The market practices committee of the Life Insurance Council of Saskatchewan has entered into a consensual agreement and undertaking with Michael Lyons, fining Lyons for failing to obtain proper supervisory documentation.
In the agreement Lyons agreed that he is guilty of misconduct and violating the council’s bylaws, specifically those related to new agent supervision.
Specifically, the applicable sections in this case require new agents, within 10 days of taking an application for insurance, to have a supervision certificate completed and signed by a licensee who is qualified to act in a supervisory capacity. Similarly, if replacing a life insurance policy, agents must attach a copy of the completed life insurance replacement declaration document to the supervision certificate.
In addition to a fine in the amount of $500, Lyons agreed to pay costs totalling $440.
