General Insurance Corporate Agent Licence
There are a number of requirements to become licensed
as a general insurance agency.
- 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.
- 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.
- 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.
- 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.
- 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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