- Requirement to register with Consumer Protection BC: Council will only issue restricted travel insurance licences to agencies registered to act as a travel agent with Consumer Protection BC.
- 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.