Overview

Council is made up of industry and consumer representatives. Each member brings a unique background to assisting Council in fulfilling its mandate. Both voting and non-voting Council members are selected for their expertise as insurance professionals and their demonstrated interest in serving the public.

Council was originally established more than 50 years ago. In 1984, Council was delegated the authority to license insurance agents, salespersons, and adjusters; and was subsequently given authority to investigate and discipline licensees. In 1990, the Act established Council’s make up and defined its responsibilities in regulating insurance licensees. In January 2005 Council was granted rule-making authority. Council is accountable to the provincial government and reports to the Minister of Finance.

Council is fully self-funded, with an annual operating budget of approximately $2.4 million. All revenue is derived directly from the insurance industry. The primary sources of funding are licence and examination fees and an annual assessment to insurance companies holding a business authority in B.C.

All Council appointments (voting and non-voting members) are made by the Minister through Orders-in-Council. A position on Council is not a full-time responsibility, but it can require a commitment of one to four days each month.

Full-time staff, under the direction of an executive director, carry out the day-to-day operations of Council.

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