Insurance Referral Fee

Over the past years the strata insurance market has been challenging. On Friday, September 4, 2020, the BC Provincial Government has officially banned the payment of insurance referral fees to anyone who is not an insurance licensee, including strata managers and strata management brokerages. On Friday, September 4, 2020, the Province approved changes to the Financial Institutions Act prohibiting the payment of referral fees to strata managers for the sale or renewal of strata property insurance. The changes came into force immediately, meaning that the practice of paying referral fees is no longer permitted. Insurance agents are now prohibited from paying referral fees or compensation for the sale or renewal of strata property insurance to anyone who is not an insurance licensee, including strata managers and strata management brokerages.

Does Metrowest Building Services Ltd receive referral fees? No. Metrowest Building Services Ltd does not receive “referral fees”, kickbacks, or any other remuneration related to placing insurance on behalf of our clients. Furthermore, Metrowest does not receive referral fees kickbacks, or any other remuneration from any 3rd party vendor.

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