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Updates to nominee qualifications effective August 1

Published June 20, 2023

Previously approved changes to the Insurance Council Rule regarding Nominee Qualifications will come into effect August 1, 2023. These updates clarify existing qualification requirements to become a nominee and introduce a prerequisite course for new nominees.
Clarifying Current Qualification Requirements

Updates to wording for Rule 2(11) and 2(12) bring clarity to current nominee qualification requirements and reduce ambiguity. Namely that,

  • A nominee must be approved by the Insurance Council;
  • While a nominee does not need to be based in BC, they are responsible for the agency/firm operating in BC;
  • A nominee must hold a level 3 licence, rather than just qualifying for one; and
  • A nominee for a life and/or accident & sickness agency is also required to have held a life and/or accident & sickness licence for five of the last seven years in a Canadian jurisdiction.
These changes reflect current actual practice; implementation will not require action from current nominees.
New Nominee Course Prerequisite
The updated Rule 2(11) introduces the requirement to complete a nominee course as a prerequisite to appointment as a nominee. Developed by the Insurance Council, this new online course outlines the role and responsibilities of the nominee for an agency or firm and is available for general insurance and adjusters, and life and accident & sickness insurance respectively.

Nominee course completion is required for new nominee appointments only. Current nominees are not required to take the course unless they are submitting a request to be appointed as a nominee for another agency or firm. However, optional course completion is encouraged as content will aid nominees in understanding their responsibilities and requirements.

The Insurance Council is introducing this requirement to address identified gaps and inconsistencies in nominees’ understanding of their role through standardized training. The intent is to provide training and support to nominees at the outset in order to reduce the potential for rule breaches. The course takes approximately three hours to complete and can be completed in one or multiple sessions.

The Nominee Course will be available starting July 4, 2023, through the Online Learning Management system on the Insurance Council’s website. The course fee is $150 for either of the two streams:

  • Nominee Responsibilities and Best Practice for Life and/or Accident and Sickness Insurance Agent Nominee and Applicants
  • Nominee Responsibilities and Best Practice for General Insurance and Adjuster Nominees and Applicants.
For More Information
A updated version of the Insurance Council Rules with the amended wording for Rule 2(11) and 2(12) will be published on the website on June 30, 2023, in advance of the August 1, 2023, effective date.
 
Should you have questions about nominee qualification requirements, please reach out to our Licensing team at licensing@insurancecouncilofbc.com or 604-695-2007.

For support or additional information about the Nominee Course or other available online courses, please contact our Education team at education@insurancecouncilofbc.com.

For support or additional information regarding nominee responsibilities and requirements, please contact our Practice & Quality Assurance team at practice@insurancecouncilofbc.com or 604-695-2008.