Consultation feedback prompts changes to two proposed rules
Published August 23, 2022
Updated August 29, 2022
The Insurance Council has made changes to two proposed rule amendments that were first introduced for consultation in March this year, in response to licensee and stakeholder feedback. Revised wording for the rules on Licence Renewal and Nominee Qualifications will be published on the website for additional consultation starting August 29, along with explanatory information.
The Insurance Council Rules establish licence conditions and requirements for all licensees in addition to the requirements set out in the Financial Institutions Act and other legislation.
Consultation on proposed changes to the rules in eight subject areas, was carried out from March 28 to June 1 of this year. Based on the feedback received from licensees, and with further consideration, the Insurance Council has revised the wording for proposed changes to:
- Rule 2(11)(b) and (b.1) - Nominee Qualifications
- Rule 4(4)(b.1), (c) and (d) - Licence Renewal.
Revised rule wording for Rule 4(4)(b.1), (c) and (d). During consultation, we heard concerns that the proposed requirement to submit annual proof of continuing education completion would place a significant administrative burden on licensees. In response, updates have been made to address these concerns while still meeting the intent of the rule: rather than documented proof, confirmation will be required. See more detail on what’s changed
Revised rule wording for 2(11)(b) and 2(11)(b.1) proposes to address a technicality that could permit A&S insurance licensees to apply to be a nominee of a life insurance agency. See more detail on what’s changed
As required by regulation, changes to proposed Insurance Council rule amendments require an additional consultation of 30-days. Public comment on the revised rule wording will be open until September 30, 2022. From August 29 onward, the rule wording and consultation information will be available on the website under Engagement & Consultation, in the About section.
Once this additional round of consultation has closed, the feedback received will be reviewed by members of Council to consider for submission to the Ministry of Finance for approval or other next steps.