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.
Proactive regulatory leadership that ensures qualified, competent, and ethical professionals meet British Columbians’ insurance needs.
How the Insurance Council is Funded
The Insurance Council is fully self-funded. All revenue is derived directly from the insurance industry. Our primary sources of funding are licence and examination fees and an annual assessment fee that is in line with our equitable fee structure from 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.