A recent Insurance Council of British Columbia (ICoBC) decision levies a $1,500 fine on Narinder Singh Sandhu, a former life agent, for letting his errors and omissions (E&O) insurance lapse twice in the last five years.
Sandhu first became licensed with the ICBC in 2017. At that time, he was also authorized to represent (ATR) an agency; however, the contract only lasted till February 2018. In August of that same year, Sandhu’s licence was terminated for non-renewal.
The decision says he then became re-licensed on September 23, 2019, and was also ATR with an agency until October 27, 2020. Right after 2019 re-licensing, Sandhu let his E&O insurance lapse, leading to a $500 fine by the Alberta Insurance Council (AIC).
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Sandhu then held a second ATR with an agency from November 6, 2020, to October 21, 2021, and was also contracted by a managing general agency (MGA) from January 12, 2022, till March 24, 2022. The MGA terminated the contract in March 2022, after it said Sandhu failed to disclose the E&O lapse and AIC fine during screening.
After the ICBC launched its investigation, the council not only confirmed the first lapse period but also discovered another lapse period, from August 15, 2021, to October 5, 2021.
The investigation determined that Sandhu did not conduct business during either lapse period; however, he failed to inform the ICBC of the lapses and the AIC fine, as required by council rules.
Along with the fine, the council has ordered Sandhu to pay $1,250 in investigation costs. He also has to complete three relevant professional courses or their equivalents within 90 days of the order before he can be re-licensed.
