The BC Real Estate Association (BCREA) Board of Directors (BOD) is seeking an appointee for the Real Estate Errors and Omissions Insurance Corporation (REEOIC) BOD. The appointment term would commence on February 1, 2025.

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 the public. It is a not-for-profit organization that pools the assessments paid by real estate licensees into a fund which is used to pay the costs of defending and indemnifying licensees against claims.

The assessments collected by the BC Financial Services Authority (BCFSA) on behalf of REEOIC constitute the Real Estate Errors and Omissions Insurance Fund.

Skills and Experience

Collectively, the BOD 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.

Time and Term Commitment

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

The REEOIC Board of Directors 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 BOD meetings in 2025 have not yet been set, but the BOD will be meeting on December 5, 2024, 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 an annual retainer of $7,000 ($10,500 for the Chair) plus travel per diems and expenses.

How to Apply

Please send your resume and expression of interest to [email protected] by September 6, 2024.

The BCREA Nominating Committee thanks all applicants; however, only those selected as potential candidates will be contacted for a Zoom interview on September 16, 2024.

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