BCREA Appointee to the Real Estate Errors & Omissions Insurance Corporation

The BC Real Estate Association (BCREA) Board of Directors is seeking to appoint a Director to the Board of the Real Estate Errors and Omissions Insurance Corporation (REEOIC). This appointment term would commence February 1, 2020.

About the Real Estate Errors & Omissions Insurance Corporation

The REEOIC’s 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. REEOIC is 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 Real Estate Council of BC on behalf of REEOIC, constitute a fund known as the Real Estate Errors and Omissions Insurance Fund. As of March 31, 2019, the Insurance Fund was valued at approximately $58 million.

REEOIC is accountable to real estate licensees through its Board of Directors. Under section 100 of RESA, the Board of Directors of REEOIC consists of seven directors; four appointed by the Real Estate Council of BC and three appointed by BCREA. The Directors serve terms of three years and can be reappointed for a second term. The staff employed by REEOIC consists of an Executive Officer, four staff lawyers, and five part-time support staff.

Call for letters of interest

BCREA is currently looking to fill one of the Director appointments.

For most new appointees to the Board, there is a steep learning curve on both insurance/legal related issues (actuarial reports, regulatory requirements, coverage issues) as well as investment management issues (overseeing the management of the investment fund, instructing and selecting the investment managers, understanding investment principals and strategies).

Directors of REEOIC are committed to good governance and believe the Board should be comprised of individuals who collectively have the range of skills, expertise and experience necessary to fulfill its duties and responsibilities. Directors are not required to be licensees and as such, it is open to BCREA to appoint a new Director with experience outside of real estate. The position calls for sound judgment, personal integrity and strong communication skills. Expertise in the following areas would be useful additions to the board:

• Professional Liability Insurance
• Investment Management
• Risk Management
• Law

In addition to the desirability of maintaining a balance of skills, experience and background, the REEOIC Board also recommends the appointment process take into account an appropriate diversity.

Time and term commitment

The REEOIC Board meets three or four times per year, including an annual retreat that takes place over a weekend in September. In addition, each Director sits on either the Claims Committee or Finance/Audit Committee and participates in the occasional meeting or conference call.

Directors receive a per diem of $300 for attending meetings, plus travel per diems and expenses.

How to apply

If you have questions about the vacancy or wish to apply, please submit a letter of interest and current resume to the attention of the BCREA Nominating Committee at [email protected] by November 8, 2019.

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

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