When necessary, a Review Committee can be intiatied to establish facts or information relevant to an investigation, licence application or any matter under the Insurance Council's jurisdiction:
- The committee is made up of Council members who meet to consider the evidence collected during the review by Insurance Council staff.
- The committee may invite the licensee, former licensee, or applicant to attend the meeting. Although attendance is optional, it is encouraged as it provides an early opportunity to present further information or evidence, or explain anything they consider important in the circumstances.
- The licensee, former licensse or applicant may bring legal representation to the meeting. Insurance Council’s case manager (legal counsel) is also present.
- The meeting is recorded and is considered part of the investigation process.
- After the meeting, the review committee deliberates and does one of the following:
- Direct Insurance Council staff to conduct further investigation.
- Direct Insurance Council staff to issue a Reminder Letter to the licensee or former licensee, which states expectations concerning appropriate conduct or procedures, and potential consequences of similar compaints in the future and close the file.
- Direct Insurance Council staff to issue a Best Practices Letter, which advises the licensee or former licensee concerning best practices and close the file.
- Direct Insurance Council staff to conclude the investigation and close the file with no action because:
- the conduct complained of does not constitute as a breach of the Financial Institutions Act, Insurance Council's Code of Conduct and Rules,
- the conduct complained of is outside the Insurance Council's jurisdiction or
- there is insufficient evidence to support the allegations against the licensee or former licensee.
- In the case of licence suitability question, consider whether the application should be approved, declined or approved with conditions.
- Prepare a report with a recommendation to full voting Council, which can include, but is not limited to recommending:
- The licensee be reprimanded.
- Conditions be placed on the licensee's licence.
- The licensee be fined.
- The licensee be required to take certain measures related to the conduct of insurance business such as complete remedial courses or other education.
- The licensee’s licence be suspended or terminated.
- Direct or recommend other reasonable action be taken.
- If referred, full voting Council considers the recommendation of the Review Committee and makes an intended decision. The intended decision is communicated to the licensee, former licensee, or applicant in writing, prior to Council taking action. If the licensee, former licensee, or applicant does not agree with Council’s intended decision, they have 14 days from receipt of the intended decision to request a hearing to dispute Council’s intended decision.
- Where Council considers the length of time required to hold a hearing would be detrimental to the administration of the Financial Institutions Act, it can issue an order under section 238 of the Financial Institutions Act taking immediate action. This may include immediate licence suspension, licence cancellation, imposing of supervision or other action.
If you have additional questions or concerns about the complaint process or disciplinary process for insurance licensees, please contact us.