The Insurance Council of BC has handed out disciplinary action to two agents for professional misconduct related to the sale and cancellation of insurance policies that enabled the purchase of luxury vehicles for export.
The two insurance agents – Anthony Bryan Chua Cua and Ting En “Brian” Lin – were disciplined for failing to meet the standard of practice for the business of insurance, the council said. The council also said that the two were chastised for breaching their obligations to act in good faith and in a trustworthy manner.
An investigation by the council found that agent licencees had been issuing basic Autoplan insurance policies that were used to enable the purchase of vehicles that require a one-year insurance policy as a condition of sale. The council additionally found that the agents received commission on selling these one-year policies, which were cancelled within days after the vehicles were exported.
In addition, the council’s investigation found evidence that the agents’ actions facilitated grey market transactions involving the export of luxury vehicles, noting that such a grey market is a potential "conduit" for money laundering.
Cua was issued a one-year suspension and must pay a fine of $7,000 and $1,925 in costs. His general insurance licence will be downgraded to a Level 1 licence for a one-year period after the suspension.
Lin was also issued a one-year suspension for his general and life insurance licences and must pay a fine of $5,000 and $1,562.50 in costs. After his suspension, his general insurance licence will be downgraded to a Level 1 licence for a one-year period, and he will require one-year supervision for his life licence.
