The market practices committee of the General Insurance Council of Saskatchewan has sanctioned Ralph Martin Hilderman, fining Hilderman $1,524 plus investigation costs, after he admitted he failed to maintain errors and omissions insurance coverage for his practice.
“The licensee acknowledges and agrees that he is guilty of misconduct and that he violated the Insurance Act, insurance regulations and council bylaws,” the regulator writes in a consensual agreement and undertaking signed between the insurance council and Hilderman. “The licensee failed to maintain a valid policy of errors and omissions (E&O) insurance for the period of April 1 to May 17, 2021. This is the third occasion on which the licensee has allowed his E&O coverage to lapse.”
In addition, the council is sanctioning Hilderman for failing to notify and disclose to the council that he failed to maintain the prescribed policy. The undertaking also states that the representative made a material misstatement on his 2021 annual reporting form when he falsely answered ‘yes’ to questions about whether or not he maintained a valid E&O insurance policy for his business.
In addition to the penalty imposed, the council also ordered Hilderman to pay the cost of his investigation, totaling $440. If the penalties are not paid within 30 days after he received written notice of the sanctions, they add that Hilderman’s license will be automatically suspended.
