The AIBC has established council rules and rulings for a variety of important institute business. Rules cover procedural matters such as council’s own meetings. In addition, there are rules, authorized by bylaws, such as those for the AIBC’s Continuing Education System compliance. Rulings, only found in the AIBC’s Code of Ethics and Professional Conduct, clarify and reinforce the bylaws in the Code of Ethics.
When rules or rulings are introduced or amended by council, per AIBC Council Policy 3.10, a 30-day notification period is triggered. During this time, members and associates are encouraged to provide feedback or submit questions via an online form. All feedback (without identifying information) is provided to council prior to its consideration and final vote.
Current Proposed Council Rules or Rulings
On January 15, 2018, AIBC Council approved, in principle, Council Rules 8: Terms and Conditions for Mandatory Professional Liability Insurance (PLI). A copy of proposed rules was previously shared with members during the PLI bylaw consultation period. After the successful PLI bylaw vote last summer, where more than 80% of voters supported the bylaws, the rules were reviewed again and adjusted in consideration of the valuable feedback provided during the consultation period.
Council Rules 8 continue to establish minimum insurance amounts, coverage and the mechanism by which evidence of insurance is provided. In addition, the rules now contain refined procedural requirements and consequences for non-compliance.
A new concept, client notification, was also discussed and supported in principle by AIBC Council. This additional rule would require firms to notify their clients in the event their PLI was cancelled or otherwise non-compliant. Council would like to call attention to this new provision and encourages members to share their perspective on this possible additional rule, which is not included in the proposed Rules.
The notification period for Council Rules 8 opens January 18 and will run until February 22, 5 p.m. Members and associates are invited to share their feedback or questions through the online feedback form.