Consultation on Rule Amendments


Learn more and provide your feedback about proposed changes to the Insurance Council Rules
On this page:

Current status

The 2022 consultation on the Council Rules amendments is now closed. We are reviewing stakeholder feedback on the proposed amendments.

What is this about?

As a part of an ongoing project to modernize the rules that set the licence conditions and requirements for all BC insurance licensees, the Insurance Council is proposing changes to the Council Rules.

This spring, we are consulting on proposed amendments to the Council Rules listed below. We invite our licensees and interested stakeholders to learn more and provide feedback. The input received will inform council members’ evaluation of the proposed changes and whether they should proceed to the Minister of Finance for approval.

For background information on the Council Rules Review Project and past rule amendments, see the project page.

Which Rules are proposed for amendment?

The following rules are proposed for amendment. Click on each topic to see more detailed information about the proposed change and rationale.
 

Level 3 Agent and Adjuster Qualifications Rules 2(5), 2(8)
Nominee Qualifications Rule 2(11), 2(11.1), 2(12)
Business Registration and Name Requirements 2(18)
Licence Reinstatement Rule 2(19)
Licence Renewal Rule 4(4)(b), (c) and (d)
Direct Supervision Rule 6(1)(c) and 6(2)(b) 
Conflict of Interest  *New* Rule 7(11.2) 
Life Agent Supervision Rule 10(1) to 10(12), Rule 7(16.1), 7(16.2), 7(17.1), 7(17.2)

How can I provide my feedback?

The consultation period has ended and we are currently reviewing stakeholder feedback.

Consultation was open March 28-June 1, 2022. During that time, licensees were invited to submit comments via online survey or send an email to rules.consult@insurancecouncilofbc.com.

Rule amendment process/timeline

Contact us

For questions about the proposed rule amendments or stakeholder engagement please contact us at:
rules.consult@insurancecouncilofbc.com