LLQP (Life Licence Qualification Program) exam prerequisites, course information, and other life insurance licence qualifications and requirements for individuals, partnerships, or corporations in BC.
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Published December 12, 2022
There may be instances where licensees are asked to place a client’s insurance business with an insurer who is not authorized to conduct business in British Columbia when the necessary coverage is not available from an authorized insurance company or if coverage from an authorized insurer does not meet the client’s specific insurance needs.
Before licensees proceed to conduct business with an unauthorized insurer, there are specific requirements under Insurance Council Rules, the Financial Institutions Act (the Act) and the Insurer Exemption Regulation that licensees must meet. Notice ICN 21-001 Use of Unauthorized Insurers outlines the regulatory requirements for licensees when placing business with an unauthorized insurer, some of which are highlighted below.
Licensees must not directly or indirectly solicit the client for the contract of insurance with an unauthorized insurer. The client must specifically direct a licensee to seek placement of the client’s insurance with an unauthorized insurer. Before engaging in negotiations with an unauthorized insurer on a client’s behalf, the licensee must ensure the client understands and accepts the risks and responsibilities associated with insurance transactions involving unauthorized insurers.
Council Rule 7(11.1) sets out licensees’ notification requirements when placing business with an unauthorized insurer, as well as a licensee’s responsibilities under section 6(1) of the Act. Licensees are required to: