BC MoF Session (Feedback by Oct 3): Restricted Licence Regime for Incidental Sellers of Insurance coverage
Stikeman Elliot | Stuart Carruthers and Andrew Cunningham | Aug 29, 2022
British Columbia’s Ministry of Finance is conducting a session on the adoption of its proposed restricted insurance coverage agent licensing regime for incidental sellers of insurance coverage.
- The proposal is comparable to what’s already in place within the different three western provinces (and, quickly, in New Brunswick) however B.C. is signalling that it might think about together with extra industries and extra flexibility in its regime.
- B.C. session is concentrated on the rules and guidelines that may accompany the laws, and significantly on the next points:
- The courses of restricted licensees (i.e. the forms of enterprise that will probably be eligible for restricted licenses);
- The courses of insurance coverage that may be bought beneath a restricted licence; and
- How this new regime will have an effect on present exemptions beneath the Insurance coverage Licensing Exemptions Regulation.
Session Questions
The Ministry of Finance is searching for enter from events, together with (however not restricted to) trade views on questions resembling the next:
See: Insurance coverage Trade Sitting on Treasure Trove of Large Information, As Regulors Wrestle Information Privateness
- Which companies ought to and shouldn’t be prescribed as potential licensee
- Which courses of insurance coverage ought to and shouldn’t be prescribed?
- Which ILER exemptions, if any, must be repealed in favour of providing one of many new restricted insurance coverage agent licences (and will the repeal be full or partial)?
- When (if ever) ought to exceptions be made to the overall expectation that restricted licensees will probably be restricted to courses of insurance coverage which can be incidental to their unusual enterprise?
- Ought to there be any licence exemptions for low-value merchandise?
- Ought to there be a most worth for insurance coverage insurance policies (or of sure forms of insurance coverage coverage) bought by restricted insurance coverage agent licensees?
- Would a deferred gross sales mannequin be advisable for any class of restricted agent (i.e., a mannequin through which insurance coverage couldn’t be provided till a sure variety of days after the first buy)?
- Which guidelines ought to apply to the conduct of a restricted licensee’s insurance coverage enterprise (e.g. with respect to disclosure, cooling off intervals, commissions and costs, and many others.)?
Please see the session paper for the entire listing of questions on which remark is sought.
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As famous above, the general public session is ongoing, with feedback due on or earlier than October 3, 2022. The open and versatile method of the Ministry of Finance signifies that trade submissions may have a major affect on the eventual form of the restricted licensing regime.
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