BridgeForce Compliance News November 24, 2022
In this issue:
- Licensee holding out – What you need to know
- Helping aging clients in the new compliance regime
Licensee holding out – What you need to know
Even for those not licensed in B.C. the holding out guidelines provided in the recent ICBC news are helpful and are aligned with expectations in other provincial jurisdictions.
Here are the guidelines we get most questions from advisors about. All names under which insurance business is conducted, other than an individual’s own name must:
- Be registered with the BC Corporate Registry
- Be a name that will not likely be confused with the name of another licensee / business
- Be registered with and approved by the Insurance Council
- Not use the term “and Associates,” or a similar phrase, as part of a business trade name when there are not two or more licensees in the business
Helping aging clients in the new compliance regime
Many of you are aware of the importance of supporting older and vulnerable clients and using a TCP (Trusted Contact Person).
You can find a guide on several carriers’ sites, as well as on our own BridgeForce website (Advisor Centre > Compliance Program > Forms & Tools)