LLQP (Life Licence Qualification Program) exam prerequisites, course information, and other life insurance licence qualifications and requirements for individuals, partnerships, or corporations in BC.
Council makes every effort to keep the LLQP information regularly updated. Please check back often.
Council is here to help. Your insurance licensee resources include compliance information such as licensee responsibilities; council rules; continuing education; disciplinary decisions and process; and other useful information for licensed individuals, partnerships, or corporations in BC.
Council makes every effort to keep insurance licensee resources regularly updated. Please check back often.
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.
The Council is mandated to provide protection to the public pertaining to the sale of insurance products and services, under the framework provided by the Financial Institutions Act, including the following areas:
Education and Experience: Council is responsible for ensuring education requirements for licensing meet the minimum standards necessary to protect the public. For specific licences, there are minimum experience requirements. There is mandatory continuing education for all licensees.
Licensing: Council is responsible for ensuring 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.
*Discipline: Council has the authority to discipline licensees when there has been a breach of the Financial Institutions Act, or Council Rules and Code of Conduct.
*Council does not have exclusive jurisdiction over licensees. When complaints about licensees fall within the jurisdiction of the BC Financial Services Authority (BCFSA), the complaint will be referred to BCFSA for consideration.
Council serves the public by ensuring licensed insurance agents, salespersons, and adjusters act within a professional framework, which promotes ethical conduct, integrity, and competence.
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.
Appointments of 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 Council is not a full-time responsibility, but it can require a commitment of one to four days each month.
Council is made up of industry and public representatives. Each member brings a unique background to assist Council in fulfilling its mandate. Both voting and non-voting Council members are selected for their expertise as insurance professionals and/or their demonstrated interest in serving the public.
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 day-to-day Council operations.