Archived Request For Comment
JAN 2007
  
 

THIS IS NOT A CURRENT REQUEST FOR COMMENT - IT IS AN ARCHIVED DOCUMENT

Current Request For Comment on Changes to Council Rules 17JAN2007

Background

In May 2006, Council announced the move to a continuous licensing process. The first step commenced on June 1, 2006, when Council began issuing licences for a one year period, rather than two years. Council’s objective is to have all licences with a common expiry date of May 31, which will be achieved by May 31, 2008.

Once all licences have a common expiry date, Council will be in a position to initiate continuous licensing. Continuous licensing will streamline the licensing process for both licensees and Council. Since that time, additional information has been issued addressing various issues that will arise during the transition from two year licensing to continuous licensing. Council will also be publishing Notices over the next several months arranging for meetings throughout the Province to respond to questions from the industry.

In order to achieve a common expiry date, licences must be issued for varying lengths of time during the one year period leading up to May 31, 2008. This requires a change to Council Rules.

This publication represents the start of the 60 day consultation process. Written feedback must be received by Council no later than March 17, 2007. All comments will be considered public information. You are encouraged to review this change to the rules and provide written feedback to Council. Feedback or inquiries may be sent via:

  • email to rules@insurancecouncilofbc.com;
  • mail to Council's office; or
  • fax to 604-662-7767

    • Summary of Changes Proposed

    Council is proposing to amend Rule 4 (Licence Period) and Rule 9 (Transition Provisions) to temporarily allow issuance of a licence for a term of less than one year. This will be allowed for the one year period leading up to June 1, 2008, in order to finalize implementation of continuous licensing.

    At the same time, Council is taking the opportunity to delete sections of Rule 9 which expired on December 31, 2004. These deleted sections related to the transition period to a single level of life insurance agent licensing.

    You may view or download Rules 4 and 9 as proposed; or if you wish to compare the proposed wording with that of the existing, choose the "red-line" version of the proposed changes; or download both along with the text from this page. Choose from the list below. If once you have reviewed the material you have any questions, you may contact either: