NB Insurance Broker Loses License
SAINT JOHN – The Financial and Consumer Services Commission has revoked Dean E. Fletcher’s license to sell insurance.
A recent hearing revealed that on a number of occasions, Fletcher failed to obtain insurance for clients who believed that insurance was in place. He is the owner of Harvey Insurance Ltd. and has been a licensed insurance broker since 1988.
“We have the mandate to help protect consumers through the provision of regulatory and educational services,” said Jake van der Laan, director of enforcement of the commission. “The commission has a responsibility to see that the public interest is protected and that consumers have confidence that the industry operates properly, fairly and with integrity. Those working in the industry need to have the confidence that the industry is properly regulated and that those operating in the industry are competent to do so. Therefore a revocation of Mr. Fletcher’s license, while a severe sanction, was warranted.”
The hearing resulted after a complaint was received in March. Documents and evidence revealed that Fletcher’s actions and conduct raised into question his competency and trustworthiness as an insurance broker. Evidence showed that Fletcher had:
- failed to obtain insurance policies for clients who were led to believe, or who reasonably assumed that policies were in place;
- accepted payment of premiums for non-existent policies;
- directed payment of premiums other than to Harvey’s proper trust account;
- failed to pay over insurance premiums to the insurer; and
- failed to maintain proper records.
Commission staff also determined that Fletcher had a prior history of regulatory infractions for similar conduct in 2006. This earlier conduct resulted in him being placed under supervision with terms and conditions on his license.
The commission is advising clients of Fletcher and of Harvey Insurance Ltd. to contact their insurance company and confirm that all desired coverages are actually in place.