Corporate or Partnership Accident and Sickness Insurance Agency Licence

Previously, entities who were licensed with another financial regulator (i.e. mutual fund dealers, securities dealers, and mortgage brokers) were not granted insurance licences in BC as Council had determined that this could be problematic in the event of an investigation or inspection and it had the potential to cause confusion for clients with regard to their rights and protections.

Council reviewed this policy at its July 2018 meeting and, in light of the fact that other Canadian jurisdictions allow joint licensing and that Council Rules address concerns related to inspections, investigations, and public confusion, Council determined that effective immediately, it will consider applications from entities registered with another financial regulator. Before applying for a licence, Council recommends that you consult with your other regulator(s) first, as it may have its own rules and restrictions in place.

• Requirement to have a nominee: An agency must nominate a life and/or accident and sickness agent as nominee who will take on the rights and privileges of the agency licence, and is responsible and accountable to the Insurance Council for all insurance activities undertaken by the agency and its employees:
  • A nominee must be an officer, director, or partner of the agency, or a senior manager for the Province of BC.
  • If the insurance agency has authorized representatives other than the nominee, the nominee must have worked as a licensed life and/or accident and sickness insurance agent for 5 of the last 7 years.
  • If the agency or firm is changing the nominee, please submit an Agency Nominee Amendment Application Form. The form is available here, under Agency Nominee Change.
  • Effective August 1, 2023, new nominees must be approved by the Insurance Council and have taken the prerequisite course: Nominee Responsibilities and Best Practice. The course is administered by the Insurance Council and is available in two streams:
    • Nominee Responsibilities and Best Practice Course for General Insurance and Adjuster Nominees and Applicants
    • Nominee Responsibilities and Best Practice Course for Life and/or Accident & Sickness Nominees and Applicants
      
      Current nominees do not need to take the nominee course unless they are submitting a request to be appointed as a nominee for another agency or firm.
      
      More on how to register for the course here.

 

• Business name requirements for agencies and firms: All agencies and firms licensed by the Insurance Council must conduct business under names that are properly registered, accurately represent the business, and comply with all regulatory requirements. This includes both:
  • Corporate legal names
    • Official registered name of the business as it appears on incorporation records.
  • Trade / operating / doing business as (DBA) names
    • Name(s) used publicly that may differ from the corporate legal name.
    • May be a shortened or modified version of the corporate name.
    • Often, the name clients commonly associate with the business.
• Both corporate and trade names must be approved by the Insurance Council before they may be used in licensing, advertising, or client-facing activities.
  Businesses may operate under more than one trade name, provided each name is registered and approved by the Insurance Council.
• Corporate and trade name registration requirements: Under the Insurance Council Rules and the Financial Institutions Act (the “Act”), agencies and firms must ensure that business names:
  • Are registered with the BC Registry.
  • Are submitted to the Insurance Council for review and approval.
  • Do not resemble the name of an insurer, another licensed insurance agency, adjusting firm, or another licensed business in a way that may confuse or mislead.
  • Do not imply that the business is an insurance company.
• Use of terms “Insurance,” “Assurance,” or “Insurer”
  Section 12.1 of the Act restricts the use of these terms in a business unless that name is not likely to cause the public to believe the entity is an insurance company. As this provision falls under the jurisdiction of the BC Financial Services Authority (BCFSA), more information on restricted terms and name requests can be found on the BCFSA website.
   
• Requirements for trade, DBA, and operating names: all trade, DBA, or operating names must meet the following criteria:
  • Must be registered with the BC Corporate Registry.
  • Must not be the same as, or similar to, another licensed agency, adjusting firm, or approved trade name.
  • Must not be similar in sound, spelling, or appearance to another licensee’s business name.
  • Must not be differentiated only by minor changes from another licensed name (ie: adding/removing one or two letters, punctuation, or spacing).
  • May not be approved if concerns are raised by third parties regarding similarity or confusion.
  • Must not lead the public to believe the business is an insurance company.
  • Must not imply specialized expertise unless the business and its authorized representatives are properly qualified.
  • Must not use terms such as ‘financial planner’ unless requirements for that title are met.
  • Must not use the term ‘and Associates’ unless the business includes two or more licensed individuals.
• Online presence and domain names
  • Domain names must not duplicate or closely resemble another licensee’s legal name or trade name.
  • Must only use Council-approved names in advertising, public representation, and online presence.
• Changing a corporate or trade name: Licensees must notify the Insurance Council within 5 business days of:
  • A change to the corporate legal name, or
  • A new, updated, or discontinued trade/DBA/operating name.  
• Name approvals are governed by the Insurance Council Rules applicable legislation, and the Code of Conduct.

• Complete the application by following the instructions in the application package. 
• Answer all questions and attach all required documents, including the application fee, before submitting your application, as incomplete applications may take longer to process.
• If your application has been pending for more than our displayed processing times, please feel free to contact our Licensing Team.

Apply Online (See Instructions)
View and download the Corporate or Partnership Accident and Sickness Insurance Agency Licence Application
View and download the Directors, Officers, Partners, and Controlling Shareholders Exhibit Only Form
View the Corporate or Partnership Accident and Sickness Agency Licence Fee Schedule