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.
As per Council Policy 3.10, members and associates are given at least 30 days’ notice regarding any proposed new or amended council rules. The notification period for Council Rules 8 opens today, January 18 and will run until February 22, 5 p.m. During the notification period, members and associates are invited to share their feedback or questions through an online feedback form.
All feedback (without identifying information) is provided to council prior to its consideration and vote on the rules. Council is expected to vote on these rules in March. If approved, the rules will be posted online.