Corporate or Partnership General Insurance Licence

Corporate or partnership general insurance licence qualifications and application information for first-time or returning insurance licence applicants in BC.

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.

Corporate or Partnership General Insurance Agency: Licensee Requirements

  • Requirement to Represent an Insurance Company: An agency must obtain and maintain the ability to represent at least one insurance company authorized to conduct business in the province.
  • Requirement to have a Nominee: An agency must designate a level 3 agent as nominee who will take on the rights and privileges of the agency licence, and is responsible and accountable to 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 in the BC branch or office.
  • Requirement for Office Supervision: Each agency location must come under the direct supervision of a level 3 agent. All supervising level 3 agents are responsible and accountable for overseeing the work of those in their area of responsibility and for establishing and maintaining office procedures that support the competent and ethical conduct of the business of insurance. The agency’s nominee is responsible for determining what constitutes adequate supervision at each agency location, taking in to account:
    • The number of agents working in the office.
    • The levels of licence and experience of the agents.
    • The extent of written procedures.
    • Council Rules and Council’s Code of Conduct.
  • Requirement for Agency Name Registration with the BC Corporate Registry: Council requires all agency names to be registered with the BC Corporate Registry. An insurance applicant or licensee is required by the Financial Institutions Act (the “Act”) to have a name that is neither misleading, nor likely to cause confusion for the public. Section 31 of the Financial Institutions Act also requires that any time the word “insurance” or “assurance” or “mortgage” is used, the name cannot be used in a manner that would cause a member of the public to believe the entity is an insurance company.
  • Requirement for Trade Name Registration with the BC Corporate Registry: A corporation intending to carry on business under a trade name, that is, a name different than its legal corporate name, must register the desired trade name with the BC Corporate Registry and apply to have that name approved by Council.
View and download the Corporate or Partnership General Insurance Agency Licence Application
View and download the Directors, Officers, Partners, and Controlling Shareholders Exhibit Only Form
View the Corporate or Partnership General Insurance Agency Licence Fee Schedule