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The Insurance Council of BC is consulting on proposed updated regulatory guidance for managing general agents (MGAs) in the Life Insurance sector. This guidance is outlined in the draft Guidelines for Managing General Agents’ Role and Responsibilities in the Distribution of Life Insurance in British Columbia. We are inviting your feedback on this document.
Consultation will be open from now until February 15, 2021. The feedback gathered from our licensees and stakeholders on the draft guideline will inform the final version of this document, which will be proposed for approval and future implementation by the voting members of the Insurance Council.
What is this about? About the MGA Guidelines About Consultation Provide Feedback
MGAs are agents or agencies that contract directly with an insurer to facilitate insurance transactions between agents and insurers. The Insurance Council first introduced guidance for managing general agents in 2012, articulated in Notice ICN 12-001 Role and Responsibilities of Managing General Agents in the Distribution of Life Insurance in British Columbia. While this document provided a basic framework for MGA duties and operational policies and procedures, there are currently no rules or guidelines in place to ensure that MGAs are training advisors and that they are ensuring their suitability to obtain a contract.
Since 2012, varying interpretations of MGAs’ roles and responsibilities have been observed within the industry. Inconsistencies identified in compliance practices among MGAs has resulted in differing levels of oversight of life agents. This raises a concern as these gaps in oversight can have a negative impact on public protection. To address this issue, the Insurance Council is seeking to provide additional clarity on the roles and responsibilities of MGAs in the proposed updated guideline document, including direction about onboarding and ongoing supervision.
The proposed Guidelines for Managing General Agents’ Role and Responsibilities in the Distribution of Life Insurance in British Columbia establish the appropriate standard of practice for MGAs carrying out the distribution of life insurance in BC.
The document sets out licensing requirements and MGAs’ duties, and provides guidance on determining suitability and risk when contracting agents. It is intended for MGAs who are developing policies and procedures, and deciding how to implement specific practices in the distribution of life insurance.
The draft guidelines are a comprehensive revision of the 2012 Notice ICN 12-001 Role and Responsibilities of Managing General Agents in the Distribution of Life Insurance in British Columbia, revising some of the earlier guidance in this document and covering additional topics related to oversight and supervision.
View the Draft MGA Guidelines
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:
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.
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 email@example.com.
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