In the Matter of The FINANCIAL INSTITUTIONS ACT (RSBC 1996,.c.141) (the HAcf~)
Tbe INSURANCE COUNCIL OF BRITISH COLUMBIA ("Council")
PENG ZHOU (the "'Licensee")
DECISION AND ORDER UNDER SECTIONS 231 & 238 O.F THE ACT
\VHEREAS the Licensee currently holds a life and accident and sickness insurance agent C~life agent~') Hcence!f and has completed his 2017 annµal.Hcen.cefilir1g;
AND WHEREAS Council has made several attempts to commw1icate with the Licensee, through voicemaU messages, email, and written correspondence; regarding his conduct as a Ufe agent;
AND WHEREAS the Licensee has not responded to Council's attempts to reach him., even though he acce1'>ted delivery ofa tegist.ered letter from Council on March 3 t 2017; AND WHEREAS Council has determined that the Licensee has refused or neglected to make a prompt replyto an inquiry from Council t\S required under section 231 of'the Act;
AND WHEREAS Council has determined that the Licensee is intentionally ignoring Council, thereby bringing into question his suitability to hold a life agent licence;
AND WHEREAS C{mncU.has determined that it.is not in the pubHc interest to allow the Licensee to continue to engage in lite h1stmmcebusiness as a life agent until such·time as he has replied to Council's inquiry and Council has considered his reply;
AND WHEREAS Council considers the length of time required to hold a hearing would be detrimental to the due administration of the Act;
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Dedsfon and Order· under Sections 23 l & ofthe Act Peng Zhou LIC:· 177131 C l22538RJ l COM<WJ();;QQ063 July20, 2017 Page2 of2
NOW THEREf1"rORE~ pursuant to sections 231 and 238 oftheAct, Council orders thatthe Ucenseets life agent licence is suspended effective the date of this order, until such time as the Licensee has replied to Council's. inquiry and Council has considered his reply.
TAKENOTlCE thatpursuant to section238 ofthe Act, the Licensee has the dghtto,reqtHre a hearirtg .on this order before Council by delivering \vdtten notice within l 4 days of receipt.of thi$ order to Council at Suite 300t 1040 West Georgia Street, Vancouver, British Columbia} V6E 4H 1; alternatively, the Licensee may appeaJ this order to the Financial Services Tribm1aL
Dated in Vancouver, British Columbia, on the lOth day of July, 2017.
Michael Connors, CIP, CRM , ranee Council ofB ritish Columbia
August 17, 2017 Peng Zhou On July 20, 2017, the Insurance Council of British Columbia (“Council”) issued an order, pursuant to section 238 of the Financial Institutions Act (the “Act”), suspending Mr. Zhou’s life and accident and sickness insurance agent licence for failing to reply to Council inquiries.
On August 15, 2017, Council considered Mr. Zhou’s reply to Council inquiries made subsequent to the order and determined it was not necessary to order the continued suspension of Mr. Zhou’s licence.
Accordingly, Council’s order under section 238 is no longer applicable.