Annual Filing Deadline is June 1; Council Approves Change to Late Fee The deadline for licensees to complete their annual filing is June 1, 2020. Filings received after June 1 will be subject to a late fee. At its most recent meeting, Insurance Council members approved the reduction of the 2020 late filing fee to $25 from $200, in consideration of the challenges arising from the current health crisis and the impact on individual and corporate licensees. To date, over 27,000 licensees have submitted annual filings through the Insurance Council’s online portal. See information and instructions for annual filing. [Back to top]
Code of Conduct Update: Notice for Insurance Renewals The Insurance Council’s Code of Conduct has been updated to reflect the guidance provided to insurance brokers in March about the amount of notice they must give clients in advance of insurance policy renewal in a challenging market. Section 7.3.12 of the Code of Conduct, states that “clients must be notified at least 60 days prior to the expiration of their existing insurance if you are unable to renew their insurance at the same terms and conditions.” Prior to the revision, the minimum requirement under the Code was 30 days’ notice. In response to hardening market conditions, in early March brokers were advised in notice ICN 20-001, Brokering Best Practices, of the expectation that they contact their clients a minimum of 60 days in advance of the insurance renewal date. This revision of the Code of Conduct brings practice expectations and requirements into alignment. See the Code of Conduct or Notice ICN 20-001 Brokering Best Practices. [Back to top]
BCFSA Releases Bulletin on Charitable Donations The BC Financial Services Authority (BCFSA) has released a bulletin regarding charitable donations. Bulletin INS-20-003, Charitable Donation of Life Insurance Policies in British Columbia, clarifies BCFSA’s position on the interpretation and application of section 152 of the Insurance Act to certain activities related to the charitable donation of life insurance policies in British Columbia. The Insurance Council’s notice ICN 19-005, Donations of Life Insurance Policies, provides guidance on this topic for insurance licensees. [Back to top]
Insurance Council Publishes Strategic Plan for 2020-2023 The Insurance Council has published its strategic plan for 2020-2023. The new three-year plan takes effect in June 2020 and provides direction for the organization’s activities. The plan is focused on updating regulatory practices in line with international standards; providing oversight that protects consumers and enables industry innovation; enhancing support for consumers, licensees and government; and delivering efficient and effective access to Insurance Council services. The plan is the culmination of council discussions and strategic planning sessions held earlier in the year, with support and insights from staff. See the 2020-2023 Strategic Plan on our website. [Back to top]
In Case You Missed It: Continuing Education Deadline Extended The deadline to complete your continuing education requirements for 2020 has been extended to 2021. See more information about the extension. [Back to top]
Council Member Appointments We are pleased to announce the recent re-appointment of the following non-voting members effective June 30, 2020: - John Crisp - Life Insurance Agent (Fernhill Financial Corp.)
- Bob Scott - Adjuster (Scott & Associates Insurance Adjusters)
- Brett Simpson - Life Insurance Agent (RGF Integrated Wealth Management)
More information about the members of Council is available on our website. [Back to top]
Disciplinary Decisions Amarpal Singh Atwal, a former licensee, was disciplined for contravening the Insurance Council’s Rules and Code of Conduct by failing to notify Council about personal bankruptcies, and for filing applications that falsely stated that he had never been subject to a bankruptcy proceeding. The former licensee was found to have failed to demonstrate competence, trustworthiness, financial reliability, and good faith, and he failed to deal with the Insurance Council in a prompt and honest manner. He was fined $7,500 and assessed hearing costs of $4,054.72. He is prohibited from reapplying for any insurance license for a period of two years. If the former licensee applies for reinstatement of his licence after the prohibition period, he is required to complete an ethics course and he is required to be supervised for a period of two years from the date of any reinstatement. Hyung Jun (Alex) Kae was disciplined for contravening the Insurance Council’s Rules and Code of Conduct by failing to act as a competent supervisor, report breaches of the Rules and Code of Conduct by licensees under his supervision, and notify the Insurance Council when he ceased to supervise new life agents. The licensee was found to have failed to act in good faith, in a competent manner, and in the usual practice of dealing with clients, as well as to be aware of his duties and obligations. A condition was imposed on the licensee prohibiting him from being or acting as a supervisor for a period of six months. He was also fined $1,000, assessed investigative costs of $4,843.75, and must complete the Council Rules Course and an ethics course. Jennifer Wai Yin Mok, a former licensee, was disciplined for contravening the Insurance Council’s Rules and Code of Conduct by falsifying insurance applications and placing policies with intent to cancel. The former licensee was found to have failed to act with competence, trustworthiness, in good faith, and in the usual practice of dealing with clients, and also failed to deal with the Insurance Council in a prompt and honest manner. The former licensee was fined $5,000 and assessed investigative costs of $4,187.50. Further, Council will not consider any further licensing applications from the former licensee until the fine and investigation costs are fully paid. See all disciplinary decisions on our website. [Back to top] | 
