Consensual Agreement and Undertaking Between The Complaints and Investigation Committee of The Life Insurance Council of Saskatchewan (the Committee)
And Beech & Savard Financial Services Inc. Donna Savard (Designated Representative)
The Committee is authorized under Bylaw 7, Section 5, subsection 3, subparagraph (b), to enter into consensual resolutions of complaints.
Bylaw 5, Section 1, subsection 1 reads: “The administrator shall, in addition to the requirements for the contents of a register required by the Act and the regulations, record on the register the existence and results of all disciplinary decisions or orders, court orders, alternative dispute resolution agreements, undertakings and mediation agreements involving a licensee or a person to whom the Life Insurance Council of Saskatchewan (Council) has the authority to issue a licence.” Disciplinary actions as described are reported on the Insurance Councils of Saskatchewan website and the Canadian Insurance Regulators Disciplinary Actions (CIRDA) database.
Beech & Savard Financial Services Inc. (B&S) acknowledges and agrees that: 1. It violated Council Bylaws when: A. Contrary to Bylaw 8, Section 2 (g) a licencee may be guilty of misconduct if the licencee: violates any provision of the Act, the regulations or the bylaws;
i. When contrary to Schedule A, Part II, Section 6, subsection (1) it failed to maintain a valid policy of errors and omissions insurance;
a) When on June 1, 2016 it allowed its errors and omissions (“E&O”) insurance to lapse while the licence remained active,
b) E&O was not re-established until July 18, 2016.
Consensual Agreement and Undertaking
c) B&S was without E&O coverage for 47 days; and ii. When contrary to Bylaw 2, Section 1, subsection (4) (d) it failed to immediately notify Council of cancellation or non-renewal of its errors and omissions insurance.
2. Its rights to appear before a Discipline Committee of Council have been explained to it and it fully understands it’s rights and/or obligations under Council Bylaw 10;
3. It waives its rights to appear before a Discipline Committee and undertakes not to exercise any appeal rights it may have under Council Bylaw 10, Section 3 or The Saskatchewan Insurance Act, (the Act) as it relates to matters set out in this Consensual Agreement and Undertaking (Agreement).
4. This Agreement does not preclude Council from pursuing any other investigation against B&S for activities not identified in this Agreement that may be in violation of Council Bylaws or the Act.
5. B&S has been advised by the Committee that it is in its interests to obtain independent legal advice before entering into this Agreement.
a. B&S has obtained such independent legal advice and is satisfied with the same, prior to executing this Agreement, or
b. B&S has willingly chosen not to obtain such advice prior to executing this Agreement.
6. B&S hereby affirms that it has read and understood the terms of this Agreement, and is signing it voluntarily and of its own free will.
B&S having waived its rights, undertakes to: 1. Pay a fine in the amount of $513.00; and 2. Reimburse Council’s investigation costs in the amount of $440.00. 3. B&S will pay all fines and investigative costs within 30 days of receipt of this Agreement.
4. B&S will ensure E&O insurance is in place while B&S continues to hold an insurance licence.
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Beech & Savard Financial Services Inc.
Consensual Agreement and Undertaking
The Committee’s Agreement: 1. The Committee agrees to accept from B&S the payment of $953.00 as full and final resolution of this violation of Council’s Bylaws as outlined in this Agreement; and
2. The Committee further agrees to take no further action against B&S for the acknowledged violations of Council’s Bylaws that are set out in this Agreement.
Dated at Edmonton , in the province of, Alberta, this 16th day of January, 2018. Originally Signed by Donna Savard for Beech & Savard Financial Services Inc.
Dated at Saskatoon , in the province of, Saskatchewan , this 25th day of January, 2018. Originally Signed by Roderick Baxter, Chair, Complaints and Investigation Committee Life Insurance Council of Saskatchewan
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Beech & Savard Financial Services Inc.