he was under investigation by the Financial Services Regulatory Authority of Ontario (FSRA), and for answering ‘no’ to questions about having any regulatory investigations into his conduct on subsequent licensing renewal applications.
Assessed an administrative penalty
The FSRA order to suspend Fuller’s license for five months in 2022 indicates very little, but states that Fuller provided evidence that he has repaid amounts owing to certain persons or entities. The Manitoba regulator’s revised decision in the recent case details allegations of misappropriation from contracted insurance agents. According to the ICM’s revised decision, Fuller was ultimately assessed an administrative penalty of $2,000.
In the most recent case, the former licensee is also being sanctioned for not responding to the council’s investigators in a timely enough fashion. Where other regulators would likely have been heavy-handed, the ICM assessed partial investigation costs of just $500. “Failing to respond promptly and fully to ICM staff resulted in increased investigation costs,” the revised decision notes.
