About the licence framework

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, identified below.  

Licence qualifications

The experience, training, and other criteria necessary to get a licence and sell insurance. 

  • Criteria and supporting information to determine a candidate’s suitability to hold a licence

  • Core competencies and training required for individuals conducting incidental insurance sales on behalf of the licence-holder

Ongoing licence requirements

These are requirements to maintain the licence, such as providing disclosures of information to the client or the regulator, annual declarations, licence fees, or requirements for continuing education. 

  • Annual reporting of licence-related information, or confirming compliance with licence requirements
  • Provisions to manage professional liability
  • Mandated disclosures of information to the consumer or the regulator
  • Fee model for licensure
  • 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. 

  • Role and responsibilities of the designated representative—an individual assigned to ensure the business complies with regulatory and licence requirements

  • Qualifications and requirements to be appointed as a designated representative

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 restricted insurance agency licences.

Abour our regulatory approach

The Insurance Council is committed to Right-touch Regulation, a balance-seeking approach where regulation is proportional to public risk. This means we look to apply the minimal amount of regulatory measures necessary to achieve public protection outcomes. 

Where feasible, we intend to align British Columbia’s restricted insurance agency licence with the restricted licence regimes in other Canadian jurisdictions. However, legislation and regulatory context vary by province.