BCREA Appointee Sought for Real Estate Errors and Omissions Insurance Corporation

Jun 28, 2023

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Bill Yu
Marketing-Communications Coordinator

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The BC Real Estate Association (BCREA) Board of Directors is seeking an appointee for the Real Estate Errors and Omissions Insurance Corporation (REEOIC) Board of Directors. The appointment term would commence on March 1, 2024.

About the Real Estate Errors and Omissions Insurance Corporation

The REEOIC was proclaimed into existence on February 1, 1988. Its purpose, as stated in the Real Estate Services Act ("RESA"), is to enable licensees to obtain indemnity against liability arising out of the negligent provision of real estate services. The mission of REEOIC is to provide cost-effective professional liability insurance, loss prevention tools and legal support services for the protection of real estate licensees and thereby the public. We are a not-for-profit organization that pools the assessments paid by real estate licensees in a fund, which is used to pay the costs of defending and indemnifying licensees against claims.

The assessments, which are collected by the BC Financial Services Authority on behalf of REEOIC, constitute a fund known as the Real Estate Errors and Omissions Insurance Fund.

Skills and Experience

Collectively, the Board should possess the following skills and experience, gained outside of REEOIC and through experience with an organization of at least similar size and complexity to REEOIC.

  • Executive Leadership
  • Finance
  • Governance
  • Human Resources
  • Insurance
  • Investment
  • Real Estate
  • Risk Assessment
  • Stakeholder Relations
  • Strategic Planning
  • An active or retired real estate licensee is preferred
  • A diverse background that contributes to a broad range of perspectives and experiences to REEOIC discussions and decisions. This may include many aspects such as gender, ethnicity, accessibility, geography, and age.

Term and Time Commitment

Directors are appointed for three-year terms and may serve two consecutive terms.

The REEOIC Board meets a minimum of three times per year (May, September, and December), including an annual retreat that takes place over a weekend in September. The dates for the Board meetings in 2024 have not yet been set, but the Board will be meeting on December 4 and 5, 2023 in their Boardroom and a new appointee would be encouraged to attend this meeting as an observer.

Additionally, each Director sits on either the Claims and Underwriting Committee or the Finance, Audit and Governance Committee and participates in the occasional meeting or conference call. Directors receive a per diem for attending meetings, plus travel per diems and expenses.

How to Apply

Please send your resume and expression of interest to [email protected] by July 24, 2023.

The BCREA Nominating Committee thanks all applicants; however, only those selected as potential candidates will be contacted.

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