The Insurance Council of British Columbia is fining former licensee, Yan Qi Ma for failing to maintain errors and omissions (E&O) insurance and for failing to keep up with continuing education (CE) requirements while still remaining licensed.
First licensed in British Columbia in 2010, Ma’s license was terminated for non-filing in July 2013. Ma says this period coincides with a period when she was licensed in Alberta. (Ma held an insurance license in Alberta from 2010 to 2018.)
Declared bankruptcy
From July 2015 until 2018 she held an authority to represent (ATR) with one agency and one managing general agency (MGA) in British Columbia and was unaffiliated from December 2017 until April 2018 when she was terminated for declaring bankruptcy. Ma has not held E&O insurance since her last contract was terminated.
“She did not know that she was required to notify the insurance council within five business days of her E&O insurance coverage ceasing. The former licensee believed she had answered or provided a response of ‘NO E&O coverage’ in her 2018 annual filing declarations, and therefore presumed that this was reporting the lapse,” the intended decision states, adding that she also assumed the MGA had informed the council about her bankruptcy at the time of termination.
Hoping to return to the industry
Currently working in an administrative role outside of the industry, the intended decision states that Ma advised the council that she hopes to return to the industry, which is why she maintained her license.
For failing to inform the council about her bankruptcy and lapsed E&O insurance, and for failing to complete sufficient CE for the periods when she was without contracts, the council fined Ma $3,000, ordered her to pay costs in the amount of $875 and ordered her to take two remedial education courses including the Council Rules Course and the Continuing Education Guidelines and Requirements Course before being licensed again in the future.