The market practices committee of the General Insurance Council of Saskatchewan has entered into a consensual agreement and undertaking with Panter Agencies Ltd. after its designated representative agreed the firm failed to maintain the financial security requirements mandated by the province’s Insurance Act.
The firm’s designated representative, Patrick Bryce Panter agreed the firm was guilty of misconduct and that it violated the council’s bylaws and Insurance Act sections which state that “every business and individual that applies for or holds an insurance intermediary’s license shall meet and maintain the prescribed financial security requirements.”
The agreement and undertaking goes on to say that every business that applies for or holds an insurance agent’s license for one or more classes of property and casualty insurance other than crop hail insurance, shall maintain a valid policy of errors and omissions (E&O) insurance that provided a minimum of $1-million in coverage for any one occurrence and a minimum aggregate limit of $2-million for all occurrences within a year. The policy must cover the insurance activities of the licensee and must be underwritten by an insurance company licensed to do business in Canada.
They add that a license requires a business’ designated representative to immediately inform the council if the financial security requirements are not met.
Under the terms of the agreement, the firm agrees to pay a penalty of $2,000 and costs totalling $550.
