The Insurance Council of B.C. has unilaterally cancelled the license of B.C. life insurance agent David Mark Stevens, saying he poses “an immediate risk to the public” after not cooperating with a council investigation for almost five months.
The council had already suspended Stevens’ license in September 2012, when it undertook an investigation of allegations that the life insurance agent had “illicitly accessed and used funds totalling more than $141,000 from clients' life insurance policies for personal benefit, without the knowledge and consent of the clients.” The council issued an interim license suspension order at that time.
Council changed the licence suspension to a cancellation in February 2013. Its investigation determined that Stevens had “illicitly accessed and used funds totalling approximately $68,000 from clients' life insurance policies, without the knowledge and consent of the clients.”
But the council seemed more perplexed by Stevens’ apparent refusal to cooperate with the investigation...(continued)#pb#
“The Licensee has been provided several opportunities to address the allegation, including being served a subpoena by Council, and he has not replied in any manner,” the council’s February 2013 decision and order says.
Stevens did not answer to the council’s investigation in September 2012 either, which caused the initial suspension of his license.
Back in September, council said Stevens had “refused or neglected to make a prompt reply to inquiries from Council regarding the matter.” Council had served a subpoena to the broker to compel him to attend council’s office for an interview, but Stevens was a no-show.
Council said Stevens’ failure to reply to the regulator’s inquiries “are serious and speak to his suitability to hold an insurance licence.” It declared him an “immediate risk to the public,” and therefore cancelled his license immediately.
You can run from a regulator’s investigation, but you can’t hide.
