A life insurance broker in B.C. has been fined $1,500 for failing to notify the Insurance Council of B.C. that he did not meet the continuing education (CE) requirements in his home province of Manitoba.
Grant Frank Ostir had not obtained enough CE credits to renew his Manitoba license, and therefore he did not meet the CE requirements for his June 1, 2011 annual filing in British Columbia.
The Insurance Council of B.C. fined Ostir $500 for failing to meet his CE requirements. It fined him an additional $500 for not informing B.C.’s broker regulator when he became aware of the issue.
Compounding the situation, Ostir did not inform the Insurance Council of B.C. within five days of learning that the Insurance Council of Manitoba was pursuing disciplinary action against him over the CE credits. That cost him an additional $500, bringing his total fine up to $1,500.
“Council accepted that, at the time the licensee made his 2011 annual filing with council, he was under the belief that he was in compliance with his CE requirements in Manitoba, and did not intentionally breach this licence condition,” the Insurance Council of B.C. wrote in its intended decision.
“Council noted, however, that once the licensee was made aware he was not compliant with [the Insurance Council of Manitoba’s CE requirements], he failed to advise council that there was a material error in his annual filing.”
To help atone for his mistake, Ostir told the council that he had hired someone at his brokerage to keep track of the CE requirements of the brokers at his agency. His proposed solution didn’t seem to win over any friends or influence people at the council.
“It is council's position that the responsibility to be compliant with CE requirements is an individual one,” the Insurance Council of B.C. wrote in its intended decision.
