The Insurance Council of British Columbia (ICoBC) recently issued details of a disciplinary decision in the case of Cameron Alexander Fortin, a life and accident insurance agent since 2003.
Fortin was ordered to pay $1,500 in fines after missing an errors and omissions (E&O) insurance renewal deadline.
The ruling says that Fortin’s E&O status lapsed on January 1, 2021, and he failed to inform the ICBC within five days of the expiry as per council rules.
Even though Fortin’s licence was renewed on February 5, 2021, says the ruling, he failed to abstain from conducting any business while missing E&O coverage.
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According to the ruling, during the lapse period, Fortin met with a client to discuss a segregated fund policy and also completed an investment change form with instructions for additional deposits to the client’s policy.
As a result of its investigation, the ICBC has ordered Fortin to pay $1,500 in fines and $812.50 in costs.
Fortin is also required to complete the council rules course for life and/or accident and sickness insurance. All ruling conditions must be met by November 8, 2023, for Fortin to retain his licence.
This is not Fortin’s first brush with disciplinary action.
On October 10, 2019, the ICBC disciplined Fortin for failing to fulfill continuing education (CE) requirements over three licensing periods. The 2019 ruling included a $500 fine for each year Fortin had insufficient CE credits, for a total of $1,500.
