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Rule Consultation: Definitions

To introduce and establish the new Restricted Insurance Agency (RIA) licence program and regime, the Insurance Council must add, adjust and repeal some Council Rules definitions.
 

Rationale

Proposed definitions will be added and amended to describe and establish the RIA licence framework within the Council Rules that govern insurance licensure. Terms that may be repealed are those that define a licence class that will cease to exist and instead be captured within the new RIA licence.

These definitions will align with other terms in the Council Rules and insurance-related legislation.
 

Proposed definition wording

How to read the proposed wording changes to the Rules:

Bolded text represents the addition of proposed wording.

Text that has been struck out represents wording proposed for removal.


New definitions

“designated representative” means an individual approved by Council to carry out specified duties and responsibilities on behalf of a restricted insurance agency.
See proposed definition wording

“restricted insurance agency” means a licensee that has been issued a restricted insurance agent licence under section 174.1 of the Financial Institutions Act.
See proposed definition wording

“restricted insurance agency representative” means the unlicensed employee or agent (a non-employee representative) authorized to conduct insurance business on behalf of a restricted insurance agency. 
See proposed definition wording


Amended definition

“insurance agency” means a licensed corporation or partnership, or an individual sole-proprietor agent that meets the nominee requirements set out in Council Rules, and includes a restricted insurance agency.
See proposed definition wording


Repealed definition

“restricted travel insurance licence” means a licence issued to a travel agent or travel wholesaler registered under the Business Practices and Consumer Protection Act, authorizing the licensee to act as an insurance agent in connection with travel insurance as defined in the Insurance Licensing Exemption Regulation to the Act, sold incidentally to the ordinary business of a travel agent or travel wholesaler.
See proposed definition wording

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

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