Potential Occupations at Conflict with Duties of an Insurance Intermediary-British Columbia

Introduction

The potential for conflict of interest in the insurance industry should be considered as a part of the application process for licensing as well as ongoing licensed practice. Insurance professionals need to be knowledgeable and sensitive to the requirements relating to conflict of interest in their own role and those of their colleagues. Insurance licensees are expected to abide by the Conflict-of-Interest Guidelines for Insurance Agents, Adjusters, and Salespersons (Appendix A) in the Insurance Council’s Code of Conduct.

Purpose

The purpose of this course is to ensure that participants take away the pertinent information provided in the Guidelines document, as well as a commitment to the standard it describes relating to conflict-of-interest issues and professional conduct.

Course Content

This course covers the following topics:

Conflict of Interest Guidelines for Insurance Agents, Adjusters, and Salespersons
Definition of Conflict of Interest
Monitoring/Managing Conflict of Interest
Disclosure of Conflicts or Potential Conflicts of Interest
Need for Consent

Examples of Conflicts of Interest in the following:

- All Licence Classes
- Life and Accident and Sickness Insurance Agents (“life agent”)
- General Insurance Agents and Salespersons (“general insurance licensee”)
- Insurance Adjusters