Code of Conduct
Council Rule 7(8) requires all licensees to comply with Council's Code of Conduct. It is important for all licensees to read and familiarize themselves with the Code of Conduct.
Conflict of Interest Guidelines for Insurance Agents, Adjusters, and Salespersons (“Guidelines”)
Effective January 25, 2015 the Guidelines have been incorporated into the Code of Conduct (“Code”) as Appendix A. Other employment and business activities is the area of the Guidelines where Council has had the most inquiries from both licensees and applicants and therefore the following will provide additional information on this topic.
Other Employment or Business Activities (“Business Activities”) Held by Licensees
While most Business Activities have no impact on a licensee’s insurance activities, Council has identified a number of Business Activities that can give rise to the potential for a conflict of interest. In most cases, Council has been able to address any concerns through licence conditions or restrictions, however, Council has identified specific Business Activities where it believes the potential for a conflict of interest is so significant it is not prepared to issue a licence.
There is a link below to a list of Business Activities that Council has determined have the potential for a conflict of interest. This list includes how Council has decided to address the conflict of interest relating to a specific Business Activity and will be of benefit to both existing licensees and licence applicants. The list will be updated with all new Council decisions on Business Activities.
Potential licence applicants are encouraged to review this list before making a licence application to Council. There is a link to this list below.
If a potential licence applicant wishes a review of his or her Business Activity, the review will be done only after a properly completed licence application has been received, including the Request For Review of Other Business Activities form, which is included in the application package contained in the Quick Link To Forms section of this website. Direction will not be provided by phone or email in advance of a complete licence application being submitted to Council.
Provided existing licensees are not engaged in a Business Activity where Council has declined to issue a licence, licensees are not required to notify Council of a Business Activity that was commenced after they obtained their licence. Licensees engaged in a similar Business Activity, where Council declined to issue a licence, must notify Council immediately using the Request For Review of Other Business Activities form which can be found at the link below. Council will review the Business Activity and determine an appropriate course of action.
Licensees engaged in a Business Activity included on this list are expected to modify their insurance activities in accordance with the licence conditions outlined. Licensees who do not modify their insurance activities could have their suitability reviewed if a complaint arises that is directly or indirectly related to the Business Activity; and if found to have acted in a conflict of interest based on their Business Activity can be subject to disciplinary or other action as warranted.
Council expects licensees to periodically review this list to keep themselves up-to-date and to govern their insurance practices in accordance with the decisions of Council.
The list does not cover every possible conflict of interest scenario. If licensees engage in Business Activities not on the list, they should consider whether their specific Business Activity is similar to one on the list, and if so, determine how, or if, they need to tailor their insurance activities going forward. Regardless of whether a Business Activity has been included on the list, licensees should review their Business Activities to ensure they do not have the potential to create a conflict of interest. If a licensee requires further direction, the licensee can request a review by Council. Licensee requests for a review of a Business Activity must be made in writing using the Request For Review of Other Business Activities form available at the link below. Direction will not be provided by phone or email in advance of this form being submitted to Council.