Insurance agent penalized – for the fifth time
A crop hail insurance agent in Saskatchewan has been served a notice of his misconduct over not providing proof of a valid E&O insurance policy – his fifth violation.
The Market Practices committee of the General Insurance Council of Saskatchewan sent Vaughn Raymond Fiala on November 16, 2022 a consensual agreement form, stating that Fiala has to acknowledge and agree that he is guilty of misconduct because he did not maintain the mandated financial security requirements.
In a copy of the form obtained by the Canadian Insurance Services Regulatory Organizations (CISRO), the committee said that Fiala had been warned that this is his fifth violation of section 5-26 (every business must or individual that applies or holds an insurance intermediary license must maintain the prescribed financial security requirements) of the Insurance Act and 5-10 of the regulations (every crop hail insurance agent or managing general agent shall provide annual proof of a valid E&O policy).
The form also stated that a charge of professional misconduct under Bylaw 4-1 has been levied against Fiala.
Should Fiala sign the agreement, he would affirm the terms of the agreement and waive his rights to represent himself before the committee or to appeal the decision. He will also have to pay a penalty of $1,000, plus another $440 for the costs of the investigation; he has 30 days from the date of the agreement to pay.
