The Applicant, a licensed insurance agent, failed to maintain errors and omissions (E&O) insurance coverage for an eleven-month period from April 2014 to February 2015.
The Superintendent of Financial Services issued a Notice of Proposal to impose an administrative monetary penalty (AMP) of $1,650.
The Financial Services Tribunal found that the Applicant contravened the Insurance Act and that the proposed AMP was appropriate to promote compliance and prevent economic benefit.
The Tribunal ordered the Superintendent to impose the $1,650 AMP.
