Licence Qualifications
General Insurance
 
 

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General Insurance Corporate Agent Licence

There are a number of requirements to become licensed as a general insurance agency.

  1. Requirement to Represent an Insurance Company: An agency must obtain and maintain the ability to represent at least one insurance company authorized to conduct business in the province.
     
  2. Nominee: The agency must have a designated level 3 agent nominee. This individual takes on the rights and privileges of the agency licence and is responsible and accountable to Council for all insurance activities undertaken by the agency and its employees. A nominee must be an officer, director or partner of the agency, or a senior manager in the province.
     
  3. Office Supervision: Each agency location must come under the direct supervision of a level 3 agent. It is the responsibility of the agency’s nominee to determine what constitutes adequate supervision at each agency location. When determining the level of supervision, the nominee is expected to take into account the number of agents working in the office, the levels of qualification and experience of the agents, as well as the extent of written procedures. The level of supervision must adequately protect consumer interests and take into account Council’s Policies, Rules and Code of Conduct. All supervising level 3 agents are responsible and accountable for overseeing the work of those in their area of responsibility and for establishing and maintaining office procedures that support the competent and ethical conduct of insurance business.
     
  4. Agency Name and Registration with the B.C. Corporate Registry (“Registry”): The Act requires that any insurance applicant or licensee have a name that is neither misleading nor likely to cause confusion for the public. Section 31 of the Act also requires that anytime the word “insurance” or “assurance” or “mortgage” is used, the name cannot be used in a manner that would cause a member of the public to believe the entity is an insurance company. Council requires all agencies to be registered with the Registry. Contact information for the Registry may be found under HANDY LINKS AND CONTACTS - OTHER.
     
  5. Trade Names: A corporation intending to carry on business under a name different than its legal corporate name must register the desired trade name with the Registry and apply to have that name approved by Council.

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