Consultation on the draft guidelines will be open for a minimum of 60 days to allow for feedback from licensees, industry and regulatory stakeholders and the public. The consultation period will start December 16, 2020 and close on February 15, 2021.
We want to hear from stakeholders directly impacted by the updated guidance in the draft Guidelines for Managing General Agents’ Role and Responsibilities in the Distribution of Life Insurance in British Columbia. Specifically, we are asking stakeholders to consider the following:
- Do the draft guidelines provide a clear understanding of life MGAs’ roles and responsibility?
- Do the guidelines provide enough direction for what is expected of life MGAs? Should it be more prescriptive? Less prescriptive?
- Is any information missing that would contribute to the clarity of the guidelines?
- Do the requirements and guidance provided by the draft guidelines support consistent application by all types and size of life insurance MGAs?
- Is there sufficient guidance provided for how MGAs should approach assessing an agent's suitability?
- Is there any information in the guidelines that is confusing or which conflicts with other regulatory requirements or practices?
All feedback gathered from stakeholders will be considered and will inform the final version of the guidelines provided to the voting members of the Insurance Council for approval prior to implementation.
How to Provide Input
We’re interested in hearing from you on the draft Guidelines for Managing General Agents’ Role and Responsibilities in the Distribution of Life Insurance in British Columbia, and are inviting your written feedback by February 15, 2021.
Send us an email and share your input directly at firstname.lastname@example.org.
Please note that depending on the volume received, we may not be able to respond to every email directly.
Have specific questions? Contact Kandace Hopkins, Director of Practice and Quality Assurance, at 1-877-688-0321 ext. 360
We thank you for your participation.
Provide Your Feedback on the Guidelines