Restricted Travel Insurance Agencies
Errors & Omissions Insurance
All licensees must be covered under an E&O insurance policy with a minimum limit of $1 million per claim and a minimum aggregate limit of $2 million.
Requirement to be Registered Under the Business Practices and Consumer Protection Act
A restricted travel insurance agency licence may only be held by a travel agent or travel wholesaler registered under the Business Practices and Consumer Protection Act. Once licensed, if the agency is no longer registered under the Business Practices and Consumer Protection Act, then the restricted travel insurance agents licence is no longer valid. Further, if the restricted travel insurance agency remains unregistered for a period of 30 days, then the agency must notify Council within 5 business days. If the agency is unregistered for a period of less than 30 days, notification to Council is not requied.
Travel Insurance Activities
The travel agency and its employees and commissioned salespersons may only act as a restricted travel insurance agent when the insurance is sold incidentally to its ordinary business as a travel agent or wholesaler.
Insurance Company Representation
A restricted travel insurance agent must have written authorization to represent at least one insurer authorized to do travel insurance business in B.C. Where the agent no longer has such authorization for a period exceeding 21 calendar days, the licence is automatically suspended and the agent is required to notify Council within 5 business days of the suspension.
Should an agencys licence be suspended, the authority of all of its employees and commissioned sales staff are is also suspended.