What’s New at the Insurance Council – December 2020 In this email:
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Removal of Location Restriction for Level 1 Licensees Extended The Insurance Council has received the Province’s approval for a second urgent temporary rule change to Rule 6(1)(b) as of December 19, 2020, allowing eligible Level 1 General Insurance Salespersons to work outside an agency office. This effectively extends the temporary rule change initially brought into force in March 2020. An updated Notice ICN 20-002, Temporary Suspension of Level 1 Salesperson Location Restriction - Rule 6(1)(b), v.2, has been issued and provides important details regarding the regulatory requirements to be followed. These are the same requirements applicable to the initial temporary rule change in March 2020. See the revised Notice ICN 20-002 for more information. BCFSA Releases Final Report on Strata Insurance in BC The BC Financial Services Authority (BCFSA) has released its final report on the strata property insurance market in BC. Titled Strengthening Foundations - A Report on the State of Strata Property Insurance in British Columbia, the report identifies foundational issues to be addressed in order for the market to improve, and puts forward recommendations for steps that BCFSA can take as the regulator, as well as areas in which industry and other stakeholders will need to be involved in order to address long-term market sustainability. The Insurance Council has issued a statement in response to the report, which you can find here. Consultation on Guidelines for Life Insurance MGAs The Insurance Council is consulting licensees and stakeholders on updated regulatory guidance for managing general agents (MGAs) in the Life Insurance sector. We are inviting your written feedback on a draft document: Guidelines for Managing General Agents’ Role and Responsibilities in the Distribution of Life Insurance in British Columbia. Consultation will remain open until February 15, 2021. The input gathered will inform the preparation of the final version of the guidelines to be proposed for the approval of the Insurance Council’s voting members, and future implementation. Looking for more information? Want to provide your feedback? You can find background information, how to send us your comments, as well as the draft guideline document on our consultation website. Update on Proposed CE Guidelines At its November meeting, the Insurance Council considered the proposed Continuing Education (CE) Guidelines, as well as feedback from the licensee and stakeholder consultation gathered during the summer. Licensees are advised that new CE guidelines are not being implemented January 1, 2021, as initially described in the consultation materials. However, more information will be made available regarding the consultation and the outcome of Council’s review of the guidelines in the new year. The Insurance Council will be closed for the holiday season from Thursday, December 24, reopening on Monday, January 4. We wish you all the very best for the holiday season and for the new year. How to contact us during our regular office hours Barbara Ann Nash was disciplined for breaching the Insurance Council Rules and Code of Conduct for acting in a conflict interest by entering into a loan agreement with a client and facilitating the redemption of the client’s investment funds in order to lend the licensee money. More |