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Business and Structure
The Insurance Council of British Columbia (“Council”) was originally established more than 50 years ago. In 1984, Council was delegated authority to licence insurance agents, salespersons and adjusters. Subsequently, Council was also given authority to investigate and discipline licensees. Council is an administrative tribunal with its authority set out under the Financial Institutions Act (“Act”). Council regulates (licensure and discipline) any persons involved in the distribution of insurance products and services, in British Columbia. In total, there are more than 39,000 persons regulated by Council.
Council is self-funding. It has annual income of more than $5 million and an operating budget of approximately $5.6 million. All of Council’s revenue is derived from the insurance industry. The primary sources of funding are application fees, annual filing fees assessed to licensees, examination fees, and an annual assessment to insurance companies holding a business authority in the province.
The day-to-day operations of Council are carried out by 37 full-time staff, under the direction of an executive director. Council operates out of its office in downtown Vancouver.
Council is comprised of both Voting and Non-Voting members. Appointments of Council’s Voting members are made by the Lieutenant Governor-in-Council. Non-Voting members are appointed by the Minister of Finance.
For more information about Council go to: www.insurancecouncilofbc.com.
Council’s responsibilities are set out in the Act and its regulations. The Act establishes a framework for Council's authority and responsibility.
Set out below are the ways Council goes about fulfilling its mandate. This description is not intended to be comprehensive, but it is designed to give you an understanding of Council’s role.
Education and Experience
Council is responsible for ensuring education requirements for licensing meet the minimum standards necessary to protect the public. For specific licences, there are minimum experience requirements. There is mandatory continuing education for all licensees.
Council is responsible for ensuring all insurance licence applicants are suitable for licensing by demonstrating they are competent, trustworthy, financially reliable, and intend to carry on the business of insurance in good faith and in accordance with the usual practice.
Council has the authority to discipline licensees when there has been a breach of the Financial Institutions Act, or Council Rules and Code of Conduct.
In keeping with sound management and governance practices, Council has adopted a multi-year strategic plan and corresponding high-level budget, which guides its priorities and forms the foundation for its annual operating plan and budget.
For more information about Council’s annual reports and strategic plan go to: https://www.insurancecouncilofbc.com/about-us/annual-reports/
Experience and Qualifications
While previous experience as a director is not required, it is important that candidates for positions understand the roles and responsibilities of a member of a board and have the necessary experience and demonstrated skills to enable them to contribute to board decision-making and oversight.
Part of the organization’s commitment to good governance includes the provision of a comprehensive orientation for new board (Council) members and ongoing professional development for new members.
Diversity and Inclusion
People from all regions of our province are invited to help renew B.C.’s public sector boards. Consideration will be given to qualified individuals with a broad range of backgrounds in community, labour and business environments. The selection process will recognize lived experience and volunteer roles as well as paid employment and academic achievements.
To support strong boards that reflect the diversity of our province, women, visible minorities, Indigenous Peoples, persons with disabilities, persons of diverse sexual orientation, gender identity or expression (LGBTQ2S+), and others who may contribute to diversity in public sector board appointments are encouraged to put their names forward for appointments.
There is a continuous process of identifying new candidates for Non-Voting member positions on Council. The following are the attributes sought for the vacant position(s) currently under consideration:
- Good working knowledge of insurance practices and current issues,
- Excellent communication skills, and
- Knowledge of the community served by the organization.
At this time Council is looking for individuals who fall into the following category(ies):
- Life insurance company representative.
Non-Voting members only attend monthly Council meetings when requested. Council meetings are generally held on the 2nd or 3rd Tuesday of the month from approximately 9:00 a.m. Meetings take place at 300-1040 West Georgia St, Vancouver, BC.
In addition, Non-Voting members assist Voting members by serving on review committees, hearing committees, or oversight committees, and are encouraged to attend an annual strategic planning session, as well as a one-day Annual General Meeting. Committees typically meet monthly, or quarterly at times convenient to all committee members.
Under the Act, Non-Voting Council members are appointed by the Minister, for a term of usually up to three years.
A per diem of $200 per day is paid for Council work.
Council is responsible for carrying out the Insurance Council’s mandate and overseeing the Insurance Council’s operations.
Voting Council Members
Council has 11 Voting members, all appointed by the Lieutenant-Governor-in-Council. The Act prescribes that representation come from all sectors of the insurance industry and from the general public.
Voting members’ appointments are for individual terms, with a maximum three-year term. Voting members can serve multiple terms to a maximum of six years. Representation on Voting Council is distributed as follows:
- two representatives from life insurance companies;
- two representatives from general insurance companies;
- two licensed life insurance agents;
- two licensed general insurance agents or salespersons;
- one licensed insurance adjuster; and
- two laypersons.
All Voting Council members attend the monthly Council meetings. These meetings address issues related to licensing applications, discipline/investigation reports, policy issues, governance and administrative matters.
In addition to Council meetings Voting members are called upon to serve on Council committees, such as:
- regulatory committees:
- review committees; and
- hearing committees.
- organizational oversight committees:
- executive committee;
- governance committee;
- financial audit committee; and
- regulatory audit committee.
Non-Voting Council Members
The Minister may appoint an unlimited number of Non-Voting members. Each appointment is for a term at the Minister’s discretion.
Non-Voting members assist Council in a number of ways. They can be called upon to substitute for a Voting member at a Council meeting and sit on organizational oversight, review and hearing committees.
Insurance Council Rules
Pursuant to the Act, Council has created rules (Council Rules) for the purposes of licensing and regulating the conduct of insurance agents, salespersons, and insurance adjusters, and setting fees.
Executive Director and Staff
Council engages an Executive Director who is responsible for the Insurance Council’s day-to-day operations and to support Council in carrying out its responsibilities. The Executive Director leads a staff necessary to carry out the duties of the Insurance Council.
Board Responsibilities and Accountabilities
The Board’s (Council’s) broad role is that of:
- Leader - set the strategic direction, and empowering senior management to implement Council’s direction;
- Overseer - evaluate performance measures and hold senior management accountable;
- Steward - provide stewardship for the effective delivery of the organization’s mandate; and
- Reporter - report to government, stakeholders, public, and others.
Board (Council) responsibilities fall into the following general categories:
- Managing Board Affairs: Establish the processes and structures necessary to ensure the effective functioning and renewal of the board. This includes: monitoring and improving the quality of the board and ensuring appropriate board committees are in place; ensuring appropriate board orientation and ongoing professional development; articulating roles and responsibilities for the board, committees, and chair individual governors; defining board process and guidelines; evaluating the board, committees, directors and chair; and identifying potential director candidates.
- Organization’s Mandate: Fully understand the organization’s mandate set by government, review, and make recommendations to government regarding the mandate to reflect changing circumstances.
- Strategy and Plans: Participate in the development, review and approval of the organization’s strategic plan to ensure consistency with the organization’s mandate as set by government.
- Human Resources: Subject to government legislation and guidelines, select, appoint, compensate, evaluate and terminate the Executive Director; oversee management succession and development.
- Financial and Corporate Issues: Review financial, accounting and control systems to ensure appropriate risk management systems, code of ethical conduct and conflict of interest guidelines are set in place.
- Monitor and Report: Monitor organizational performance against strategic plans and compliance with applicable legislation and government direction; account to government and stakeholders through appropriate reporting.
- Communications: Oversee organization’s communications policy.
In carrying out its work, the board (Council) operates within the broad policy direction and budget set by the Act.
Council is required to provide the Minister of Finance with a copy of its budget and audited financial statements within prescribed time frames.
The individuals who make up the Board (Council) should, collectively, have the necessary personal attributes and competencies required to:
- add value and provide support for management in establishing strategy and reviewing risks and opportunities;
- effectively monitor the performance of management and the organization; and
- account for the performance of the organization.
All directors (Council members) should possess the following personal attributes:
- high ethical standards and integrity in professional and personal dealings;
- appreciation of the responsibilities to the public;
- able and willing to raise potentially controversial issues in a manner that encourages dialogue;
- flexible, responsive and willing to consider others’ opinions;
- capable of a wide perspective on issues;
- ability to listen and work as a team member;
- no direct or indirect conflict of interest with the member’s responsibility to the organization;
- strong reasoning skills;
- able and willing to fulfill time commitment required to carry out responsibilities;
- may include personal attributes relevant to organization; and
- commitment to continuous learning about the organization and the relevant sector or industry.
Collectively, the Board (Council) should comprise the following core competencies:
- operational or technical expertise relevant to the operation of the organization including:
- strategic management and organizational change,
- internal control and accounting,
- public sector administration,
- human resources,
- labour relations, and
- risk management.
- financial expertise;
- legal expertise;
- knowledge of government and the public sector environment;
- knowledge of current and emerging issues affecting the organization and its industry or sector; and
- knowledge of the community served by the organization.
List of Current Governors and Senior Executives
Please see the Crown Agencies and Board Resourcing Office website for a list of current Voting and Non-Voting Council members.
Janet Sinclair, Executive Director
Process for Submitting Expressions of Interest
You may submit an Expression of Interest in serving on this board by clicking on the “Apply Online Now” button at the bottom of this page. For more information on the board, refer to the Directory of Agencies website.
British Columbia Appointment Guidelines
Appointments to British Columbia’s public sector organizations are governed by written appointment guidelines.