About Us

The Insurance Council of British Columbia is an insurance regulatory body appointed by the BC provincial government to ensure licensed insurance agents, salespersons, and adjusters act within a professional framework, which promotes ethical conduct, integrity, and competence.

Our Mandate

Under the authority of the Financial Institutions Act, the Insurance Council regulates insurance agents, salespersons, and adjusters in BC with the overall goal of public protection.

The Insurance Council is responsible for: 

Licensing.  We set qualification standards to ensure all insurance licence applicants 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.

Education and Experience. We establish education requirements for licensing meet the minimum standards necessary to protect the public. 

Discipline and Enforcement: We investigate complaints and, where warranted, discipline licensees when there has been a breach of the Financial Institutions Act, or the Insurance Council Rules and Code of Conduct.
 

Our Mission

Proactive regulatory leadership that ensures qualified, competent, and ethical professionals meet British Columbians’ insurance needs.


How the Members of the Insurance Council are Appointed

Appointments of the Insurance Council's voting members are made by the Lieutenant Governor-in-Council. Non-voting members are appointed by the Minister of Finance. A position on the council is not a full-time responsibility, but it can require a commitment of one to four days each month.

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

How the Insurance Council is Funded

The Insurance Council is fully self-funded. 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 business authorities in BC.


How We Deliver our Regulatory Responsibilities

The Insurance Council has established administrative policies and procedures that govern how council members perform their responsibilities, in accordance with section 226 of the Financial Institutions Act.

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