IBANS | Member Categories

By: Ibans  09-12-2011
Keywords: Directors, General Insurance

Corporate Member

A Corporate Member is a corporation, partnership, sole proprietorship or other recognized business entity and must meet all of the following criteria:

  • Hold a valid “other than life” license to transact general insurance issued pursuant to the Insurance Act;

  • Submit a membership or membership renewal application along with any applicable fees, and be approved by the Board of Directors;

  • Not be a financial institution or an insurer, nor be owned or controlled by either or both. For the purposes of this subsection, owned or controlled includes:

  • individually or collectively owning more than 50% of the brokerage’s voting shares;

  • directing the mind and will of the brokerage;

  • establishing business direction; or

  • exercising daily control or directing the placement of business.

  • Find appropriate market and general insurance products for clients;

  • Manage the placement of business;

  • Provide insurance advice and claims advice;

  • Be the intermediary between insurer and customer;

  • Have no agency agreements which prohibit the representation of other insurers or groups of insurers; and

  • Have daily control of its brokerage operations.


Associate Member

An Associate Member is a corporation, partnership, sole proprietorship or other recognized business entity and must meet all of the following criteria:

  • Hold a valid “other than life” license to transact general insurance issued pursuant to the Insurance Act;

  • Submit a membership or membership renewal application along with any applicable fees, and be approved by the Board of Directors;

  • Fail to qualify as either a Corporate Member or an Individual Member;

  • Is approved for membership or renewal by the Board of Directors, in its sole discretion.


Individual Member

An Individual Member is an individual person, not a corporation, partnership, sole proprietorship or other recognized business entity and must meet the following criteria:

  • Hold a valid Nova Scotia general insurance license issued pursuant to the Insurance Act;

  • Submit a membership or membership renewal application along with any applicable fees, and be approved by the Board of Directors;

  • Be employed by a brokerage that would otherwise qualify to be a Corporate Member of the Association but whose brokerage is not currently a Corporate Member of the Association.

Keywords: Directors, General Insurance