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Volume

46, No. 7

B.C. Reg. 121/2003

The

British Columbia Gazette,

Part II

April 8, 2003

B.C. Reg. 121/2003, deposited March 28, 2003, pursuant to the FINANCIAL INSTITUTIONS ACT [Section 289]. Order in Council 288/2003, approved and ordered March 28, 2003.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the Insurance Licensing Regulation, B.C. Reg. 329/90, is amended as set out in the attached Schedule. — G. COLLINS, Minister of Finance; G. CAMPBELL, Presiding Member of the Executive Council.

Schedule

Section 1 of the Insurance Licensing Regulation, B.C. Reg. 329/90, is amended by adding the following

definitions:

"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;

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

Section 2 (1) is amended

(

a) in paragraph (

c) by adding ", until December 31, 2004",

(

b) in paragraph (

d) by adding ", until December 31, 2004" , and

(

c) by adding the following paragraph:

(d.1) life insurance agent's licence; .

Section 3 is amended by repealing subsections (2) and (3) and substituting the following:

(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.

Section 9 is repealed.

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