The market practices committee of the Life Insurance Council of Saskatchewan has ordered a Regina, Saskatchewan-area firm to pay a penalty of $1,000, plus investigation costs totalling $880, after the firm and its designated representative agreed it failed to notify the council when it learned it had failed to maintain the requisite errors and omissions (E&O) insurance or bond required by the council’s bylaws.

Under a consensual agreement and undertaking published by the councils, Smart Investing Solutions Inc. and its designated representative, Brian Golly admitted the firm was guilty of misconduct when it failed to immediately notify the council that it failed to maintain the prescribed financial security requirements. 

“A license imposes on the licensee, and if a business, the designated representative, obligations,” the council writes in the agreement imposing the penalty. These include the obligation to immediately notify the Life Insurance Council of Saskatchewan if E&O coverage lapses.