Exemptions

The premiums you pay for unlicensed insurance are exempt from insurance premium tax if you:

  • enter into a contract of marine insurance or reciprocal marine insurance that is not pleasure craft insurance
  • are a licensee under the Real Estate Services Act and enter into a contract of insurance with the Real Estate Errors and Omissions Insurance Corporation that provides protection against liability referred to in section 102(1) of the Act
  • are a licensee under the Real Estate Services Act and are levied an assessment for the Real Estate Special Compensation Fund by the Real Estate Compensation Fund Corporation
  • are a member of the Law Society of British Columbia and required to pay an insurance fee under section 30(3)(a) of the Legal Profession Act