News Bytes – May 5, 2021
| May 05, 2021
Are you a mortgage brokers who holds a certificate to sell credit related insurance? It’s time to renew your certificate.
The Alberta Insurance Act (the “Act”) requires that every business that acts as an insurance agent must hold a valid certificate of authority. The Act also requires that a business that is issued a certificate of authority must appoint a Designated Individual (“DI”) who is responsible for receiving all notices and documents from the Alberta Insurance Council (“AIC”).
This requirement applies to Mortgage Brokerages as a sales finance company which sell credit related insurance. If you require additional information on licensing please contact the Alberta Insurance Council at email@example.com
If your Mortgage Brokerage currently holds a valid certificate(s) to sell credit related insurance, your license(s) will expire on June 30, 2021 and must be renewed prior to that date if you wish to continue doing business. The AIC will email renewal notifications to all license holders through their Designated Individual(s) in early May.
If you are not the Designated Individual (“DI”) for the license issued to your business, a new DI must be appointed. The new individual must register for their own CIPR number. CIPR numbers are not interchangeable. The new prospective DI can submit an online application by logging into the AIC portal. If the agency name under which you conduct insurance business or the sponsoring insurance company has also changed, the DI must update those changes through an online application. These updates cannot be made on renewal application(s). It is your responsibility to ensure that the agency and DI information provided to the AIC is current and accurate.
Not sure if you currently hold an active insurance agent’s certificate of authority? Search for your business name from Other Resources-Popular Lookups-Agent and Agency Search at www.abcouncil.ab.ca.
If you have any other questions, please email firstname.lastname@example.org
National Survey on Real Estate Competencies Coming Soon!
Real estate licensees across Canada will soon receive an invitation to provide feedback to a set of proposed entry-to-practice competencies for residential and commercial real estate. The competencies were developed by the Real Estate Regulators of Canada (RERC), a group made up of real estate regulators across the country, including RECA.
The competencies will be used by regulators, third-party education providers, existing professionals, and more to help ensure all licensees, regardless of jurisdiction, are competent in key areas important to not only doing their work, but doing their work in a way that best helps and protects the consumer.
Harmonized national competencies will also allow for easier labour mobility between provinces.
Keep an eye on your inbox next week for your invitation to provide feedback through validation surveys.
Watch an Online Engagement Session
Haven’t had a chance to meet our new Board of Directors or the Industry Council for your sector yet? No problem—you can watch two sessions on YouTube:
Mark your calendars for the upcoming mortgage, residential property management (including condo management), and commercial sector engagement sessions. This is an excellent opportunity to meet your Industry Council members and ask them questions! Register for the Zoom session:
- Residential Property Manager Industry Council May 19 @ 9am – Register
- Mortgage Broker Industry Council May 27 @ 9am – Register
- Commercial Real Estate Broker and Commercial Property Manager Industry Council
June 2 @ 9am – Register
Have a question or a topic you’d like to see addressed in the session? Send an email to the council:
- Residential Property Manager: ResPMIC@reca.ab.ca
- Mortgage Broker: MortgageIC@reca.ab.ca
- Commercial Real Estate and Commercial Property Manager: commIC@reca.ab.ca
And remember, you can email the Industry Councils or the Board at any time, or provide your feedback to the Strategic Planning form on RECA’s website.
We want to hear from you!