IBAC PROFESSIONAL DEVELOPMENT DESIGNATIONS
TERMS OF REFERENCE
AMENDED SEPTEMBER 20, 2001
- The right to obtain an IBAC designation will be restricted to successful candidates who are employed by a property and casualty insurance brokerage and are members in good standing, as at the time of the granting of such IBAC designation, of a member association which is and continues to be a member of IBAC.
- At the sole discretion of IBAC and member associations, non-members and /or non-brokers shall be allowed to complete any program offered by IBAC, and upon successful completion, such non-members and /or non-brokers will be entitled only to Certificate of Completion.
- The right to use and maintain any IBAC designation granted by IBAC shall only continue while such person is employed by a property or casualty insurance brokerage, acceptable to the IBAC Board of Directors, while that brokerage continues to be a member in good standing of a member association which itself is a member in good standing of IBAC.
- A licensed property and casualty insurance broker, having earned a Certificate of Completion or an IBAC designation, who is an employee (not a principal) of a property and casualty insurance brokerage that is not a member of a member association of IBAC, will be allowed obtain membership or associate membership with the appropriate member association of IBAC, failing which that person’s right to use such IBAC designation will be terminated.
- The granting of member and/or associate member status is at the discretion of the member association and shall be in accordance with, and subject to, the applicable member association’s by-laws, rules, regulations and guidelines.
- The administration of membership and associate membership is the responsibility of the applicable member association.
- All candidates must be granted permission to use IBAC designations through specific election by the IBAC Board of Directors.
- Employees of IBAC or its Member Associations, who have successfully completed the prescribed examination requirements, may hold an IBAC designation as long as they remain so employed.