Insurance Institute of British Columbia 2019/2020
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2019/2020
Insurance Institute
of British Columbia
Annual ReportSeventy-Fourth Annual Report
Table of Contents
Governing Council 2019 – 2020 3
Reports
President’s Report 4
Academic Division Report 8
Professional Division Report 12
Vancouver Island Chapter President’s Report 16
Award Winners 2019 19
Fellow Chartered Insurance Professionals (FCIP) Graduates 22
Advanced Chartered Insurance Professionals (ACIP) Graduates 22
Chartered Insurance Professionals (CIP) Graduates 23
Risk Management Certificate Graduates 27
Instructor Certification Program Graduates 28
Seminar Report 2019 – 2020 29
CIP Society Report 2019 – 2020 30
Student Enrollment 32
Minutes of the 2020 Annual General Meeting 33
Independent Auditor’s Report 39
Financial Statements 42
Instructors 2019 – 2020 50
Past Presidents 51
Foundation Fellows 53
Honorary Life Members 53
Donors 2019 – 2020 54
Convocation Sponsors 2019 55
2019 – 2020 Annual Report 1Governing Council 2019 – 2020
President Kerry McLaughlin, CIP, CRM, ACS
1 Vice President,
st
Kelly Krakonchuk, CIP
Academic Division
2nd Vice President, Sarah Tung, BCom, FCIP, CRM
Professional Division
Secretary / Treasurer Debra Copeland, BA, FCIP
Past President Sharon Craver, BAA, MBA, CIP, CRM
President, Melissa Stedman, FCIP, CRM
Vancouver Island Chapter
Chair, Spencer Denton, BBA, CIP, CAIB
Marketing & Communications
Chair, Seminars Vicki Rowan, FCIP, CRM
Chair, Education Angela McIldoon, BA, FCIP, CPHR
Chair, Events Jason Hall, CIP, CRM
Chair, Thompson/Okanagan Carol Ann Slack, CIP
Staff
Manager Danielle Bolduc, BComm, CIP
Seminars & Events Coordinator Winnie Hon, CIP, DipT
CIP Program Coordinator Sandra Enriquez, BA (Hons), CIP
Licensing Program Coordinator Kaitlin Carmichael
Education & Events Coordinator, Donna Salahor, CIP
Vancouver Island
Administrative Assistant Anastasia Zhdanova, BCom
2019 – 2020 Annual Report 3President’s Report
Good afternoon and thank you for attending the Insurance
Institute of BC’s Annual General Meeting. Attending our
AGM in a virtual format is something new and we
appreciate your support and presence today.
It has been by privilege to work with a very talented executive,
council and staff, and I am proud of what we have
accomplished this year. I will present to you the highlights
on 2019/2020 and spend a few moments talking about the impressive pivot
the IIBC and IIC made during the developing months of COVID-19.
2019/2020 was another good year for the IIBC. While there was dip in
our overall membership numbers, you have heard from the reports of
our Vice Presidents the successes in all other areas.
I will take a moment to highlight the IIBC’s key accomplishments that are
worth a second mention and recognition. If you recall the 2018/2019 year saw
a record membership number at 5205. This past year we fell slightly below
target (of 4970) ending with a membership count of 4840, something to still
be extremely proud of. Despite a decrease in membership numbers, this past
year we have exceeded registrations and revenue for the CIP program, seminars
and events. I am extremely proud of the work of all of our committees. Our
committee members work extremely hard in their volunteer capacity and
without them we could not do what we do year over year.
I would like to spend a moment talking about the success of our seminars
this year. Our target total attendance for seminars up 60% with an average
attendance per seminar up 23% over last year. This is truly outstanding.
I strongly believe the relevant topics of our seminars and the quality of content
and speakers is gaining the attention of our industry people. The creativity of
our committee has brought unique seminars to our BC communities such as
Live Burn and our extremely popular symposium event.
Before taking a few moments to report on the Insurance Institute of Canada’s
AGM and Western Regional meetings, I would like to mention the recent
passing of Mr. Neil Nason. On March 23 of this year, Neil, passed away.
4 The Insurance Institute of British ColumbiaSome of you joining us today had the opportunity to work Neil as Manager
of the IIBC from 1999 to 2003. Our condolences to Neil’s friends and family
at this very difficult time.
IIC AGM – October 2019
In October, I had the privilege of attending the Insurance Institute of
Canada’s AGM in Saskatoon with Kelly Krakonchuk and Melissa Stedman.
As always, this event provided us with a great opportunity to exchange
ideas with others from Insurance Institutes across Canada and of course,
partake in social activities that bring everyone together and help create some
camaraderie amongst the group.
The Insurance Institute continues to push forward with new and updated
offerings that are relevant to our industry and have continued to support the
work being done here in our province.
The AGM was very informative, and we heard about the great work they are
doing to advance the Institutes across Canada. Some highlights were:
• Rewrites of the CIP textbooks continues as planned, and feedback on the
new textbooks has been very positive. 17 textbooks had been redesigned,
with each new revision there is a standardized and enhanced online tutorial
available. Online tutorials include practice exam questions,
chapter summaries and game-based learning activities
• A New CIP course elective will be launched in January 2021 -
Cyber Risk/Security
• Based on feedback from members and stakeholders, a new Advanced
CIP course focusing on critical analysis and reflection on technological
innovation and change in the P&C industry will be developed to replace the
current requirement of an elective
• The new MGA Certificate Program - New 3 course certificate program has
been developed: MGA – focuses on the unique fundamentals and niche
markets that are serviced by MGA’s.
Western Regional Meeting – May 2020
In early May of this year, Danielle Bolduc, Kelly Krakonchuk and Malika
Mosseddaq attended the Western Regional Meeting virtually. It was a new
2019 – 2020 Annual Report 5format for all and a very different experience. Missing was the networking
opportunity and to support the virtual format of the meeting, duration was
shortened to a few hours.
While the meeting was short, this was once again, a great opportunity to hear
about the great work of our other Western Institutes. The Western Institutes
continue to have great financial results and lead the country in success! As
I listened to the various reports across the Provinces I quickly picked up on
a theme. The Institutes have great synergy. We are sharing more and more
throughout the year and leveraging each other’s creative and amazing ideas.
Many successes were shared at the Western Regional Meeting:
• National & Western Membership: Great numbers nationally and at the
local Institutes.
• Western Membership total 12,116 and National Membership is 40,500
(up from 2019 # 40,372)
• CIP Graduates: Increase slightly both nationally and in the west
• West 5708 and Nationally 18,322
• Seeing an overall decrease in CIP In-Class Registrations. This was expected
as we see an increase in Virtual classroom attendance.
• CIP Text Rewrite Update: Remaining in 2020 is the rewrite of 7 additional
CIP courses, New CIP Cyber Elective Course, New ACIP course Technology
in Insurance, 3-course MGA Program and 2 FCIP courses.
• Social Media: Increasing our presence on social media including LinkedIn,
Twitter and Facebook. Earlier this spring, during International Women’s
day, the female President’s across the Institutes were highlighted.
COVID-19
A rapid pivot was required in all aspects of the Institutes dealings as a result of
COVID-19. Study sessions, virtual classes, online tutorials, textbook issuance,
exam solutions, virtual seminars, and revised schedules. Both the IIC and
IIBC were exceptional in their quick responses. IIBC responded quickly to
Licensing and shifted all in person licensing classes to virtual platforms. IIC
recognized the impact from employers with restrictions to in person exams
and developed live virtual proctoring solution for level 1 OTL exams across
the country. This approach received regulatory approval to implement the
solution and was extremely successful in addressing the backlog of licensing
6 The Insurance Institute of British Columbiaexams. The IIBC supported CIP in class instructors to quickly shift mid-way
through the semester to virtual delivery. I was so impressed by the quick
response and support provided. For those involved, a big thank you on behalf
of the students and instructors. The IIBC also shifted the 2020 symposium
and seminars to a virtual format which were also huge successes. I had the
privilege of attending all the virtual offerings for this past symposium and I
cannot say enough wonderful things about the organization, communication,
content and presentation. Well done everyone!
In Conclusion
Another busy, and very successful year now comes to an end. We would not
have the success that we have without the dedicated and talented team here
in BC. I would like to express my sincere appreciation to Danielle for all
her guidance to me as President (a.k.a. keeping me on track and organized).
I would also like to recognize her ongoing support and dedication throughout
the year along with other members of the Insurance Institute of BC team:
Winnie Hon, Sandra Enriquez, Kaitlin Carmichael and Anastasia
Zhdanova and Donna Salahor on Vancouver Island.
I also want to extend a big thank you to Melissa Stedman for serving an
additional term as President of the Vancouver Island Chapter. Melissa
has done an outstanding job over the years as President of the Chapter.
The Chapter has grown and developed under her leadership and she passes
over a well-oiled machine to Malika Mosseddaq. Welcome Malika.
I really have appreciated working with the Executive and Council. Their level
of professionalism and enthusiasm and willingness to educate and promote
the CIP brand is exceptional. This team, along with Danielle and her team,
and all the other volunteers are the reason for our success. Thank you.
I look forward to continuing to serve as your Past President for this
upcoming term.
Respectfully submitted,
Kerry McLaughlin, CIP, CRM, ACS
President
Insurance Institute of BC
2019 – 2020 Annual Report 7Academic Division Report I am pleased to present the following report that outlines the success of the Academic Division for the 2019 - 2020 term. The Academic Division is made up of three areas: The Education Committee, Marketing & Communications Committee and Thompson/Okanagan Committee. I will begin with the Education Committee chaired (acting) by Leanne Taylor, CIP of HUB International Insurance Brokers. I would like to extend appreciation to Angela McIldoon, BA, FCIP, CPHR who chaired this committee for three years until January 2020. Angela decided to shift her volunteering focus; we wish her all the best in her support of new societies. Leanne was the vice-chair and she eagerly stepped in to act as chair until the end of this term. The mandate of this Committee is to maintain and improve the quality of educational services offered by IIBC to students in the Licensing and CIP programs by assisting and supporting the Insurance Institute in the delivery of the Education program. Highlights of this past year include: • CIP in-class enrolment was 1033 to a target of 1000, a +3% variance to target. • CIP registrations increased 6% (1033 vs 978) over last year due to an increased offering in virtual classes and increased ICBC registrations. • Most of our CIP courses are offered in both formats: Virtual (evenings) and Fast Track (Saturdays). In the past year, we only offered 2 in-person evening classes. • Due to Covid-19, all our Spring/Summer courses are currently only offered in a virtual format. We plan to do the same for the Fall semester. • ICBC employee participation in the CIP program is a significant part of our CIP registrations with 321 registrations which was an 18% increase over last year when we saw a 40% decrease due to restrictions on CIP enrollment. This year, ICBC’s C11 registrations increased by 170% (from 31 to 84) which is very promising. • BCAA has reduced their offering of in-house CIP classes for licensing purposes (C130 & C131). 8 The Insurance Institute of British Columbia
• For the past 2 semesters, the Co-operators is offering in-house C130 and
C131 courses.
• CIP classes were held in several locations in the province including
Vancouver, New Westminster, Surrey, Langley and Victoria.
• We held 7 Fast Track classes this Winter semester. Due to Covid-19, the
instructors could not hold in-person session for the last 2 classes. Therefore,
the remaining classes were converted into a virtual format and the mid-
term was converted from a proctored mid-term exam to assignment based.
We are pleased on how well our instructors adapted and with the quick
support from the Insurance Institute of Canada in providing licenses for
instructors, registering students in the LMS platform and the conversion
of the mid-term. The Institute also supported by implementing the
Instructor Resource Community Centre (IRCC) which is a new resource
for CIP instructors. It includes excellent training material and tools for
virtual instructors.
• We organized two half day professional development sessions to provide our
instructors with new skills, training and networking opportunities. For the
Fall session, the training portion was on “exam question writing” facilitated
by Aida Hadziomerovic, Director Examinations, Insurance Institute
of Canada and supported by Gina Iozzo also from IIC. The instructors
(and the staff) really appreciated the openness and sharing of info on
composition of CIP exams.
Great work from the Education Committee! I would also like to extend a huge
thank you to Sandra Enriquez, BA (Hons), CIP, CIP Program Coordinator of
the Insurance Institute of BC for all her hard work with the committee this
year. A particular extension of appreciation is due for Sandra’s tireless work in
supporting the move from in-class fast track instruction to virtual instruction
as we navigated the pandemic.
Next, the Marketing and Communication Committee is chaired by
Spencer Denton BBA, CIP, CAIB of BFL CANADA and vice-chaired by
Colleen Robinson BBA, CIP, of The Insurance Corporation of British
Columbia. Their goal is to promote membership growth, generate interest
in the Insurance Institute of British Columbia and in careers in the
insurance industry and to increase brand awareness by identifying
opportunities and assisting the Institute in developing Marketing and
Communications programs.
2019 – 2020 Annual Report 9Some of the Highlights of this past year include: • CIP video campaign, we invested $17,000 on the CIP video online campaign for a total of $24,000 including IIC subsidy. • Full page CIP ads in BC Business and Business in Vancouver magazines. • Licensing focused initiatives including Google Word Licensing Campaign in the Fall and LinkedIn licensing ads in the Winter. • Broker focused initiatives including: Ads in the BC Broker magazine, “Salute” dinner bronze sponsorship. We prepared a mailing to the CAIB grads again this year to invite them to enroll in CIP program. However, the mailing is delayed due to Covid-19 and will be sent out in summer 2020 to promote the Fall semester. • YIP (Young Insurance Professionals): In partnership with IIC, we are pleased to sponsor YIP BC. • We were thrilled to secure a booth at the trade show again at the IBABC conference in March 2020 however, the event was cancelled due to Covid-19. • We made the difficult decision to disband the Marketing Committee after this term. IIC does a wonderful job of managing the advertising campaigns and as our 2020/2021 advertising budget will likely be reduced revenue due the impact of Covid-19, we thought the timing was right to shift focus. As such, we created a new Licencing Committee, this committee will enable us to better target growth initiatives in this area. We are excited about this change and look forward to the successes to come as a result. A successful final year for the Marketing Committee! Our Thompson / Okanagan Committee is chaired by Carol Ann Slack CIP. Their objective is to increase the awareness of the Institute and its products to the Thompson / Okanagan community by creating opportunities and assisting the Institute with delivery. Highlights of this past year include: • May – Business Interruption seminar in Kelowna – 27 attendees • July - hosted the 6th Annual Okanagan boat Cruise in Kelowna – we sold out with 80 attendees • October - the first wine tasting event was held in Kelowna which sold out at 49 tickets 10 The Insurance Institute of British Columbia
• October - Equipment Breakdown seminar– 18 attendees
• November - a Graduate luncheon with 17 attendees (1 ACIP, 1 Risk,
4 CIP - total of 6 grads)
• February - Networking event in Kelowna – 68 attendees
• Due to Covid-19, the Volunteer Appreciation lunch in Kelowna was
cancelled. We also delayed two planned events - the Business Interruption
Seminar scheduled in April is postponed and the Strata Water Loss
Workshop scheduled in May is currently on hold.
We appreciate the work done by the Thompson /Okanagan Committee to
generate support. Thank you to Winnie Hon for supporting the efforts of
the committee.
While the committees and their volunteers work hard, we would not be able to
do what we do without the ongoing support of Danielle Bolduc and the IIBC
team. I would like to acknowledge how lucky we are to have such a strong
and capable team who are absolutely a pleasure to work with. Danielle, your
efforts and those of your team support our success. Thank you!
Respectfully submitted,
Kelly Krakonchuk, CIP
1st Vice President, Academic Division
Insurance Institute of BC
2019 – 2020 Annual Report 11Professional Division Report I would like to take this opportunity to thank everyone “virtually” here today for showing your support for the Insurance Institute of BC. I would also like to express my thanks to Kerry McLaughlin, CIP, CRM, ACS for her dedicated work as our President this past year. She has led us through another successful year. Thank you, Kerry. The Executive and Council very much appreciate your leadership this year. I am pleased to present the following report that outlines the success of the Professional Division for the 2019-2020 term. The Professional Division is made up of two areas: The Events Committee and Seminars Committee. Events Committee The Events Committee was chaired by Jason Hall, CIP, CRM. This was Jason’s first year as Chair of the Events Committee, though he has been a member of the Events committee since 2017. Jason has demonstrated great enthusiasm in his role with a fresh perspective. He led his committee through another successful year putting on several very successful events: Battle of the Bands The 11th Annual “Battle of the Insurance Bands”, CIP Charity event, was held on March 5th at the Blarneystone. Because of an issue with a new venue, we changed our plans and returned to a previous venue which is well liked but has a lower capacity of 356 guests. This event sold out in 24 hours, which was a record time with an additional 122 people on the waitlist. The event raised $12,026 which was donated to the BC SPCA, as selected by the winning band, “Paddy Waggin”. Due to Covid-19, Paddy Waggin band members and IIBC President presented a donation cheque virtually to the BC SPCA. CIP Society Golf Tournament The 17 th Annual CIP Society Golf Tournament was held at Hazelmere Golf Course on June 14, 2019. 12 The Insurance Institute of British Columbia
Once again, this very popular event was sold out with 152 players. We
continue to offer the wine theme which is highly regarded by our golfers
as we feature a different local winery every year. Our wine sponsor hosts a
wine tasting station on the golf course as well as sponsors the wine served at
dinner. Our prize sponsors contribute to the cost of the wine bottles given to
each attendee to take home instead of the typical golf prizes. A donation was
made to WICC BC of $ 2462 which were the proceeds from sales of mulligans
and hole sponsorships.
Convocation
The Vancouver Convocation & Awards Luncheon was held on November 20,
2019, at the Pan Pacific Hotel. Our attendance was 417 attendees including
138 CIP Grads, 3 FCIP Grads, 16 Risk Management and 6 Advanced CIP grads.
Attendance for this event was up 42 guests over last year and featured the
video of the national leadership award winner from BC. Everyone takes great
pride in arranging and participating in this event, as it is the centrepiece for
the education programs delivered by the Insurance Institute.
Wine Tasting Events
This year, we hosted 3 wine tastings which all sold out at 50 attendees or more:
in Vancouver at Cityside on May 28th, 2019; in Abbotsford at the Seaside Pearl
on July 23rd; and in Vancouver again at Salt on Feb 25th, 2020. These tastings
are always very popular and sell out quickly.
There were 2 new events held this year which appealed to new demographics:
The Halloween Bash was held on Wednesday, October 30th at The Basement
at Belmont Hotel. It had a good turnout with 125 attendees, and the
committee would like to repeat the event in coming years.
The Bowling Social was held on Friday, November 29th at Revs in Burnaby.
This event had a higher turnout than expected at 75 guests. It appealed to a
younger crowd and drew people who never attended other events.
Seminars
The Seminars committee was chaired this year by Vicki Rowan, FCIP, CRM
and Vice-Chair Cam Mitchell, BA, CIP of Gore Mutual. Despite being Vicki’s
first year in this role, having previously chaired the Events Committee,
2019 – 2020 Annual Report 13average attendance per seminar was up 23% over last year and Symposium
attendance was up 14%. With Vicki’s strong leadership and work ethic, this
committee produced high quality and very successful Academic and CIP
Society seminars for our members. Worth noting is one particularly unique
and logistically challenging seminar, which featured a live burn, requiring
coordination between restoration companies and the fire department.
This past year included:
• Academic Seminars: 13 (target 10) with 549 attendees (average of 37 per seminar).
• Free member bonus seminar (average attendance reported above exclude
this seminar): 106 attendees
• CIP Society Seminars: 8 incl Symposium (target 9 incl Symposium) with
458 attendees (average of 48 per seminar)
During this term, the committee planned a very successful Symposium which
took place on April 10, 2019 This was the 4th annual Symposium and our theme
was “Adapting to a Changing Market”. Attendance was up 14% over last year
with 120 attendees. There were 5 seminars scheduled throughout the day which
attendees could select from (Marijuana/Cannabis; Are We Ready for Extreme
Weather Events: An Engineering Manifesto; Pollution; Forest Fire & Climate
Change; and Social Media & Endorsement Exposures). In addition, this year
we included a panel discussion on the topic of The Changing Environment of
Denials & Bad Faith Claims, which was well received. Our lunch keynote on
“Riding the Wave of Change” was very engaging and inspiring. The speakers
(Julie and Colin Angus, National Geographic Adventurers) shared their story
about their rowing adventure across the Atlantic Ocean through Siberia. The
day ended with a cocktail reception.
While the more recent Symposium on Resilience, held in April 2020, will be
in the next fiscal year, it is worth mentioning that due to COVID-19, we made
the quick decision to convert the in-person symposium into a virtual one held
over 2 afternoons. We offered the same seminars and speakers but removed
the panel and keynote speaker. Due to the quick pivot in format, over 100
attendees were able to participate in each of the 5 webinars.
14 The Insurance Institute of British ColumbiaVolunteer Acknowledgement
The accomplishments of the Professional Division are the result of many
dedicated, hard-working and committed volunteers. We’ve been so fortunate
to have Chairs & Vice-Chairs with tremendous leadership abilities. We truly
value what our volunteers do for the IIBC and for our members year-after-year.
To thank our Council & Committee volunteers, we scheduled our Annual
Volunteer Appreciation lunch for the Executive, Council Chairs and committee
members at Steamworks restaurant on March 18th, 2020. However due to the
pandemic, we had to unfortunately postpone the event.
On a final note, I’d like to once again thank the IIBC staff for all they do all
day every day for our members and our volunteers – a special shout out to
Winnie Hon, CIP, DipT, Seminar and Events Coordinator. They are a team
of truly amazing people and led by Danielle Bolduc, BComm, CIP who
continues to be the driving force at the IIBC.
Respectfully submitted,
Sarah Tung, BCom, FCIP, CRM
2nd Vice-President, Professional Division
Insurance Institute of BC
2019 – 2020 Annual Report 15Vancouver Island Chapter President’s Report The following report was presented at the Vancouver Island Chapter’s Annual Meeting and Election of Officers on June 17, 2020. The Vancouver Island Chapter of the Insurance Institute of BC membership number for the past fiscal year was 604, a decrease from 676 last year. Our strong membership presence ensures that our input on both the Provincial and National levels is heard. We have an enthusiastic team of committee members on the Island and could not offer the many classes, events, and seminars without their valuable time contribution. I feel very fortunate to have the opportunity to work with such a great group of executive and committee members. During the 2019-2020 fiscal term, the Vancouver Island Committee established sub-committees for the various Chair roles (Seminars, Events & Education). The purpose of creating sub-committees was to ensure that all committee members have a clear understanding of their role and continue to remain engaged. A succession plan, purpose and list of responsibilities were tailored to meet the mandate goals for each sub-committee. I’m pleased to report that we successfully ran 6 seminars during the 2019- 2020 fiscal year. We coordinate seminars that include high quality topics and presenters, promote personal development, and reach out to an expanding audience base throughout Vancouver Island. In addition to seminars, we also offer several CIP courses per semester via evening classes or weekend fast track classes. During the 2019 – 2020 fiscal year we offered 9 different classes of which only 2 ran. These offerings are possible because of the great group of instructors we have on the Island. Special thanks to Dennis Summerhayes, Maurice McFadden, Lynda Crawford, Dale Rogoza, Lucille Cuel and Addison Smith for offering their time and expertise to instruct for the Institute, even if their all their classes did not run. We held our 13th Annual CIP Society Golf tournament on June 19, 2019 at Olympic View Golf Club. We had 70 golfers and an additional 12 attendees for dinner. This tournament was made possible thanks to the generosity of all our sponsors. Unfortunately, due to the pandemic we have had to make the 16 The Insurance Institute of British Columbia
difficult decision to postpone this years’ tournament. We hope to be back on
the Greens in 2021!
On August 22, 2019, a beautiful sunny calm evening, we hosted our 1st
Summer Cruise & Schmooze event aboard the Marauder IV. Thank you
to Service Master Restore & Pro-Pacific DKI for co-sponsoring the event.
The cruise sold out at 65 registrations.
On September 26, 2019 we held our 8th Annual Past President’s event at
the Victoria Golf Club and had 15 in attendance. We were pleased to have
dinner at the Victoria Golf Club where the first Vancouver Island Chapter
Convocation was held back in 1964. Reuniting with past acquaintances is
what makes this a very special event for our Island chapter. We look forward
to hosting this event for many years to come and hope to see even more Past
Presidents attend. In addition to the aforementioned events, the Vancouver
Island Chapter also put on 3 networking events during the 2019 fiscal term.
We kicked off the year with our 2nd Annual Peers & Beers dinner and beer
tasting in Nanaimo on April 4th, 2019 at the Longwood Brew Pub. This sold
out with 30 guests attending. Thank you to Coastal Community for providing
some great door prizes. Our 10th Annual Mid-Island Networking Event was
held on September 19th, 2019 at the Grand Hotel in Nanaimo with a turnout
of 25 guests. Thank you to Williams & Partners and McLarens Global for co-
sponsoring. We held our 15th Annual Networking Event in Victoria at the Bard
& Banker Pub on February 20, 2020 with 56 attendees. Thank you to Carfra
Lawton Lawyers & Western Coast Insurance Services ( formerly Coast Capital
Insurance) for sponsoring the Victoria event.
Our Annual Convocation Awards Dinner & Dance was celebrated on
November 22, 2019 at the Victoria Golf Club. There was a total of 110 guests
of which we recognized 14 Graduates of the CIP program and presented 5 Risk
Management Certificates and 4 awards.
During the past term, I had the opportunity to travel to the Western Regional
meetings held in Saskatoon on May 1st to 3rd, 2019. The National AGM was
also held in Saskatoon on October 28 & 29th, 2019. These meetings provide
valuable insight on how we compare to other chapters across the country and
the new programs that are offered by the Insurance Institute of Canada. The
networking, information sharing and comradery with fellow IIC members has
proven to be invaluable.
2019 – 2020 Annual Report 17I am honored to work with a great group of council members who have volunteered their time, energy and expertise to plan each seminar, event and CIP class. I would like to thank the Vancouver Executive Committee for their continuous support of the Vancouver Island Chapter. Speaking of Volunteers, on behalf of the Vancouver Island Chapter, the Insurance Institute of BC was pleased to issue gift cards to the 21 individuals who volunteered for IIBC in the past year. Volunteers provided their time to IIBC as proctors, instructors, ambassadors and /or committee members. We truly appreciate all the support provided to IIBC; without it our programs would not be the success that they are. I have enjoyed my 9 years on the committee in various roles. This Annual meeting brings my 3-year term as President to a close and I welcome Malika Mosseddaq into her new role as President. I look forward to assuming the role of Past President of the Vancouver Island Chapter and continuing to actively participate in the island activities. Respectfully submitted, Melissa Stedman, FCIP, CRM President Insurance Institute of BC | Vancouver Island Chapter 18 The Insurance Institute of British Columbia
Award Winners 2019
Insurance Institute of BC Awards
Fellow Chartered Insurance Professional (FCIP)
Bronze Medal Award — Robert Yates Memorial
Cynthia Yuan,FCIP
Markel Canada
Silver Medal Award — Eric Laity Memorial
Christopher James Hannis,FCIP
Northbridge Insurance
Gold Medal Award — Norman Bortnick Memorial
Jason Harrison,FCIP
Travelers Canada
Advanced CIP (ACIP)
Top ACIP Graduate
Raveen S. Janjua,ACIP
Zurich Canada
2019 – 2020 Annual Report 19Chartered Insurance Professional (CIP) Top Claims Award Laura Yovanovich,CIP Barnescraig & Associate Bronze Medal Award Bichtar S. Mahal,CIP Williams & Partners Forensic Accountants Silver Medal Award — Malcolm C. Simpson Memorial Gloria Stivan Irkal,CIP Insurance Corporation of BC Gold Medal Award — Leonard J. DeVito Memorial Morris Ho,CIP Wawanesa Insurance Thompson Okanagan Award (CIP) Top CIP Graduate — Pam Jones Memorial, Thompson Okanagan Region Sheila Nelson,CIP BCAA Insurance Agency Vancouver Island Chapter Awards Chartered Insurance Professional (CIP) Top Graduate, Vancouver Island Anya Biryuk,CIP Intact Insurance Runner Up, Vancouver Island Elena Vorontsova,CIP Intact Insurance 20 The Insurance Institute of British Columbia
Insurance Institute of Canada Awards
Risk Management Certificate
Runner Up Graduate
Corbin Joel Kine Ketterer,CIP
Intact Insurance
Chartered Insurance Professional (CIP)
Top Graduate — Full Time Insurance Program — The Frank Dougan Prize
Hoda Azouji,BCIT Graduate
South Western Insurance Group
Third Runner Up — The Honourable Order of the Blue Goose International Prize
Gloria Stivan Irkal,CIP
Insurance Corporation of BC
Gold Prize — Top Student — The Ralph Sketch Prize
Morris Ho,CIP
Wawanesa Insurance
Special Awards
BC CIP Instructor of the Year — David C. Skingsley Memorial
Karen Graves,BA, CIP, ACS
Talbot Insurance Services
BC Volunteer of Distinction
Manjit Biring,MBA, FCIP
CIP Society National Leadership Award — Established Leader
Monica Woldring,CIP, CAIB, CCIB (BC)
InsureLine Brokers
2019 – 2020 Annual Report 21Fellow Chartered Insurance Professionals (FCIP) Graduates FCIP Christopher James Hannis Northbridge Insurance Jason Harrison Travelers Canada Cynthia Yuan Markel Canada Limited Advanced Chartered Insurance Professionals (ACIP) Graduates ACIP Anne Gayle Ballesteros Intact Insurance Janiece A. Brown City of Surrey Raveen S. Janjua Zurich Canada Michael Kayser ICBC Kathryn Lee Economical Insurance Jennifer McLean ICBC Robert Pachini ICBC 22 The Insurance Institute of British Columbia
Chartered Insurance Professionals
(CIP) Graduates
CIP With Honours
Savannah Burley Intact Insurance
Brent Elliott Intact Insurance
Tripti Gosal ICBC
Morris Ho Wawanesa Mutual Insurance
Gloria Stivan Irkal ICBC
Bichtar S. Mahal Williams & Partners Forensic Accountants
Charles Pham Tokio Marine & Nichido Fire Ins.
H. Henning Rieske Westland Insurance Group
CIP
Jason Adolfo Westland Insurance Group
Juliette Aquino Intact Insurance
Celeste Atal CNA Canada
Hamida Ayubi Wawanesa Mutual Insurance
Lisa J. Balcaen Barnescraig & Associates
Dominic Bali Real Insurance Solutions
Deborah Barr Intact Insurance
Holly Barton ICBC
Cory Becker ICBC
Kenneth Bielert Claimspro
Anya Biryuk Intact Insurance
Rachel Blachford -
Stephanie Bohn CapriCMW Insurance Services
Jaimie Bourdon ICBC
Megan Bradley Barnescraig & Associates
Brent Bugg HUB International
Michael William Butler Cansure
Larriza Cabungan Cansure
Siobhan Callander ICBC
Brian Carriere Schill Insurance Brokers
Michele Carver BCAA
Michael Casey Optimum West Insurance
2019 – 2020 Annual Report 23Bryce William Chaddock CapriCMW Insurance Services Chris Chan The Co-operators Larissa Chang Western Coast Insurance Services Angel Chen Intact Insurance Grace Cheng HUB International Cameron Cheung SBC Insurance Agencies Ka Hing Cheung King Insurance Services Andros Chien Cansure Joshua Ching ICBC Lloyd Chun Soon Choong - Alice Chou Gore Mutual Insurance Dannielle Clarke ICBC Brandyn J. Cox Cox Insurance Associates Jessica Cox Working Ventures Insurance Maristela Caraig Cruz belairdirect Barbra Jane de Ruiter Western Coast Insurance Services Danielle Cruz Der Admiral Insurance Services Maria Dickout Coast Claims Service Susan Dorey Mutual Fire Insurance Elias Faltenhine Intact Insurance Jessica Faulkner Wawanesa Mutual Insurance Rosiane Ferreira Northbridge Insurance Jennifer Feuchter Peter F Pook Ins Agencies Ethan James Folkmann Cox Insurance Associates Alex Fung Wawanesa Mutual Insurance Carly Gauthier Guardian Risk Managers Esther Giang Rush Claims Solutions Christine Giles Claimspro Kenny Gill Westland Insurance Group Aiden Ha Wawanesa Mutual Insurance Broderick Hagglov HUB International Jason Hall Willis Towers Watson Heidi Harvey ICBC Conor Higgins ICBC Winnie Hon Insurance Institute of BC Taylor Hryb Mercury Adjusters Nicholas Hsu Group Health Benefit Solutions Darren Huntley The Co-operators Harjeet Singh Kaler Choices Insurance Services 24 The Insurance Institute of British Columbia
Shawn Singh Kandola Square One Insurance
Manj Kang Wawanesa Mutual Insurance
Peter James Keevil Wawanesa Mutual Insurance
Pauline Maria Kemp ICBC
John Kim Wawanesa Mutual Insurance
Samuel King Economical Insurance
Derek Kooistra LGM Financial Services
Yen Chen (Levi) Kuo Citistar Financial Services
Karen Lam Vueity
Ina Lee CapriCMW Insurance Services
Jonathan Lee JT Insurance Services
Wanda Lee ICBC
Queenie Leung ICBC
Lillian Lo TXL Insurance Agency
Hamish Love Sovereign General Insurance
Tina Lu ICBC
Manbir Kaur Ludu -
Nicole Leeanne Lyne HUB International
Christopher Lyons Guardian Risk Managers
May Malaeb ICBC
Carly Mara ICBC
Trevor Morley Coast Claims Service
Sydney Morrison Sovereign General Insurance
Karyn Mosley Willis Towers Watson
Indujah Murugathasan Intact Insurance
Ravina Narayan ICBC
Anju Neb ICBC
Sheila Nelson BCAA
Simon Ng BFL CANADA Insurance Services
Patrick Ngo BC Pension Corporation
Heather Elyse O’Connor HUB International
Craig Papineau BCAA
Allan Pasacreta BFL CANADA Insurance Services
Khrystyna Perepelytsia Gore Mutual Insurance
Alison Phelps ICBC
Curtis Platt The Co-operators
Frank Potts ICBC
Theresa Powers Megson FitzPatrick Insurance
Kristin Prior Crawford & Company (Canada)
2019 – 2020 Annual Report 25Erica Purcell The Guarantee Bruce Quail ICBC Sarah Richards Crawford & Company (Canada) Lance Richardsen Peter F Pook Ins Agencies Austin Riddle ICBC Audrey Robertson (Maschi) Blackstone Rehab Management Natalie Robertson-Kerr Allwest Insurance Services Reilly Robson ICBC Caterina Salmeri Wawanesa Mutual Insurance Raminder Sandhu Troy Wotherspoon Insurance Svcs Caroline Sayer Janzen Insurance Brokers Justin Schubert Intact Insurance Cindy Shokar ICBC Amrit Singh Sidhu S & S Insurance Services Catherine Skingsley B&W Insurance Brokers David Skogstad BCAA Patrick Smith CNS Dorsa Soleyman CapriCMW Insurance Services Dheeraj Soodhan Claimspro Fil Sousa ICBC Jordan Specht ICBC Karina Speer Intact Insurance Ana-Maria Stefan The Guarantee Jeremy Sugden Northbridge Insurance Mitch Tarasuk ICON West Construction Elizabeth Taylor Intact Insurance Gina Tung ICBC Jana Ulicna Premier Group of Companies Kirk J Vardy Claimspro Kelly Vermette ICBC Alex Vevers HUB International Michael Villorente BFL CANADA Insurance Services Lena Vorontsova Intact Insurance Mia Walker Intact Insurance Don Wallace ICBC Derui Wang Canadian Homeland Insurance Srvcs Leah Wilkinson ICBC Madison Williams-Rice Economical Insurance George Wong Northbridge Insurance 26 The Insurance Institute of British Columbia
Cameron Woodward Wawanesa Mutual Insurance
Chelsea Wouts Guardian Risk Managers
Liqin Xie Citistar Financial Services
Adrian Yau Northbridge Insurance
Christine Young Mutual Fire Insurance
Laura Yovanovich Barnescraig & Associates
Daniel YC Zhang Intact Insurance
Ricky Zhong BFL CANADA Insurance Services
Risk Management Certificate Graduates
Risk Management Certificate
Stephen John Anderson BC Transit
Kimberly Chen Economical Insurance
Hoon Choi Waypoint Insurance Services
Clinton J. Crook City of Campbell River
Ashton Dahle Broadstreet Properties
Sarah Ekholm Westland Insurance Group
Beth Jensen HUB International
Corbin Joel Kine Ketterer Intact Insurance
John Lee Claimspro
Angela Li Intact Insurance
Carlyle Machinski Wilson M. Beck Insurance Services
Bryan Meier Claimspro
Trevor Morley Coast Claims Service
Annette Mueller -
Indujah Murugathasan Intact Insurance
Arpana Ray The Co-operators
Amanda Simpson Intact Insurance
Dorsa Soleyman CapriCMW Insurance Services
Ana-Maria Stefan The Guarantee
Jason Wallace HUB International
Greg Warner ICBC
Jonelle Warren City of Port Moody
2019 – 2020 Annual Report 27Instructor Certification Program Graduates Instructor Certification Program Clement Ho ICBC Thomas Ng Aon Reed Stenhouse 28 The Insurance Institute of British Columbia
Seminar Report 2019 – 2020
Academic Seminars
Greater Vancouver
Seminar Title Date Attendance
Strata Water Loss Workshop — Langley June 26, 2019 48
Strata Water Loss Workshop — Vancouver October 23, 2019 57
Science of Fire Investigation December 5, 2019 23
Vehicle Fire December 5, 2019 13
Effective Business Communication —
January 21, 2020 106
Free Webinar
Structural Failures Liability January 29, 2020 56
Study Skills — Free Webinar February 25, 2020 39
Motor Truck Cargo March 11, 2020 61
Vancouver Island
Seminar Title Date Attendance
Is the Grass Greener (Cannabis) — Nanaimo April 4, 2019 29
Strata Water Loss Workshop — Victoria May 15, 2019 43
Business Interruption Workshop — Nanaimo September 19, 2019 28
Hoarding Awareness — Victoria October 23, 2019 19
Thompson/Okanagan
Seminar Title Date Attendance
Business Interruption Demystified — Kelowna May 1, 2019 27
2019 – 2020 Annual Report 29CIP Society Report 2019 – 2020
CIP PROedge Seminars
Greater Vancouver
Seminar Title Date Attendance
Symposium — Adapting to a
April 10, 2019 120
Changing Market
Strata Changes: from Earthquake to
September 24, 2019 85
Air space
E&O & D&O: Wrongful Acts & Loss October 8, 2019 71
Live Burn November 7, 2019 36
Earthquake February 26, 2020 60
Vancouver Island
Seminar Title Date Attendance
E&O & D&O: Wrongful Acts & Loss —
January 29, 2020 44
Victoria
Shared Economy — Victoria March 5, 2020 23
Thompson/Okanagan
Seminar Title Date Attendance
Equipment Breakdown — Kelowna October 3, 2019 19
30 The Insurance Institute of British ColumbiaCIP Events
Event Date Attendance
Peers & Beers — Nanaimo April 4, 2019 30
Wine Tasting at Cityside — Vancouver May 28, 2019 50
Golf Tournament — Vancouver June 14, 2019 152
Golf Tournament — Victoria June 19, 2019 71
Boat Cruise — Kelowna July 18, 2019 80
Wine Tasting at Seaside Pearl — Abbotsford July 23, 2019 50
Cruise & Schmooze — Victoria August 22, 2019 60
Networking Event — Nanaimo September 19, 2019 28
Wine Tasting — Kelowna October 29, 2019 50
Halloween Bash — Vancouver October 30, 2019 125
Bowling night — Vancouver November 29, 2019 75
Networking Event — Victoria February 20, 2020 56
Cocktail Event — Kelowna February 20, 2020 68
Wine Tasting at Salt — Vancouver February 25, 2020 52
Battle of the Insurance Bands — Vancouver March 5, 2020 356
Other Events
Event Date Attendance
Fall Instructors' Professional Day September 26, 2019 15
Winter Instructors' Professional Day February 13, 2020 15
2019 – 2020 Annual Report 31Student Enrollment
Chartered Insurance Professionals (CIP) Program
In-Class 2019 – 2020 2018 – 2019 2017 – 2018
Lower Mainland
Evening classes 20 61 207
(various locations)
Fast Track classes 362 374 447
(various locations)
In-House classes 54 67 61
(various locations)
Total Lower Mainland 436 502 715
Vancouver Island 22 19 39
Kelowna 0 0 0
Online Class 575 458 425
(live virtual)
Total IIBC Classes 1033 979 1179
Distance Learning 682 831 842
Total CIP Enrollment 1715 1810 2021
General Insurance Essentials (GIE) Program
Level 1 Brokers/Adjuster 2019 – 2020 2018 – 2019 2017 – 2018
Licensing Program — BC
College Partners 116 135 154
Fast Track 39 31 43
Virtual 28 13 12
Home Study 132 174 191
Total 315 353 400
32 The Insurance Institute of British ColumbiaMinutes of the 2020
Annual General Meeting
Wednesday, June 24, 2020
The Insurance Institute of BC
Virtually via Microsoft Teams
A quorum being present, the President, Kerry McLaughlin, called the meeting
to order at 4:05 pm. Those in attendance were:
Executive and Staff
President Kerry McLaughlin
1st Vice President Kelly Krakonchuk
2nd Vice President Sarah Tung
Secretary-Treasurer Debra Copeland
Past President Sharon Craver
Vancouver Island President Malika Mosseddaq
Manager Danielle Bolduc
Seminars & Events Specialist Winnie Hon
CIP Program Coordinator Sandra Enriquez
Licensing Program Coordinator Kaitlin Carmichael
Education & Events — Vancouver Island Donna Salahor
Other Members of IIBC
Manjit Biring Jill Blacklock Jan Brownridge
Spencer Denton John Dickinson George Federoff
Mark Francis Jason Hall Hugh Lindsay
Cameron Mitchell Glenda Ouellette Jennifer Perry
Keyla Perry Stephen Pottle Vicki Rowan
Carol Ann Slack Yinglin Sun Leanne Taylor
Stefan Tirschler Tracy Wong
2019 – 2020 Annual Report 33Notice of Meeting
Proof of Notice of the Annual General Meeting e-mailed to all Members on
June 1, 2020 was read by the Secretary-Treasurer, Debra Copeland.
Report on Quorum
Debra Copeland, Secretary-Treasurer confirmed that the quorum had been
met as required by the Bylaws.
Minutes
The minutes of the 2019 Annual General Meeting were circulated to the
membership. Jennifer Perry moved adoption of the minutes, seconded by
Sharon Craver.
MOTION CARRIED.
Academic Division Report
Kelly Krakonchuk, 1st Vice President, presented the Report of the Academic
Division. This report included information on the activities of the Education
Committee, the Thompson / Okanagan Committee, and the Marketing and
Communications Committee. Jason Hall moved for the acceptance of the
report, seconded by Sarah Tung.
MOTION CARRIED.
Professional Division Report
Sarah Tung, 2nd Vice President, presented the Report of the Professional
Division. This report included information on the activities of the Events
Committee and Seminar Committee. Jan Brownridge moved for the
acceptance of the report, seconded by Jason Hall.
MOTION CARRIED.
34 The Insurance Institute of British ColumbiaVancouver Island Chapter Report
The newly elected President of the Vancouver Island Chapter, Malika
Mosseddaq, presented the President’s report of the Vancouver Island Chapter
which was presented at their AGM on June 17, 2020. Jennifer Perry moved the
acceptance of the report, seconded by Sandra Enriquez.
MOTION CARRIED.
President's Report
Kerry McLaughlin, President, submitted her report on the year’s activities.
Hugh Lindsay moved the acceptance of the report, seconded by Malika
Mosseddaq.
MOTION CARRIED.
Financial Report
Debra Copeland, Secretary-Treasurer, presented the Financial Report
including the financial statements submitted by the auditors. Debra moved
the acceptance of the report, seconded by Leanne Taylor.
MOTION CARRIED.
Approval of Acts of Directors
It was moved by Debra Copeland Secretary-Treasurer, that:
All acts, contracts, bylaws, proceedings, appointments, elections, and
payments enacted, made, done or taken by the Governing Council,
Officers and committees of this Institute since the date of the last
annual meeting be hereby approved and confirmed.
Seconded by Sarah Tung.
MOTION CARRIED.
2019 – 2020 Annual Report 35Election of New Officers and Directors In accordance with Article V, Section 5, Paragraph (a) of the Bylaws of The Insurance Institute of British Columbia the following is a listing of proposed Officers and Council Members for election at the next Annual Meeting: Officers: President: Kelly Krakonchuk, CIP RSA 1st Vice President: Sarah Tung, BCom, FCIP, CRM AXA XL, a division of AXA 2nd Vice President: Debra Copeland, BA, FCIP Intact Insurance Secretary-Treasurer: Vicki Rowan, FCIP, CRM - Past President: Kerry McLaughlin, CIP, CRM, ACS HUB International Insurance Brokers Council Members: Spencer Denton, BBA, CIP, CAIB BFL CANADA Cameron Mitchell, BA, CIP Gore Mutual Insurance Jason Hall, CRM - Carol Ann Slack, CIP Economical Insurance Leanne Taylor, CIP HUB International Insurance Brokers 36 The Insurance Institute of British Columbia
President of the Vancouver Island Chapter of the Insurance Institute of
British Columbia
Malika Mosseddaq, B. Actuarial Sc, FCIP, CRM
Intact Insurance
Representatives to the Governing Council of The Insurance Institute of Canada:
Kelly Krakonchuk, CIP
Sarah Tung, BCom, FCIP, CRM
Malika Mosseddaq, B. Actuarial Sc, FCIP, CRM
Kerry McLaughlin, CIP, CRM, ACS (Alternate)
The Report of the Nominating Committee was presented by Sharon Craver,
Past President and Chair of the Nominating Committee. Stephen Pottle
moved the acceptance of the report, seconded by Jan Brownridge.
MOTION CARRIED.
Appointment of Auditors
Vicki Rowan, newly elected Secretary-Treasurer, moved that:
BDO Dunwoody LLP, Chartered Accounts & Consultants, be appointed
auditors for the ensuing year at a fee to be determined.
Seconded by Spencer Denton.
MOTION CARRIED.
Banking Resolution
Vicki Rowan, newly elected Secretary-Treasurer, moved that:
The President, 1st Vice President, 2nd Vice President, Secretary-Treasurer, Past
President and Manager or any two of them be authorised to sign cheques and
that any one of them shall make deposits with the bank and endorse cheques
for deposit and receive all paid cheques and other debit vouchers and give
receipts thereof
and
2019 – 2020 Annual Report 37The Manager alone be authorized to approve expenses / invoices / payments
up to $2000, the Manager plus one Council Member approve such amounts
from $2000 to $24,999, the Vice President Operations (IIC) to approve such
amounts from $25,000 to $74,999 and the President (IIC) approve such
amounts $75,000 and greater. These limits shall remain in effect as and until
amended or rescinded at a future date.
and
The Insurance Institute of BC hereby grants the Insurance Institute of
Canada continued authority to make payments on behalf of IIBC respecting
all current authority levels.
Seconded by Hugh Lindsay.
MOTION CARRIED.
Other Business
There being no other business, Kerry McLaughlin called a motion to adjourn
the meeting. Moved by Jason Hall and seconded by Leanne Taylor at 4:55 pm.
Respectfully submitted,
Danielle Bolduc, BComm, CIP
on behalf of
Debra Copeland, BA, FCIP
Secretary-Treasurer
Insurance Institute of BC
38 The Insurance Institute of British ColumbiaTel: 905 270-7700 BDO Canada LLP
Fax: 905 270-7915 1 City Centre Drive, Suite 1700
Toll-free: 866 248-6660 Mississauga, ON L5B 1M2 Canada
www.bdo.ca
Financial Statements
Independent Auditor’s Report
To the Members of the Insurance Institute of British Columbia
Opinion
We have audited the accompanying financial statements of the Insurance
Institute of British Columbia (“the Institute”) which comprise the balance
sheet as at March 31, 2020 and the statements of revenue and expenditures
and fund balance — general fund, revenue and expenditures and fund balance
— CIP society fund and cash flows for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies
and other explanatory information.
In our opinion, the financial statements presents fairly, in all material respects,
the financial position of the Institute as at March 31, 2020, and its results
of operations and its cash flows for the year then ended in accordance with
Canadian accounting standards for not-for-profits organizations.
Basis for Opinion
We conducted our audit in the accordance with Canadian generally accepted
auditing standards. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Institute in
accordance with the ethical requirements that are relevant to our audit of
the financial statements in Canada, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion
2019 – 2020 Annual Report 39Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Institute’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Institute or to cease operations, or has no realistic alternative but to do so. Those charges with governance are responsible for overseeing the Institute’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report the includes our opinion. Reasonable assurance is high level assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of the audit in accordance with the Canadian generally accepted auditing standards, we exercise professional Judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 40 The Insurance Institute of British Columbia
• Obtain an understanding of internal control relevant to the audit in order
to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
Institute’s internal control.
• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made
by management.
• Conclude on the appropriateness of management’s use of the going concern
basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast
significant doubt on the Institute’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of
our auditor’s report. However, future events or conditions may cause the
Institute to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial
statements including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves
fair presentation.
We communicate with those charged with governance regarding, among
other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we
identify during our audit.
Chartered Professional Accountants, Licensed Public Accountants
Mississauga, Ontario
May 29, 2020
2019 – 2020 Annual Report 41Financial Statements The Insurance Institute
of British Columbia
Balance Sheet
March 31 2020 2019
Assets
Current
Cash $ 248,422 $ 248,789
Accounts receivable
— trade 74,414 58,732
— The Insurance Institute of Canada 100,816 88,270
Prepaid expenses 50,044 41,837
473,696 437,628
Capital assets (Note 3) 56,726 81,830
$ 530,422 $ 519,458
Liabilities and Fund Balances
Current
Accounts payable
— trade $ 80,801 $ 40,856
— The Insurance Institute of Canada 106,627 85,230
Deferred revenue 132,339 173,770
Due to The Insurance Institute of Canada 135,929 119,772
455,696 419,628
Fund Balances
Awards Trust Fund (Note 2) 9,000 9,000
CIP Society Fund 6,000 6,000
Funds Invested in Capital Assets 56,726 81,830
General Fund 3,000 3,000
74,726 99,830
$ 530,422 $ 519,458
On behalf of the Council:
Director Director
The accompanying notes are an integral part of these financial statements
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