To be suitable to hold an insurance licence in British Columbia, a person must meet the Insurance Council’s licensing requirements, in addition they must demonstrate trustworthiness, competence, financial reliability, and an intention to carry on the business of insurance in good faith. These requirements are expected to be met both when applying for a licence and on an ongoing basis once a person has been licensed to engage in insurance activities.
When the Insurance Council encounters a licensee who has been the subject of enforcement action by another Canadian financial services regulator, it has discretion to undertake a review to determine what impact, if any, such enforcement action may have on the licensee’s suitability to hold a licence in British Columbia.
Depending on the circumstances, including if there is a risk of harm to the public, the Insurance Council may decide to suspend, cancel, or restrict the licence with immediate effect, refer the reciprocal enforcement matter to a Review Committee, or take any other action it may deem necessary to protect the insurance clients.
More information on Council's Review Committee process can be found
here.