Council's mandate is to provide a level of protection to the public regarding the sale of insurance products and services under the framework provided by the Act. The following provides an overview of Council's role.

Education and Experience: Council has a responsibility to ensure education requirements for licensing meet the minimum standards necessary to protect the public. For certain levels and categories of licence there are also minimum experience requirements. To support the entry level education requirements, there are mandatory continuing education programs for all licensees.

Licensing: All applicants must satisfy Council they are suitable for licensing by demonstrating they are competent, trustworthy, financially reliable, and intend to carry on the business of insurance in good faith and in accordance with the usual practice. Between 14,000 and 16,000 licence applications are approved each year, all of which are reviewed to determine if there is a reason why the applicant may not be suitable for licensing. A small number require additional consideration and direction from Council members.

Discipline: Council has the authority to discipline licensees when there has been a breach of the Act or Rules. It is important to note that Council does not have exclusive jurisdiction over licensees. There are a number of matters, such as unlicensed activity, rebating, and tied selling, which are the primary responsibilities of FICom. When complaints about licensees fall within FICom’s jurisdiction, Council refers it to FICom.