LLQP (Life Licence Qualification Program) exam prerequisites, course information, and other life insurance licence qualifications and requirements for individuals, partnerships, or corporations in BC.
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Council makes every effort to keep insurance licensee resources regularly updated. Please check back often.
In a 2022 government consultation paper, a variety of businesses and products were considered for inclusion in the new regulatory regime; it is not yet known which of these will be included in the regime. When the regulation is published, it will outline the list of businesses and products requiring a Restricted Insurance Agency licence to sell incidental insurance.
The drafting of regulations for this regulatory regime is in progress. We expect it will take roughly a year after the publication of the regulations to develop and put in place a licensing framework, enabling licences to be issued. More information about timelines for the implementation of this regime will be made available when the regulations become public.
In preparation for the new regulatory regime, the Insurance Council has been working on developing a draft framework for the restricted insurance agency licence. The framework will define core elements of the restricted licence:
Licence qualifications. The experience, training, and other criteria necessary to get a licence and sell insurance.
Ongoing licence requirements. Requirements of the licence, such as providing disclosures of information to the client or the regulator, annual declarations, licence fees, or requirements for continuing education.
A designated representative. The role and responsibilities of an individual assigned to ensure the business complies with the requirements of its restricted licence.
To ensure the effectiveness of proposed regulatory measures, the Insurance Council’s evaluation of the above topics will be informed by consultation with the businesses included in the Province’s regulations on incidental sales. More about the licence framework
Once the regulations are published outlining which business and products will be subject to the new regulatory regime, the following is anticipated:
Some businesses that were previously exempt from requiring a licence to conduct incidental sales of insurance will now need to become licensed under the restricted insurance agency licence.
Businesses that currently hold insurance licences restricted to the sale of specific products will be able to choose to continue to conduct their business under the new restricted insurance agency licence, if those products are included in the regulation.
If travel insurance is included in the regulation, the current Insurance Council-issued restricted travel licence will need to be aligned with the new restricted insurance agency licence framework.
Once further direction is provided by government through the publication of regulations identifying which types of businesses and products will be subject to the regulatory regime for incidental sales of insurance, the Insurance Council will:
Publish components of the draft licence framework for public and industry consultation
Engage in stakeholder outreach to gather input to inform the framework and planned processes for issuing licences
Update the draft licence framework based on consultation feedback.
If you would like to receive email updates about the development of the restricted insurance agency licence framework, including future consultation opportunities, please subscribe via the link below.