The General Insurance Council of Saskatchewan has levied a $5,000 penalty, plus investigation costs, against Toole, Peet & Co. Limited and Toole Peet Insurance after the agency allowed its business name registration to lapse and failed to disclose legal actions against the firm to the insurance council.
Its designated representative, Colin Toole agreed the firm was guilty of misconduct when it violated the council’s rules by allowing its business name registration with the Corporate Registry of the Information Services Corporation of Saskatchewan to lapse for a period of almost four years. When the firm did reinstate its registration in July 2021, it then failed to let the council know until November 2021. This, they say “represents a period of more than four years that council was not made aware of the lapse,” read the consensual agreement and undertaking signed by Toole and the council’s Market Practices Committee. “The licensee failed to follow sound business practices.”
Further, the agreement states that the firm also made material misstatements on its annual reporting forms for more than six years between 2015 and 2020, when it failed to disclose at least six legal actions naming the firm. “The licensee waives its right to make a written submission to the committee or to appear before the committee at an oral hearing and chooses to resolve this matter by way of this agreement, and accordingly waives any right of appeal,” they write.
In addition to the $5,000 penalty, the council also ordered the firm to pay investigation costs of $440.
