The provincial government of Saskatchewan reported that over $26,000 was lost after an SGI broker purportedly pocketed funds.
CBC News reported that SGI canceled its contract with a broker in September after it found that the issuer kept more than $106,000 in insurance premiums and fees. Supposedly, the broker was selling vehicle and home insurance, but was not passing any of its income SGI’s way.
After SGI found out about the scheme it terminated its contracts with the broker and seized all of its supplies and equipment. The crown corporation later sold the business to another company, which generated about $80,000. At this point, over $26,000 could not be recovered.
SGI told
CBC News that it would do a better job following up on overdue accounts to prevent these cases of theft.
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