Home > About Us > Engagement > RIA

Restricted Insurance Agency Licence Rules Consultation


The Insurance Council is proposing amendments to a package of Rules to support implementation of the Restricted Insurance Agency licence.

The Insurance Council Rules establish licence conditions and requirements for all BC insurance licensees in addition to the requirements set out in the provincial Financial Institutions Act and other legislation.  This will include Restricted Insurance Agency (RIA) licence holders once the rules have been amended to incorporate this new restricted licensing regime. 

Consultation is focused on changes to the Council Rules needed to outline the framework for the Restricted Insurance Agency (RIA) licence program within the rules. These proposed amendments should be viewed within the entirety of the Council Rules, which will apply to all BC insurance licensees, including Restricted Insurance Agencies.
 

Current status

Consultation on proposed amendments is currently open until April 27, 2026, 3 pm PT.

Consultation on Council Rule amendments:

Click the links below for more information about each proposed amendment. 

Definitions

Licence and application requirements
  • Rule 1(1)(e), (f)
  • Rule 2(10), (10.1), (10.2)
  • Rule 3(2)(d), (f)
  • Rule 7(20)(a)
Ongoing licensure/practice requirements
  • Rule 4(4)(b.2),(c),(d)
  • Rule 7(19),(21),(22),(23),(24),(25)
RIA fees
  • Rule 5(1)(a), (b), (h), (2)
Transition rule
  • Rule 9(2)

Background

In 2019, the BC government enacted changes to the Financial Institutions Act to enable the introduction of a licensing regime for incidental sales of insurance—insurance sales by non-insurance businesses, commonly offered in addition to the purchase of a product or service.

On December 18, 2025, the BC government published the Restricted Insurance Agent Licence Regulation, which brings this new licensing regime into force. The new regulation outlines the businesses that will require a restricted insurance agency licence in order to sell the insurance products named in the regulation. Sales of these products had previously been exempt from licensure under the Insurance Licensing Exemptions Regulation.

The BC government has tasked the Insurance Council with issuing and overseeing this new licence, which will come into effect January 1, 2027.  

about the ria licence

Rule amendment process

Under the Financial Institution Act Regulations, proposed changes to Insurance Council Rules are subject to public consultation. As a part of the consultation process for each group of proposed rule changes, the following will be made available to the licensees, the public and other stakeholders:

  • The wording for proposed rule changes
  • An explanation of the changes
  • Information on how to provide feedback.
Following a minimum 60-day consultation period, feedback will be provided to voting members of Council. If voting members of Council approve to proceed with submitting the proposed amendments after reviewing the consultation information, a package that includes the proposed amendments and the consultation information will be sent to the Minister of Finance for consideration. Submissions that include verifiable contact information (name, email, business) will be included in the package sent to the ministry for consideration.

How to provide your feedback

Consultation on proposed changes will begin on February 10, 2026, and will close on April 27, 2026 (3pm PT). You can provide your input through either of the options listed below:
Feedback form             Send email
 

All feedback about the new and proposed rule changes will be considered by the Insurance Council at the close of consultation. In addition to the feedback form results, submissions that include verifiable contact information (name, email, business) will be provided to the Minister of Finance for consideration.

As a public body, the Insurance Council of BC is subject to the Freedom of Information and Protection of Privacy Act (FIPPA) and other provincial and federal privacy regulation.
 

Contact us

​For questions about the proposed Rule changes or stakeholder engagement please contact us at: rules.consult@insurancecouncilofbc.com