After it was discovered that Gina Diago Bool had completed only 11.75 out of 45 requisite continuing education (CE) hours over the course of three years, the Insurance Council of British Columbia is sanctioning the life accident and sickness insurance agent for also failing to maintain sufficient errors and omissions (E&O) insurance coverage and for failing to inform the regulator that she’d been terminated by her former agency.
An investigation into Bool’s conduct, triggered when she left the E&O declaration unchecked on her 2021 annual renewal, found that her E&O coverage had been terminated when she left the first agency, and had not been reinstated until she joined the second agency, 268 calendar days later.
A mitigating factor
“The licensee explained she had been unaware that she needed E&O when she was terminated from the first agency, as she believed that if she was not actively conducting insurance business, she did not require E&O coverage,” the intended decision states. That she did not conduct business while her coverage was lapsed was noted as a mitigating factor.
The council also stated that the breaches were the result of ignorance and noted Bool’s remorse. At the same time, they add that her experience in the industry – Bool was first registered in March 2013 – was an aggravating factor. “Council considered that the licensee’s history suggest that she ought to have been more familiar with the requirements of her license,” they state.
In addition to a fine in the amount of $4,000 and costs in the amount of $875, Bool was also ordered to make up the missing CE credits before October 1. She must also complete the Council Rules Course by July 2.