Annual Licence Renewal

My agency/firm pays my annual licence renewal fee. What do I need to do?

Each licensee is responsible for completing their annual licence renewal declaration via the online portal, and can then select the option that they have an agreement with their agency/firm that the agency/firm will submit the fee on their behalf. Please confirm this with your agency/firm before selecting this option.

I have a life licence and a general licence. Do I need to submit an annual licence renewal for both?

If you hold more than one licence with the Insurance Council, you are required to submit a declaration and a renewal fee for each licence that you hold.

I have a licensed agency/firm. What do I need to do?

It is the nominee's responsibility to submit an annual licence renewal and fee for the agency/firm. If the agency is licensed for general and life insurance, two annual licence renewal declarations and two fees are required. The nominee is also required to submit an annual licence renewal declaration and fee for each of their own individual licence(s).

What happens if I don't submit an annual licence renewal?

Where a licensee has not met the annual licence renewal requirements and submitted their fee by August 1, 2023, the licence will be automatically cancelled for non-renewal. If your licence is cancelled for non-renewal, you are not permitted to conduct insurance business in British Columbia until you submit a licence application and the Insurance Council has approved your licence application.

For more information about reinstating an insurance licence, please review the Reinstatement Provision.

Do I need to complete my continuing education before I submit my annual licence renewal?

Yes, in accordance with Council Rule 4(4), licensees must submit a declaration stating that they have completed their continuing education credits for the June 1, 2022 to May 31, 2023 period before they can continue with their annual licence renewal. 

If I submit a late annual licence renewal, does that allow me additional time to complete my continuing education?

No. Continuing education must be completed by May 31, 2023 and the related requirements must be met prior to submitting the declaration. Licensees who do not meet their CE requirements by May 31, 2023 or per the CE Guidelines for their licence class will be in breach of Insurance Council Rules and Code of Conduct. Licensees who submit a late annual licence renewal will be required to confirm they have met their CE requirements by May 31. Proof of CE credits must be kept and provided to the Insurance Council upon request in the probability of an audit.

Where can I find more information about my continuing education requirements?

Please visit the Continuing Education page of our website to learn more about your CE requirements as well as to access the Continuing Education Guidelines for your licence class and other helpful CE related resources such as learning about the CE Accreditation Program, available courses and webinars, and other tools and resources. Each licence class has its own CE guidelines which provide important details about CE requirements, such as how many credits are required, what courses qualify as CE, how many credits are required to be completed each licence period, how to calculate eligible CE credits, and more. 

I'm not conducting insurance business right now and my licence is inactive. Do I need to submit an annual licence renewal?

Yes. An annual licence renewal declaration and fee is required for all licence holders, regardless of active, inactive or suspended licence status.

My licence was issued between March 1 and May 31, 2023, do I need to submit an annual licence renewal this year?

No. Licences issued between March 1 and May 31, 2023 have a first annual licence renewal date of June 1, 2024.

I am an agency/firm and I want to pay the annual licence renewal fees on behalf of licensees who are authorized to represent my agency/firm. How can I do that?

Agencies/firms will need to ask their licensees to sign into the online portal and submit their annual licence renewal declarations through their individual portal account. When the agency/firm logs into their online portal account, they can then submit payment for all of the licensees whose status shows in the list as "Pay Fees Due for Renewal" via Visa, Mastercard, Interac Online debit, or prepaid account. Click here to access instructions on how an agency/firm can use the portal. Nominees have access to do this, and can assign delegates via their own portal account. Please see the online portal page for more information about the delegate functionality. 

It is the agency/firm's responsibility to review the list of licensees displayed in the agency/firm's portal account and to report any changes required to the Licensing Department at licensing@insurancecouncilofbc.com. 

How do I pay by EFT?

Agencies/firms can pay by EFT only with a prepaid account, which must be set up with the Insurance Council's accounting team in advance (see instructions below). As these accounts take time to set up and time must be allowed for the transfer and deposit of funds, the account must be set up by May 15, 2023 in order to ensure that the funds are available for the agency/firm's use in time for the June 1st deadline.

Agencies/firms are eligible to set-up a prepaid account if they are submitting payment for a minimum of 40 licence renewal fees.

How do I set up and use a prepaid account?

Prepaid accounts are for annual licence renewal fees only. After the conclusion of the late licence renewal period, the Insurance Council will return any unused funds in the prepaid account.
To set up a prepaid account:

1. Send an email to accounting@insurancecouncilofbc.com and include:
   • The agency or firm's legal name
   • The agency or firm's licence number
   • Your contact information
2. The Insurance Council's finance team will email you a form to fill out. Complete and return the form as soon as possible.
3. Within three business days, the Insurance Council's finance team will confirm via email that the prepaid account is set-up.
4. Add funds to the prepaid account via credit card through the online portal or by making arrangements with the Insurance Council's finance team if you would prefer to use EFT or cheque.

I hold an active insurance licence and I missed the June 1 annual licence renewal deadline and will be submitting a late renewal. Can I still conduct insurance business?

Yes, your insurance licence remains valid until August 1, 2023. If you have not completed your Annual Licence Renewal, including submitting the required declarations, and if we have not received your annual licence renewal fee by the end of day on August 1, 2023, your licence will be automatically cancelled for non-renewal.

Where can I find information about my E&O insurance requirements?

You can learn more about your E&O insurance requirements on the E&O Requirement page of our website.