Archived Request For Comment
JUL 2007
  
 

THIS IS NOT A CURRENT REQUEST FOR COMMENT - IT IS AN ARCHIVED DOCUMENT

Current Request For Comment on Changes to Council Rules 30 JUL 2007

Background

Council Rules came into effect on January 1, 2006, and since then only minor changes have been made to accommodate the implementation of a continuous licensing model. At its Annual General Meeting in June 2007, Council reviewed the Rules in detail to ensure relevancy and effectiveness. Overall, Council found the Rules were effective and current, identifying only four items requiring change or updating.

This publication represents the start of the 60 day consultation process on Council’s proposed changes. Written feedback must be received by Council no later than September 27, 2007. All comments will be considered public information. You are encouraged to review this proposal and provide written feedback to Council via:

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

    • Summary of Changes Proposed

    Rule 5 Licence Fees:

    The Rules set the maximum fees that can be charged by Council. It does not reflect the current fee schedule in place. Council recently increased its licence fees for the first time in eight years and the existing annual fees reflect the maximum allowable under the Rules. The changes proposed will provide Council with flexibility in the future should a fee increase be required to meet operational needs.

    Rule 7 Licence Conditions:

    Rule 7(3) addresses certain disclosure requirements applicable to all licensees. Although it is Council’s intent that licensees be required to disclose bankruptcies, it has been noted that this Rule may not be sufficiently clear. As such, it is being proposed this Rule be amended to include mandatory disclosure where a licensee files for bankruptcy.

    In addition, Rule 7(3) currently requires mandatory disclosure where a licensee is convicted of a criminal offence. Council has identified situations where it would be appropriate for Council to take interim action prior to a final outcome in the criminal process where a licensee is charged with an offence that may relate to one’s suitability to be licensed. As such, Council is proposing that licensees also be required to disclose criminal charges as well as convictions on an ongoing basis.

    Council is proposing the addition of Rule 7(19). Restricted Travel Insurance Agent licences are only effective when the agent is a registered travel agent or wholesaler under the Business Practices and Consumer Protection Act. Council has found that many Restricted Travel Insurance Agents are not returning their licences for termination when they cease to be a registered travel agent. The proposed rule requires any Restricted Travel Insurance Agent to notify Council within 30 days of no longer being registered as a travel agent or wholesaler. If a Restricted Travel Insurance Agent is not registered for a period of less than 30 days, the agent is not required to notify Council.

    You may view or download Rules 5 and 7 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: