Consultation on Updated Guidance for New Life Agent Supervision Requirement
Consultation on the Updated Guidance for New Life Agent Supervision Requirement is currently underway, and Council is seeking your feedback by end of day Friday, July 5, 2019.
The updated guidance and new forms seek to address inconsistent levels of oversight of new life and/or accident and sickness insurance agents by supervisors across the industry and help these agents and their supervisors better understand their duties and obligations under Council Rules.
An email was sent on June 5, 2019, detailing the proposed updates. To view the new guidance document and forms, or more information please see notice ICN 19-003 Consultation on Updated Guidance for New Life Agent Supervision Requirement.
Mandatory Reporting Requirements for Licensees and Agencies
Mandatory reporting requirements under Council Rules require licensees to notify Council within five business days when:
• the licensee or the agency has been disciplined by another regulator
• the licensee has declared bankruptcy
• the licensee has been charged and/or convicted of an offence
• a judgment (legal action) has been rendered against the licensee or the agency
• the licensee’s authority to represent an agency has changed.
Licensees must also update Council within 30 calendar days of any changes in their contact information, such as their address, phone number or email address. If you created a user account for Council's online portal during annual filing, you can use it to update your contact information at any time. If you haven't yet created an account, you can do so following these instructions.
Agencies are reminded that they must notify Council within 30 calendar days when there is a change in agency ownership.
For questions or assistance with Council’s mandatory reporting requirements, please visit our website or contact email@example.com.
Back to the Future – Past Council Notices Contain Information You Need to Know Now
Restrictions on Level 1 General Insurance Salesperson Licence
If you are a Level 1 general insurance salesperson or a nominee of a general agency, there are several restrictions on the level 1 salesperson licence that you need to be aware of.
Council first published notice ICN 13-001 Level 1 General Insurance Salespersons - Restricted or Prohibited Activities (issued July 4, 2013) which stated that a salesperson must not:
- Sign contracts of insurance on behalf of an insurer - This refers to any form of written evidence of a contract of insurance, with the exception of processing ICBC transactions.
- Engage in insurance activity outside the premises of an insurance agency - Insurance activity refers to both soliciting insurance and servicing existing clients and includes doing so in person or by electronic means. (See the Notice entitled, ICN 19-001 Sighting of Vehicle Odometers/Vehicle Identification Numbers (January 2019) for the exception related to sighting vehicle odometers within the immediate vicinity of the agency.)
- Engage in insurance activity without direct supervision - A salesperson must always be under the direct supervision of a level 2 or 3 general insurance agent when conducting insurance activities.
- Adjust claims - There is an exemption in some instances for Level 2 and 3 agents, but this exemption does not extend to level 1 salespersons.
Further guidance was provided to agencies and nominees about the level 1 salesperson restrictions in a subsequent notice, ICN 15-004 Level 1 Salespersons Licence Restriction - Guidance for Agencies and Nominees (June 2015), indicating that Council will consider disciplinary action if these requirements are not followed.
A third notice, ICN 16-002 Restrictions and Limitations on Level 1 General Insurance Salespersons, was issued (March 2016) with exhaustive explanations to provide further clarification.
Remember: it is your responsibility to know the requirements and restrictions associated with your licence.
You can find Council Notices and other licensee resources on our website.
Online Annual Filing Option Proves Popular with Licensees
This year, Council offered fully integrated annual filing through its website. This option proved to be overwhelmingly popular, with nearly 70% of licensees choosing to renew their licence online. If you have not yet created an account for our online portal, we encourage you to do so in order to have access to update your contact information and prepare for filing next year. See our instructions on creating an online portal account.
Please note that all payments received prior to the filing deadline of June 3, 2019 have now been processed. If Council has not yet received your payment, the late filing fee is now in effect. For more information, please see our website.
New Exam Location in Surrey
Starting September 2019, Council will be piloting a new exam location at the Surrey City Centre Library—a three-minute walk from Surrey Central SkyTrain station. Additional information, such as exam dates and scheduling, can be found on our website. Exams will continue to be hosted at Council’s office.
Council Member Appointments
We are pleased to annouce the recent appointments of the following new non-voting members
- Harp Dhillon – Life Insurance Agent (RBC Dominion Securities)
- Glen Ewan – Lay Person
- Rhonda Spence – Lay Person
More information about the members of Council is available on our website.