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"Point in Time" Regulation Content

Financial Institutions Act

Insurance Licensing Regulation

B.C. Reg. 329/90

 Regulation BEFORE repealed by BC Reg 597/2004, effective December 31, 2004.

B.C. Reg. 329/90
O.C. 1353/90
Deposited September 7, 1990
effective September 15, 1990

Financial Institutions Act

Insurance Licensing Regulation

 Interpretation

1  (1)  In this regulation:

"Act" means the Financial Institutions Act;

"licence qualification examination" means the examination set by the program and includes an examination with similar standards and requirements that is set by the council;

"life insurance agent's licence" means a life insurance agent's licence for which a person is qualified under sections 3 (2) or (3) or 4;

"motor vehicle dealer" means a person who is registered as a motor vehicle dealer under the Motor Dealer Act;

"program" means the Life Licence Qualification Program developed by the Canadian Insurance Services Regulatory Organization;

"travel insurance" means

(a) insurance against loss or damage that is incurred by the insured during or in conjunction with travel, or

(b) insurance against loss or damage occurring because of cancellation of travel arrangements.

(2)  The definitions in section 168 of the Act apply for the purposes of this regulation.

[am. B.C. Reg. 121/2003, s. 1.]

Part 1 - Education and Experience Qualifications

 Classes of insurance agent's licences

2  (1)  For the purposes of this regulation, each of the following is defined as a distinct class of insurance agent's licence:

(a) general insurance agent's (level 2) licence;

(b) general insurance agent's (level 3) licence;

(c) life insurance agent's (level 1) licence, until December 31, 2004;

(d) life insurance agent's (level 2) licence, until December 31, 2004;

(d.1) life insurance agent's licence;

(e) restricted insurance agent's (vehicle warranty insurance) licence;

(f) restricted insurance agent's (travel insurance) licence.

[am. B.C. Reg. 121/2003, s. 2.]

 Insurance agent's qualifications

3  (1)  For the purposes of section 173 (1) (c) (i) of the Act, the prescribed educational and experience qualifications for an applicant for an insurance agent's licence are as set out in this section.

(2)  An applicant is qualified for a life insurance agent's licence if

(a) at any time during the 12 months immediately preceding the date of application, the applicant has

(i)  successfully completed the program, and

(ii)  passed the licence qualification examination,

(b) the applicant has not completed the requirements in paragraph (a) but is otherwise qualified for a life insurance agent's licence because of the applicant's experience, education, or both, or

(c) 2 years or less have elapsed since the applicant last held a life insurance agent's licence or a life insurance agent's (level 2) licence.

(3)  Despite subsection (2), a person who held or was determined by the council to be eligible for a life insurance agent's (level 1) licence before the date of deposit this regulation, is qualified for a life insurance agent's licence until December 31, 2004.

(3.1)  An applicant who held or was determined by the council to be eligible for a life insurance agent's (level 1) licence before the date of deposit of this regulation, is qualified for a life insurance agent's licence after December 31, 2004 only if the applicant has

(a) spent at least 2 consecutive years of the 4 years preceding the application as a life insurance agent and has successfully completed either

(i)  the Insurance and Financial Advisors Training Course offered by the Financial Advisors Association of Canada (Advocis), or

(ii)  the qualification examinations set by the council for a life insurance agent's (level 2) licence,

(b) completed the requirements of subsection (2) (a), or

(c) the applicant has not completed the requirements in paragraph (a) or (b) but is otherwise qualified for a life insurance agent's licence because of the applicant's experience, education, or both.

(4)  An applicant is qualified for a general insurance agent's (level 2) licence if

(a) at any time during the year immediately preceding the date of application, the applicant has successfully completed one of the following:

(i)  Parts 1, 2 and 3 of the Canadian Accredited Insurance Broker Program administered by the Insurance Brokers Association of British Columbia;

(ii)  Parts 2 and 3 of the Canadian Accredited Insurance Broker Program administered by the Insurance Brokers Association of British Columbia and the "Fundamentals of Insurance" course offered by the Insurance Brokers Association of British Columbia;

(iii)  courses C11, C12, C13, C43, C71, C72 offered by the Insurance Institute of Canada,

(b) the applicant has not completed any of the requirements described in paragraph (a) but is otherwise qualified for a general insurance agent's (level 2) licence because of the applicant's experience, education or both, or

(c) 2 years or less have elapsed since the applicant last held a general insurance agent's (level 2) licence.

(5)  An applicant is qualified for a general insurance agent's (level 3) licence if

(a) the applicant satisfies the council that the applicant

(i)  has worked consecutively for at least 5 of the last 7 years as a licensed agent or salesperson,

(ii)  has worked for at least 3 of those 5 years as a general insurance agent (level 2), or

(iii)  has equivalent experience to (i) and (ii),

(b) the applicant

(i)  is a director, officer or partner of a general insurance agency, or is the manager of a general insurance agency head office in the Province, or

(ii)  is a manager or supervisor of a business office of a general insurance agency,

(c) the applicant

(i)  at any time during the year immediately preceding the date of application, has successfully completed one of the following:

(A)  Parts 1, 2, 3 and 4 of the Canadian Accredited Insurance Broker Program administered by the Insurance Brokers Association of British Columbia;

(B)  Parts 2, 3 and 4 of the Canadian Accredited Insurance Broker Program administered by the Insurance Brokers Association of British Columbia and the "Fundamentals of Insurance" course offered by the Insurance Brokers Association of British Columbia;

(C)  courses C11, C12, C13, C43, C71, C72, C75 and C76 offered by the Insurance Institute of Canada;

(D)  the Associate of the Insurance Institute of Canada Program,

(ii)  has not completed any of the requirements described in subparagraph (i) but is otherwise qualified for a general insurance agent's (level 3) licence because of the applicant's experience, education or both, or

(iii)  2 years or less have elapsed since the applicant last held a general insurance agent's (level 3) licence, and

(d) the applicant has successfully completed the qualification course prescribed by council, if any.

(6)  An applicant is qualified for a restricted insurance agent's (vehicle warranty insurance) licence if the applicant is a motor vehicle dealer.

(7)  An applicant is qualified for a restricted insurance agent's (travel insurance) licence if

(a) the applicant is a partnership or corporation that is licensed as a travel agent or travel wholesaler under the Business Practices and Consumer Protection Act and has designated an individual who is a member of the partnership or a director or officer of the corporation for the purpose of the licence, and that designated individual has successfully completed the Travel Insurance Examination administered by the council,

(b) the applicant is an individual who is licensed as a travel agent or travel wholesaler under the Business Practices and Consumer Protection Act and the applicant has successfully completed the Travel Insurance Examination administered by the council,

(c) the applicant is an individual who is an employee or commissioned agent of a person licensed as a travel agent or travel wholesaler under the Business Practices and Consumer Protection Act and the applicant has successfully completed the Travel Insurance Examination administered by the council, or

(d) the applicant, who is as described in paragraph (a), (b) or (c), has not successfully completed the Travel Insurance Examination administered by the council but is otherwise qualified for a restricted insurance agent's (travel insurance) licence because of the applicant's experience, education or both.

[am. B.C. Regs. 177/92, s. 1; 293/95; 136/98, ss. 1 to 8; 121/2003, s. 3; 274/2004, Sch. 3, s. 4.]

 Classes of insurance salesperson's licences

4  For the purposes of this regulation, each of the following is defined as a distinct class of insurance salesperson's licence:

(a) general insurance salesperson's (level 1) licence;

(b) general insurance salesperson's (grandfathered) licence.

 Insurance salesperson's qualifications

5  (1)  For the purposes of section 173 (1) (c) (i) of the Act, the prescribed educational and experience qualifications for an applicant for an insurance salesperson's licence are as set out in this section.

(2)  An applicant is qualified for a general insurance salesperson's (level 1) licence if

(a) at any time during the 6 months immediately preceding the application, the applicant has successfully completed the qualification examinations set by the council, if any,

(b) at any time during the year immediately preceding the application, the applicant has successfully completed one of the following:

(i)  the "Fundamentals of Insurance" course administered by the Insurance Brokers Association of British Columbia;

(ii)  Part 1 of the Canadian Accredited Insurance Broker Program (CAIB 1) administered by the Insurance Brokers Association of British Columbia and the ICBC Autoplan Essentials Course;

(iii)  courses C11, C71 and C72 offered by the Insurance Institute of Canada,

(c) the applicant has not completed any of the requirements described in paragraphs (a) and (b) but is otherwise qualified for a general insurance salesperson's (level 1) licence because of the applicant's experience, education or both, or

(d) 2 years or less have elapsed since the applicant last held a general insurance salesperson's (level 1) licence.

(3)  An applicant is qualified for a general insurance salesperson's (grandfathered) licence if 2 years or less have elapsed since the applicant last held a general insurance salesperson's (grandfathered) licence.

[am. B.C. Regs. 183/95; 136/98, ss. 9 and 10.]

 Classes of insurance adjuster's licences

6  For the purposes of this regulation, each of the following is defined as a distinct class of insurance adjuster's licence:

(a) insurance adjuster's (level 1) licence;

(b) insurance adjuster's (level 2) licence;

(c) insurance adjuster's (level 3) licence.

 Insurance adjuster's qualifications

7  (1)  For the purposes of section 182 (1) (c) (i) of the Act, the prescribed educational and experience qualifications for an applicant for an insurance adjuster's licence are as set out in this section.

(2)  An applicant is qualified for an insurance adjuster's (level 1) licence if

(a) at any time during the 6 months immediately preceding the date of the application, the applicant has successfully completed the qualification examinations set by the council,

(b) the applicant has not completed any of the requirements described in paragraph (a) but is otherwise qualified for an insurance adjuster's (level 1) licence because of the applicant's experience, education or both, or

(c) 2 years or less have elapsed since the applicant last held an insurance adjuster's (level 1) licence.

(3)  An applicant is qualified for an insurance adjuster's (level 2) licence if

(a) the applicant satisfies the council that the applicant

(i)  has at least 2 consecutive years experience as an insurance adjuster, with at least one year of that experience being in British Columbia or in another jurisdiction that requires insurance adjusters to have qualifications similar to those required for insurance adjusters in British Columbia, and

(ii)  at any time during the 2 years immediately preceding the date of the application, has successfully completed at least 8 courses offered by the Insurance Institute of Canada leading to the designation of Associate of the Insurance Institute of Canada,

(b) the applicant has at least one year experience as an insurance adjuster in British Columbia or in another jurisdiction that requires insurance adjusters to have qualifications similar to those required for insurance adjusters in British Columbia and has successfully completed examinations for qualification as an Associate of the Insurance Institute of Canada,

(c) the applicant has held an insurance adjuster's (level 1) licence for at least 2 consecutive years and, at any time during the 2 years immediately preceding the date of the application, has successfully completed at least 4 courses offered by the Insurance Institute of Canada leading to the designation of Associate of the Insurance Institute of Canada,

(d) the applicant has not completed any of the requirements described in paragraphs (a) (b) or (c) but is otherwise qualified for an insurance adjuster's (level 2) licence because of the applicant's experience, education, or both, or

(e) 2 years or less have elapsed since the applicant last held an insurance adjuster's (level 2) licence.

(4)  An applicant is qualified for an insurance adjuster's (level 3) licence if

(a) the applicant satisfies the council that the applicant

(i)  has at least 5 consecutive years experience as an insurance adjuster in British Columbia or in another jurisdiction that requires insurance adjusters to have qualifications similar to those for insurance adjusters in British Columbia, and

(ii)  has successfully completed the examinations for qualification as an Associate of the Insurance Institute of Canada,

(b) the applicant satisfies the council that the applicant

(i)  has at least 2 consecutive years experience as an insurance adjuster in British Columbia or in another jurisdiction that requires insurance adjusters to have qualifications similar to those for insurance adjusters in British Columbia, and

(ii)  has successfully completed the examinations for qualification as a Fellow of the Insurance Institute of Canada,

(c) the applicant has not completed any of the requirements described in paragraphs (b) or (c) but is otherwise qualified for an insurance adjuster's (level 3) licence because of the applicant's experience, education, or both, or

(d) 2 years or less have elapsed since the applicant last held an insurance adjuster's (level 3) licence.

[am. B.C. Reg. 136/98, s. 11.]

Part 2 - Nominees

 Nominee qualifications

8  (1)  For the purposes of section 170 (5) of the Act, the prescribed qualifications for an individual nominated by an applicant that is a partnership or corporation are as follows:

(a) where the application is for a life insurance agent's licence, the individual nominated has a life insurance agent's licence and represents all of the insurers that the applicant when licensed will represent;

(b) where the application is for a general insurance agent's licence, the individual nominated must satisfy all the qualifications for a general insurance agent's (level 3) licence and must be a director, officer or partner of a general insurance agency or is the manager of a general insurance agency head office in the Province as set out in section 3 (5) (b) (i) of the regulation;

(c) where the application is for an insurance adjuster's licence, the individual nominated has an insurance adjuster's (level 3) licence.

(2)  For the purposes of section 170 (5) of the Act, the prescribed qualifications for an individual nominated by an applicant who is also an individual are as follows:

(a) where the application is for a life insurance agent's licence, the individual nominated has a life insurance agent's licence and represents all of the insurers that the applicant when licensed will represent;

(b) where the application is for a general insurance agent's licence, the individual nominated has a general insurance agent's (level 3) licence.

(3)  For the purposes of section 170 (5) of the Act, the prescribed qualifications for a "different individual" referred to in section 170 (4) of the Act are the same as those for the individual being replaced as nominee.

[am. B.C. Reg. 136/98, s. 12.]

Part 3 - Licence Restrictions

 Repealed

9  Repealed. [B.C. Reg. 121/2003, s. 4.]

 Restrictions on licences for motor vehicle warranty insurance

10  The following licence restrictions are prescribed for every restricted insurance agent's (motor vehicle warranty) licence:

(a) the licensee must not act as an insurance agent except in respect of motor vehicle warranty insurance solicited incidentally to the licensee's ordinary business as a motor dealer;

(b) the licensee must not permit its employees or commissioned sales representatives to solicit motor vehicle warranty insurance unless they are authorized to do so in a designation referred to in section 2 (g) (ii) of the Insurance Licensing Exemptions Regulation.

 Restrictions on licences for travel insurance

11  The following licence restrictions are prescribed for every restricted insurance agent's (travel insurance) licence:

(a) in the case of a licensee registered as a travel agent or travel wholesaler under the Travel Agents Act, the licensee must not act as an insurance agent except in respect of travel insurance solicited incidentally to the licensee's ordinary business as a travel agent or travel wholesaler;

(b) in the case of a licensee who is an employee or commissioned agent of a licensed travel agent or travel wholesaler under the Business Practices and Consumer Protection Act, the licensee must not act as an insurance agent except in respect of travel insurance solicited incidentally to the ordinary business as a travel agent or travel wholesaler of the licensee's employer or principal.

[am. B.C. Reg. 274/2004, Sch. 3, s. 5.]

 Restrictions on licences issued to general insurance salespersons

12  (1)  The following restrictions are prescribed for every general insurance salesperson's (level 1) licence:

(a) the licensee must not carry on general insurance business in any place other than on the premises of the general insurance agent or insurer named in the licence;

(b) the licensee must not sign policies of insurance on behalf of an insurer;

(c) the licensee must not carry on general insurance business except under the direct supervision of a licensed general insurance agent.

(1.1)  Subsection (1) (a) does not apply to a licensee carrying on general insurance business in respect of "automobile insurance", as defined in the Insurance Classes Regulation, on the premises of an automobile wholesaler, automobile dealer, car rental business, or at an automobile auction if the licensee has at least 3 consecutive months supervised experience carrying on general insurance business in respect of automobile insurance on the premises of a general insurance agent or insurer.

(2)  The following restrictions are prescribed for every general insurance salesperson's (grandfathered) licence:

(a) the licensee must not sign policies of insurance on behalf of an insurer;

(b) the licensee must not carry on general insurance business except under the direct supervision of a licensed general insurance agent.

[am. B.C. Reg. 136/98, s. 13.]

 Restrictions on licences issued to insurance adjusters

13  (1)  The following restrictions are prescribed for every insurance adjuster's (level 1) licence:

(a) the licensee must not make any adjustment or settlement of loss or damage except under the direct supervision of the holder of an insurance adjuster's (level 2) licence or of an insurance adjuster's (level 3) licence;

(b) the licensee must not report in relation to the adjustment of claims by the licensee except by a report approved and countersigned by the holder of an insurance adjuster's (level 2) licence or of an insurance adjuster's (level 3) licence;

(c) while employed as an adjuster, the licensee must not engage in any additional employment other than as an adjuster unless the licensee has obtained the additional employer's and the council's approval that the licensee engage in both types of employment.

(2)  The following restriction is prescribed for every insurance adjuster's (level 2) licence:

The licensee shall not act as the branch manager of a branch adjusting office unless the manager in charge of the head adjusting office in the Province holds an insurance adjuster's (level 3) licence.

Part 4 - Licence Conditions

 Conditions of general and life insurance agent's licence

14  (1)  It is a condition of every licence issued to an insurance agent that prior to conducting insurance activities, the licensee disclose to the public that the licensee is an insurance agent.

(2)  It is a condition of every licence issued to an insurance agent that is a partnership or corporation that the insurance agent have a nominee approved by the council.

(3)  It is a condition of every licence issued to an insurance agent that each licensee must comply with the applicable requirements of the Act and regulations made under the Act.

[am. B.C. Reg. 365/97, s. (a).]

 Conditions of insurance salesperson's licence

14.01  It is a condition of every licence issued to an insurance salesperson that each licensee must comply with the applicable requirements of the Act and regulations made under the Act.

[en. B.C. Reg. 365/97, s. (c).]

 Conditions respecting disclosure of referrals

14.1  (1)  In this section "transaction" means a transaction described in section 90 (1) of the Act arranged by an insurance agent acting with the approval of a financial institution or of an extraprovincial financial institution.

(2)  It is a condition of every license issued to an insurance agent that, in any transaction arranged by the licensee,

(a) if the person purchasing the service or product (the "customer") is referred to the licensee by a person who is not an insurance agent (the "third party"), and

(b) if the licensee pays a fee or other compensation to the third party for referring the customer to the licensee,

the licensee, before arranging the transaction, shall disclose to the customer in writing that a fee or other compensation has been paid to the third party for the referral.

[en. B.C. Reg. 177/92, s. 3.]

 Conditions respecting business premises of insurance agents

15  (1)  It is a condition of every licence issued to an insurance agent, other than an insurance agent described in subsection (2) or (3), that the business offices of the insurance agent be in premises that are separate and distinct from the business offices of a savings institution.

(2)  A business office of an insurance agent that, immediately before September 15, 1990, was located in the same premises as a business office of a credit union may continue to be located in those premises if the business office of the insurance agent is in an area of the premises that is separate and distinct from the business office of the credit union.

(3)  Where a credit union relocates a business office described in subsection (2), the insurance agent described in subsection (2) may relocate its business office to the same premises, if the business office of the insurance agent is in an area of the relocated premises that is separate and distinct from the business office of the credit union.

 Conditions respecting confidentiality

16  (1)  In this section "transaction" means a transaction under which an insurance agent provides a service or a product to any person.

(2)  Each of subsections (3) and (4) is a condition of every licence issued to an insurance agent.

(3)  If, in any transaction, an insurance agent receives information pertaining to a customer's general insurance coverage or proposed general insurance coverage, then, even if the insurance agent is authorized by the customer to communicate the information, the insurance agent shall not

(a) communicate any of the information to another person except as necessary in the performance of the insurance agent's duty to the customer arising out of that transaction or a similar subsequent transaction between the insurance agent and the same customer, or

(b) use the information for a purpose other than of that transaction or of a similar subsequent transaction between the insurance agent and the same customer unless the communication or the use of the information is authorized or required by an enactment or a court proceeding.

(4)  If, in any transaction, an insurance agent receives information other than information pertaining to a customer's general insurance coverage or proposed general insurance coverage, then the insurance agent shall not

(a) communicate any of the information to another person except as necessary in the performance of the insurance agent's duty to the customer arising out of that transaction or a similar subsequent transaction between the insurance agent and the same customer, or

(b) use the information for a purpose other than of that transaction or of a similar subsequent transaction between the insurance agent and the same customer

unless the communication or the use of the information is

(c) authorized or required by an enactment or a court proceeding, or

(d) authorized in writing by the customer.

 Conditions respecting continuing education

16.1  (1)  If a continuing education program is being provided by the council under section 21 (g), it is a condition of every licence issued to a general insurance salesperson or a general insurance agent who is an individual that the licensee participate in and successfully complete the program requirements.

(2)  If a continuing education program is being provided by the council under section 21 (h), it is a condition of every licence issued to an insurance adjuster or an employed insurance adjuster that the licensee participate in and successfully complete the program requirements.

(3)  If a continuing education program is being provided by the council under section 21 (i), it is a condition of every licence issued to a life insurance agent that the licensee participate in and successfully complete the program requirements.

[en. B.C. Reg. 177/92, s. 4.]

 Other conditions of general insurance agent's licence

17  (1)  It is a condition of every licence issued to a general insurance agent who carries on business as a sole proprietor that the licensee either

(a) have a general insurance agent's (level 3) licence, or

(b) have a nominee approved by the council.

(2)  It is a condition of every licence issued to a general insurance agent that is a partnership or a corporation or that carries on business as a sole proprietor that

(a) each business office open to the public be actively supervised by an individual who is in regular attendance at the office and has a general insurance agent's (level 3) licence, and

(b) where the licensee collects or receives insurance premiums on behalf of an insurer, the licensee shall

(i)  not pledge, hypothecate, mortgage or otherwise encumber the premiums without the prior written consent of the insurer,

(ii)  not use or apply the premiums for purposes other than as described in the agency agreement with the insurer, and

(iii)  pay to the insurer all premiums collected or received, less any commissions or other deductions authorized by the insurer, in accordance with the terms of the agency agreement with the insurer.

[am. B.C. Reg. 136/98, s. 14.]

 Conditions of insurance adjuster's licence

18  (1)  It is a condition of every licence issued to an insurance adjuster that is a partnership or corporation that the insurance adjuster have a nominee approved by the council.

(2)  It is a condition of every licence issued to an insurance adjuster that

(a) the licensee act as an insurance adjuster only in respect of the class or classes of insurance stated in the licence, and

(b) where the licensee operates offices in more than one location

(i)  there be in each office open to the public at least one licensee that has

(A)  an insurance adjuster's (level 2) licence, or

(B)  an insurance adjuster nominee licence issued under the Insurance Act, and

(ii)  there be in charge of the licensee's head office in British Columbia a manager who has

(A)  an insurance adjuster's (level 3) licence, or

(B)  an insurance adjuster nominee licence issued under the Insurance Act.

(3)  It is a condition of every licence issued to an insurance adjuster that each licensee must comply with the applicable requirements of the Act and regulations made under the Act.

[am. B.C. Reg. 365/97, s. (b).]

 Conditions applicable if licensee also regulated under other Acts

19  It is a condition of every licence issued under this Act that the licensee notify the council immediately in writing

(a) if the licensee is or becomes licensed under the Real Estate Act or registered under the Securities Act or Mortgage Brokers Act,

(b) of any change in status of the licensee as licensee under the Real Estate Act or as registrant under the Securities Act or Mortgage Brokers Act, as the case may be,

(c) of ceasing to be licensed under the Real Estate Act or registered under the Securities Act or Mortgage Brokers Act, as the case may be, and

(d) of any disciplinary action that has been commenced against the licensee under the Real Estate Act, Securities Act or Mortgage Brokers Act, as the case may be.

Part 5 - Licence Period

 Licence period

20  The prescribed licence period for a licence issued under Division 2 of Part 6 of the Act is 2 years.

Part 6 - Insurance Council of B.C.

 Additional responsibilities

21  In addition to its responsibilities and duties under the Act, the council shall

(a) maintain books of account in a form and in a manner that facilitates the preparation of its financial statements in accordance with generally accepted accounting principles,

(b) prepare financial statements annually in accordance with generally accepted accounting principles,

(c) before June 1 of each year, appoint a person qualified under sections 180 and 183 of the Company Act as the auditor of the council for the following fiscal year,

(d) submit to the minister,

(i)  no later than September 30 of each year, the financial statements for the previous fiscal year and a copy of the auditor's report, and

(ii)  at least 60 days before the beginning of each fiscal year, a copy of its proposed budget for that year,

(e) send to every licensee and to every insurance company and extraprovincial insurance corporation that has a business authorization to carry on insurance business copies of the council's financial statements for the previous fiscal year,

(f) collect on behalf of the government the fees referred to in section 289 (3) (d) of the Act,

(g) provide a continuing education program for general insurance agents and general insurance salespersons,

(h) before December 1, 1993, provide a continuing education program for insurance adjusters and employed insurance adjusters, and

(i) before March 31, 1996, provide a continuing education program for life insurance agents.

[am. B.C. Regs. 177/92, s. 5; 187/95.]

 Assessments

22  The council is authorized, for the purpose of funding its expenses, to fix by order and to collect and retain from

(a) licensees under Division 2 of Part 6 of the Act,

(b) applicants for licences under Division 2 of Part 6 of the Act, and

(c) insurers authorized to carry on insurance business

the following assessments:

(d) an amount not exceeding $100 per year for a licence issued under section 173 or 182 of the Act;

(e) an amount not exceeding $50.00 for a change in status, amendment, transfer or reinstatement of a licence during the licence period;

(f) an amount determined by the council for

(i)  each search,

(ii)  each non-resident endorsement,

(iii)  a certificate of a true copy of extract,

(iv)  a copy or extract of any document, and

(v)  any examination;

(g) an amount for each insurer authorized to carry on insurance business that is not more than 10 times the amount fixed under paragraph (d).

[am. B.C. Regs. 177/92, s. 6; 138/95.]

[Provisions of the Financial Institutions Act, R.S.B.C. 1996, c. 141, relevant to the enactment of this regulation: sections 170 (5), 173, 175, 182, 189 and 289]