by Section 12(p) of the Real Estate Act, confirms the Real Estate Council of Alberta may make rules requiring industry members to acquire, maintain or provide insurance against their liability for errors and omissions in the carrying on of the business of an industry member and respecting the amount and form of insurance and the terms and conditions under which insurance is to be provided, or requiring industry members to participate in an indemnity plan for that purpose;
At its meeting on August 26, 2015, Council passed a motion to amend Real Estate Act Rule s.114(2).
THEREFORE BE IT RESOLVED THAT:
The Real Estate Act Rules section 114(2) be amended as follows:
114(2) The insurance or indemnity plan shall be administered by an advisory board in accordance with the Real Estate Insurance Exchange Agreement.
Dated at Calgary, Alberta, this 26th day of August, 2015.