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Unauthorized insurance for Vancouver strata corporation leads to $25,000 fine against HUB brokerage


by Carlito Pablo on February 8th, 2021 at 3:04 PM
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An insurance brokerage has been ordered to pay a fine of $25,000.
The penalty is in connection with an unauthorized insurance coverage of a Vancouver condo corporation.
HUB International Canada was found to have violated the Financial Institutions Act (FIA) by failing to report the unauthorized insurance to the Superintendent of Financial Institutions.
The notice of penalty against the brokerage was posted online Monday (February 8) by the B.C. Financial Services Authority.
BCFSA CEO and superintendent Blair Morrison recalled in the document that the provincial regulator received information from the Insurance Bureau of Canada that HUB “placed insurance with an unauthorized insurer for a Vancouver strata”. ....

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