Advertisement

Harvey's Insurance owner has licence revoked after hearing

Harvey's Insurance owner has licence revoked after hearing

Dean E. Fletcher, the owner of Harvey's Insurance Ltd. in Harvey, has had his licence to sell insurance revoked by the Financial and Consumer Services Commission of New Brunswick (FCNB).

Fletcher, a licensed insurance broker since 1988, is no longer permitted to operate in the insurance industry, according to a press release issued by the FCNB Tuesday.

The revocation comes after a hearing was held in response to a complaint received by the FCNB in March.

The release states at a hearing held in August, it was revealed Fletcher failed to obtain insurance for clients who believed that insurance was in place, and his conduct raised questions about his competency and trustworthiness to transact business as an insurance broker.

In addition to failing to obtain insurance policies for some clients, the investigation showed Fletcher accepted payment of premiums for non-existent policies and directed payment of premiums other than to Harvey's proper trust account.

The FCNB says Fletcher did not pay over insurance premiums to the insurer and failed to maintain proper records.

Commission staff found Fletcher had a prior history of regulatory infractions for similar conduct in 2006. The earlier conduct placed him under supervision with terms and conditions on his licence.

"We have the mandate to help protect consumers through the provision of regulatory and educational services," said Jake van der Laan, FCNB director of enforcement in a news release.

"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 licence, while a severe sanction, was warranted," stated van der Laan.

FCNB says clients of Fletcher and Harvey Insurance Ltd. should contact confirm their insurance coverage is actually in place.

The details of the decision and order are available online.