In British Columbia, the province’s insurance regulator, the BC Financial Services Authority (BCFSA) has accepted a $15,000 payment from the Chicago Title Insurance Company in lieu of issuing an administrative penalty, for paying compensation to unlicensed agents.
The regulator published its voluntary compliance agreement with Chicago, which operates in Canada as Chicago Title Canada, headquartered in Mississauga, Ontario. In it, the company admits to paying remuneration to its employees who acted as insurance salespersons in British Columbia when they engaged in soliciting title insurance underwritten by Chicago, without the employees being licensed to act as insurance salespersons in that province.
“Chicago has stated its intention to ensure that any future solicitation of risk or other insurance business conducted by Chicago employees in B.C. will be performed only by employee’s licensed to act as insurance agents or salespersons in B.C.,” the agreement states. “Chicago has cooperated fully with BCFSA at all stages of the investigation.”
In the agreement the company agreed to immediately cease the solicitation or sale of title insurance in the province by any unlicensed employees and provide the BCFSA with a list of all current Chicago employees licensed to act as insurance agents or salespersons in British Columbia. The company will also complete this reporting quarterly until October 2027.
In addition to the $15,000 payment, the company agreed to pay the BCFSA’s costs in the total amount of $3,000.
