List of other business activities and potential conflicts updated
Published July 14, 2021
Do you work or volunteer outside of where you conduct insurance business activities? There are occasions where there may be a conflict of interest that risks a licensee’s ability to provide fair representation of a client or insurance company.
Instances of a potential conflict of interest are when a licensee:
- Has a personal, private, financial or professional interest that could prevent the licensee from being able to objectively exercise their responsibilities to a client, principal or insurance company
- Engages in other employment or business activity (paid or unpaid) that may include real or perceived positions of power or trust
- Is in a position that could take advantage of a consumer’s inexperience, age, lack of education, language barrier or ill health
Licensees who are engaged in other employment or volunteer activities are encouraged to review our Conflict of Interest Guidelines
in the Insurance Council Code of Conduct, our Conflict of Interest Notice
, and the List of Other Employment and Business Activities Considered by Council
(the "List"), which are updated from time to time.
The List is compiled of occupations that are considered a potential risk or declared a conflict of interest and contains a set of conditions that licensees must follow in order to continue insurance business activities. We recently updated the List with a number of new business activities. The Insurance Council has determined a business area that poses a great risk for conflict of interest that would question a licensee's ability to hold an insurance licence with full integrity. Other activities added to the list require licence conditions to manage the potential conflict of interest (conditions are included in the List
Recently reviewed and added business activities include:
- Insurance Auditor where activities include conducting audits of insurance licensees (issuance of insurance licence declined)
- Property Manager (insurance licence allowed with conditions)
- Payday Loan Company Manager (insurance licence allowed with conditions)
If you start or are already engaged in a business activity on the List that indicates a declined status to obtain a licence, you are required to
If you start or are already engaged in a business activity which is on the List and Insurance Council has imposed licence conditions
- You are not required to notify the Insurance Council but should be aware of the potential for conflict and govern your insurance practice accordingly
- Immediately modify your insurance activities in accordance with the licence conditions outlined in the List
Contact our Practice and Quality Assurance team at firstname.lastname@example.org
or 604-695-2008 if you have any questions.
For more information on conflict of interest visit here