You may be out of the insurance business, but you still need to keep your continuing education (CE) credits up to date.
That lesson proved to be costly for B.C. life insurance broker Kamaljit Kaur Pandher, who was fined $500 by the Insurance Council of B.C. for failing to meet her minimum CE credit requirements.
Pandher told the council it was her understanding that she did not need to complete her CE requirements if she was not engaged in any insurance activity.
“For the year leading up to the licensee's 2011 annual filing, the licensee explained that she did not conduct any insurance business due to health issues,” council wrote in its decision. “In the year prior to her 2012 annual filing, [Pandher’s] licence was placed into an inactive status, and the licensee advised that she did not conduct any insurance business.”
Pandher thought that she was only required to make up her CE credits when she returned to work. She did know that she had to keep up her errors and omissions [E&O] requirements.
“Council noted the licensee's remorse for her misunderstanding of Council's CE requirements, and accepted that the licensee's breach of CE requirements during two licence years was unintentional,” the council wrote in its intended decision. “Council was of the view that a fine of$500 was appropriate to address the unintentional breach of CE requirements in both filing years.”
