Registered insurance broker Sadrudin Khushal has entered into a consent agreement between himself and the Registered Insurance Brokers of Ontario (RIBO) wherein Khushal agreed to a one-month suspension during which he will not be allowed to act as an insurance broker, and a $1,000 fine payable to the Minister of Finance in Ontario.
The sanctions follow Khushal’s admission that he provided a certificate of insurance without receiving authorization to place the property insurance coverage, leaving his client uninsured for approximately one month.
In addition to the monetary penalty and suspension, Khushal must also successfully complete the ethics course from the Insurance Institute of Ontario within six months.
During the course of proceedings with RIBO, Khushal also applied to have the details of his case not published.
“The panel accepted submissions from counsel for RIBO and Mr. Khushal regarding whether the matter should be published. The panel considered the submissions in their entirety. Publication promotes transparency and fairness which bolster RIBO’s public protection mandates,” RIBO writes in its summary of the case.
“The panel found that the member’s behaviour was serious as he admitted to knowingly providing an unauthorized insurance certificate and misrepresented insurance coverages. The agreed upon evidence was that the customer was left unknowingly uninsured for approximately one month. The committee found no extenuating or extraordinary circumstances that warranted an order for non-publication.”
