The British Columbia Travel Insurance Exam
A Notice, issued by the Insurance Council of British Columbia on January 5, 2005, announced that "Travel Agents engaged in the sale of Travel Insurance receive a limited conditional exemption from the Licensing Requirements under the Financial Institutions Act". The full text of the notice and other information is available at www.insurancecouncilofbc.com or you may download the PDF of the Notice.
The Notice went on to say that as of January 1, 2005, only the travel agent or wholesaler that is registered under the Business Practices and Consumer Protection Act (BPCPA) is required to hold a restricted travel insurance license with the Insurance Council of British Columbia.
To qualify for the license exemption, the following conditions must be met:
- The individual must be an employee or commissioned salesperson of a licensed travel agency
- The individual must successfully complete the travel insurance course (i.e read and understand the Study Manual) and exam
- Individuals who have already passed the exam do not have to retake the exam
- Individuals who have not been actively involved in the travel insurance industry for two or more years must take the course (i.e. read and understand the Study Manual) and exam again before they are eligible for the exemption
- It is the responsibility of the travel agency to determine whether an individual meets the education requirement.
- The individual must complete a minimum of two hours of continuing education each calendar year. Continuing Education
The Insurance Council of British Columbia plans to conduct spot audits of travel agencies to ensure compliance with these requirements. It is the travel agency's responsibility to ensure all of its employees and commissioned salespersons comply with the exemption provisions. Please note that if travel agents have questions about how the new changes affect them should contact the Insurance Council of British Columbia directly at:
Phone: 604-688-0321 or 1-877-688-0321, www.insurancecouncilofbc.com
Assessment Centre Building A
Room 4027-1155 East Broadway
Vancouver, BC V5T 4V5