There are a number of conditions a business must meet to become licensed
as a life insurance agent:
- Each agency must have a designated 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.
- Where the insurance agency will have authorized representatives other than the nominee, the
nominee must have worked as a licensed life insurance agent for 5 of the last 7 years.
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
If the agency intends to hold itself out as providing Financial Planning (or similar
term), Council guidelines exist. See Council's
CLICK HERE FOR APPLICATION PACKAGE
CLICK HERE FOR FEE SCHEDULE ONLY
RETURN TO MAIN LIFE INSURANCE PAGE
TOP OF PAGE