A recent decision from the Life Insurance Council of Saskatchewan regarding Brian Scott McGillivray will see McGillivray pay fines and costs after it was found that he borrowed money from his executive assistant under false pretenses. 

The council’s investigation also found that McGillivray had clients sign blank trade tickets, resulting in what McGillivray called an administrative error, when he later filled in the segregated fund plan type incorrectly with at least one client. He also admitted to having another agent whom he supervised, pre-sign forms for sales that she was not present for.  

In one of its final findings, the council also says on McGillivray’s advice, another complainant cancelled her life insurance policy before securing a new policy. The client was subsequently denied coverage under the plan McGillivray suggested, leaving her uninsured. Although the agent stated he would never have advised the client to replace her policy before securing new coverage, he was unable to produce documentation to substantiate his claims. McGillivray suggested that his files had been stolen.  

“The committee does not find the licensee to be credible with respect to his suggestion that the files were stolen. The committee found the licensee’s way of conducting his business affairs was inconsistent with having good record keeping practices in place,” the council writes in its decision. That said, despite his breach of several bylaws, the council decided against suspending the agent, saying “the licensee denied that he instructed (the) complainant to replace her life insurance policy prior to a new insurance policy being issued. The suspension was removed as not all the allegations were substantiated (he was also accused of asking his executive assistant complete continuing education courses for him) and it was felt that the imposition of a suspension would result in excessive hardship for the licensee to continue earning a living as an insurance agent.” 

The council’s committee has instead ordered that McGillivray be supervised for three months, pay a fine of $2,000 plus costs totalling $3,519.