The Insurance Council of B.C. (ICBC) has ruled that Liyaun Qi's life agent licence should be cancelled after the Ontario Securities Commission (OSC) suspended his registration as an ultimate designated person (UDP) and as a dealing representative permanently.
"To allow an insurance agent to continue to hold an active insurance licence while banned or suspended from working in another financial services sector undermines the public's confidence in the insurance industry," the ICBC's decision concludes.
Qi has the right to require a hearing on the order or appeal the order to the Financial Services Tribunal, the ICBC's decision notes.
The OSC permanently suspended the registration of Qi, his firm, Investar Investment Ltd., and Jian (Bob) Guo (Guo) effective Oct. 13, 2016, after it found "a pattern of serious non-compliance with Ontario securities law that is sufficient to demonstrate that the elements of the test for suspension … have been met."