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Fee Summary – Effective July 1, 2015

Corporate and Associate membership dues are calculated using the following fee structure: Basic Fee; Branch Fees (where applicable); Number of licensed brokers and a Broker Promotion Fee. All fees are listed in the tables below and all membership dues are subject to HST.

Corporate Member

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A Corporate Member is a corporation, partnership, sole proprietorship or other recognized business entity and must meet all of the following criteria:

  • Hold a valid “other than life” license to transact general insurance issued pursuant to the Insurance Act;
  • Submit a membership or membership renewal application along with any applicable fees, and be approved by the Board of Directors;
  • Not be a financial institution or an insurer, nor be owned or controlled by either or both. For the purposes of this subsection, owned or controlled includes:
    • individually or collectively owning more than 50% of the brokerage’s voting shares;
    • directing the mind and will of the brokerage;
    • establishing business direction; or
    • exercising daily control or directing the placement of business.
  • Find appropriate market and general insurance products for clients;
  • Manage the placement of business;
  • Provide insurance advice and claims advice;
  • Be the intermediary between insurer and customer;
  • Have no agency agreements which prohibit the representation of other insurers or groups of insurers; and
  • Have daily control of its brokerage operations.
  • Corporate members receive full membership benefits which entitle them to voting privileges, the opportunity to join the Board of Directors and to receive all information pertaining to Association activities.

Fees*

Basic FeeBranch Fee **Fee/Licensed Broker# Licensed Brokers
$550 $150/branch location $150 per broker 1-19
    $125 per broker 20-69
    $110 per broker 70+

** This fee is not applied to main offices which are covered by the Basic Fee.

Basic Fee ($550) + Branch Fee (if applicable) + Fee/ Licensed Broker + Broker Promotion Fee (see table below) ***

Associate Member

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An Associate Member is a corporation, partnership, sole proprietorship or other recognized business entity and must meet all of the following criteria:

  • Hold a valid “other than life” license to transact general insurance issued pursuant to the Insurance Act;
  • Submit a membership or membership renewal application along with any applicable fees, and be approved by the Board of Directors;
  • Fail to qualify as either a Corporate Member;
  • Is approved for membership or renewal by the Board of Directors, in its sole discretion.
  • Associate members are entitled to limited membership benefits which do not include voting privileges. They will receive information associated with this level of membership but will be able to attend IBANS events and education sessions at member discounted rates; listing in the Atlantic Broker magazine and on the website; participation on committees and use of the CAIB designation for staff.

Fees*

Basic Fee ($550) + Branch Fee (if applicable) + Fee/ Licensed Broker + Broker Promotion Fee (see table below) ***

***Broker Promotion Fee Table 

# Licensed Brokers Fee/Licensed Broker
1-10 $80
11-19 $75
20-49 $1500 flat rate
50+ $1700 flat rate

 

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