How to Become a BCM Insurance Director
Interested in Becoming a Director of BCM
Becoming a director of the Bertie and Clinton Mutual Insurance company(BCM) is a great way to give back to your community. While being a director can be a very rewarding position, it does require commitment in order to fulfill your duties. A director position should be considered multi-term.
Standing for Election at the Annual General Meeting
The Annual General Meeting(AGM) of BCM is usually held within the last two weeks of March each year. At the AGM three directors are retired(their term has ended) and three directors are elected or re-elected for a three-year term. Those who are interested in standing for election or re-election must submit their intention to the Nomination Committee before January 31. This must be done prior to the annual general meeting in which you are seeking election. After you have submitted your intention to stand for election to the Nomination Committee, the Nomination Committee will contact you with more information.
Qualifications of a Director
Our By-Laws define a qualified Director is a person who:
• Holds and pays a premium in excess of $500 annually.
• Has not attained his or her 70th birthday at the time of the election.
• Has been a member of the Corporation and insured therein for a minimum period of three consecutive years immediately prior to the time he or she seeks office.
Our By-Laws define a person not eligible to be elected as a Director if:
• An Insurance Broker or Insurance Agent associated with the Corporation, or anyone having a financial interest in an insurance brokerage or insurance agency associated with the Corporation.
• A Director, Officer, shareholder, employee or agent of an Insurance Brokerage or Insurance Agency business associated with the Corporation.
• An agent or paid Officer of the Corporation.
• An officer of the Bankers of the Corporation
• An employee of the Corporation, including the Manager of the Corporation
• A Director or Officer of another Insurance Company other than an insurance company which is a subsidiary or affiliate of the Corporation or the Farm Mutual Reinsurance Plan Inc
• A spouse, child, parent, parent-in-law or sibling of any person stated above
Director Time Requirements
- AGM: as mentioned above the AGM is usually held within the last two weeks of March each year. Each Director is expected to attend. Immediately following the AGM, the board of directors will have a meeting. Each director is expected to stay for this meeting as well. Please plan on being at BCM for the entire day. This extends to any person standing for election since if elected, you will be a director.
- Meetings of the Board of Directors: The Board of Directors meet once a month, typically on the 3rd Tuesday of each month between 7:00 pm and 10:00 pm. Each director is expected to attend each meeting.
- Board of Directors Committees: There are a number of committees that the Board has commissioned. Each director is expected to be part of at least one committee. These committees have varying time commitments.
- Strategic Planning Session: The Board of Directors holds a strategic planning session each year. This meeting is typically a single day, but may be more depending on the progress of the current plan. The Board makes every effort to schedule the session so that each director can attend. As each director is part of this plan, it is expected that each director attends this session.
- Association Meetings: In March of each year, a two-day convention is held in Toronto. In November of each year, there is a meeting of all mutual insurance companies in our group. Neither of these meetings is required but highly recommended, as valuable information is obtained that will help in the role of a Director.
- Education: It is suggested that each director take time to further their knowledge of the insurance industry and the role of the Board in governing the company. The board governance committee will assist with this.
- Social Events: There are many social events that are put on by BCM. Directors are strongly encouraged to attend as many events as possible to support and familiarize yourself with the staff and management.
- Communication: There are many communications that come from the office and other Directors. Directors are required to check their BCM email daily and respond when required. BCM supplies some equipment for this purpose.
Any policy holder of BCM who is interested in becoming a director of BCM is encouraged to contact us at email@example.com to obtain more information or submit their letter of intent to stand for election.