2018 News Archive

Requirement for Common Law Version of Ethics and Professional Practice Exam Module

The national harmonized Life Licence Qualification Program (LLQP) was launched in 2016 and consists of four modules:

• Ethics and Professional Practice

• Accident and Sickness Insurance

• Life Insurance

• Segregated Funds and Annuities

In Quebec, the Ethics and Professional Practice module is based on the civil code, whereas the rest of Canada uses a version based on the common law. The three other modules are identical across Canada.
As it is Council’s mandate to protect the public by ensuring agents act ethically, with integrity and competency, at its July 2018 meeting Council determined all life and/or accident and sickness insurance agent applicants must successfully complete the Ethics and Professional Practice (common law) module, as part of the qualifications for a licence.
 
Applications for Insurances Licences by Entities Licensed by Other Financial Regulators

Previously, entities who were licensed with another financial regulator (i.e. mutual fund dealers, securities dealers, and mortgage brokers) were not granted insurance licences in BC as Council had determined that this could be problematic in the event of an investigation or inspection and it had the potential to cause confusion for clients with regard to their rights and protections.

Council reviewed this policy at its July 2018 meeting and, in light of the fact that other Canadian jurisdictions allow joint licensing and that Council Rules address concerns related to inspections, investigations, and public confusion, Council determined that effective immediately, it will consider applications from entities registered with another financial regulator. Before applying for a licence, Council recommends that you consult with your other regulator(s) first, as it may have its own rules and restrictions in place.
 
Terminations for Non-Filing

The deadline for completing an annual filing was July 31, 2018. On August 1, 2018, 4,135 licences were terminated for non-filing.

New Licensing Applications

Council has revised its licence application forms. The new forms are on the forms page of Council's website. Click on Licence Application Forms to expand the list, which includes forms for all licence classes.
 
Licensing Document Processing

Council receives frequent questions from licensees and applicants following up on paperwork that was submitted. As processing times can fluctuate based on the volume received in Council's office, processing times are now posted on Council's website under Getting a Licence.

Holiday Closure

Council's office will be closed from 4:30 p.m. on Friday December 21, 2018, until 8:30 a.m. on Wednesday January 2, 2019. Council wishes you a happy and safe holiday season and we look forward to assisting our licensees in 2019.

Fax

Council no longer has a fax machine. Contact information, including department-specific email addresses and direct phone number, can be found under Contact Us.

Annual Reports

The annual report for 2017-2018 has been posted on Council's website, as well as the audited financials for the 2017-2018 fiscal year.

Fair Treatment of Customers

The Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) released joint guidance that sets out their expectations for how insurers and intermediaries conduct their business and ensure the fair treatment of customers.

Council fully supports principles that put consumers first as is emphasized in its Code of Conduct which specifically requires insurance licensees in British Columbia to act in good faith, be trustworthy, competent, and financially reliable, and to serve the best interests of consumers.

Stakeholders are invited to provide feedback to Council on the Fair Treatment of Customers principles and how Council can continue to work with its regulatory counterparts, insurance licensees, and others to ensure consumers are treated fairly. Please send an email to feedback@insurancecouncilofbc.com.

Council Member Reappointments

Government has reappointed Darlene Hyde, CEO of the BC Real Estate Association, for a three year term. Ms. Hyde currently serves as Council's vice chair.

For more information about the members of Council, please see About Us.

Council Staff Changes

Council is pleased to announce the appointment of Brett Thibault to the position of Director, Governance and Stakeholder Engagement and Kandace Hopkins to the position of Director, Practice and Quality Assurance. Mr. Thibault previously held the role of Director, Licensing and Ms. Hopkins was Council's Manager, Regulatory Services. Both of these roles have been created to better support licensees.

We are also sad to say goodbye to Robert Tanaka, Council's Executive Deputy Director. Mr. Tanaka has worked with Council for over twenty years in a variety of progressive roles, starting as investigator in 1998. He is well known for his contributions to insurance regulation across Canada and his knowlege and guidance will be missed.

For more information about Council's staff leadership team, please see About Us.

Enforcement

Council has expanded its website to include a section on enforcement, which includes expanded information about the disciplinary process. Upcoming hearings and previous disciplinary decisions have been moved to this area of the website.