Brokerage fined for rollover process after insurer cancels contract

Brokerage fined for rollover process after insurer cancels contract

iStock.com/AndreyPopov Alberta’s broker regulator has fined a brokerage $1,000 for transferring the insurance policies of its clients from one insurer to another without the informed consent of the clients. The brokerage, Billyard Insurance Group, executed what’s called an insurance policy “rollover” process after an insurer cancelled a contract with the brokerage. Billyard found a proposed new insurer for the clients who had placed their busine…