Notifications to Council

If a licensee is disciplined by any financial sector regulator or any professional or occupational body, they must provide the Insurance Council with:

• A written explanation of what happened.
• A copy of the discipline order from the other regulatory body.
• Any evidence you have satisfied the requirements of that regulatory body.

Insurance Council staff will be in touch once they have had an opportunity to review the documents.

Written notification can be emailed to practice@insurancecouncilofbc.com. 

In the event a judgment is rendered in relation to any insurance activities, fraud, or breach of trust, licensees must submit a copy of the judgment to Council.

Insurance Council staff will be in touch once they have had an opportunity to review the documents.

Written notification can be emailed to practice@insurancecouncilofbc.com. 

Licensees that declare bankruptcy, must notify the Insurance Council and provide a copy of their bankruptcy documents.

Insurance Council staff will be in touch once they have had an opportunity to review the documents.

Written notification and bankruptcy documents can be emailed to practice@insurancecouncilofbc.com. 

Licensees charged or convicted of any criminal offence or any offence under any law of any jurisdiction (excluding traffic offences resulting in monetary fines only), must notify the Insurance Council within five business days from the date they are charged with an offence. Licensees should provide a copy of any documents given to them as well as a written summary of what occurred.

Council staff will be in touch once they have had an opportunity to review the documents.

Written notifications can be emailed to practice@insurancecouncilofbc.com.

When a licensee’s authorization to represent an insurance agency, adjusting firm, or general insurance direct writer is withdrawn, they are required to notify the Insurance Council. If the reason for withdrawing the authorization relates to the individual’s suitability or conduct as a licensee, the agency must submit a summary of the reason for the withdrawal.

Both the licensee and the agency must submit written notification that the authorization has been withdrawn.

The licensee should:

• Submit a fully completed End Authorization to Represent and/or End Supervision Form to the Insurance Council's Licensing Department at licensing@insurancecouncilofbc.com within five business days of the withdrawal.

The licensee's licence will become inactive until an Add Authorization to Represent Form is submitted and reviewed by the Insurance Council.

Insurance Council staff will be in touch once they have had an opportunity to review the submissions.

Any change in name, including trade names must be submitted to the Insurance Council using a Change of Name Form and must include the supporting documents and corresponding fee.

Insurance Council staff will be in touch once they have had an opportunity to review the documents.

View and download the Change of Name Form and Fee Schedule.

Written notification and name change documents can be emailed to licensing@insurancecouncilofbc.com. Once reviewed, the Licensing team will reach out to licensees with instructions on how to submit the corresponding fee through our Online Portal. Alternatively, the name change documents and fee can be mailed or couriered to our office.

Under Insurance Council Rules (Rule 7(11)), a licensee must maintain or be covered by Errors and Omissions (E&O) insurance that extends to all activities as a licensed insurance agent, salesperson or adjuster, with a minimum of $1,000,000 per claim and a minimum aggregate limit of $2,000,000. If a licensee is no longer insured, they must notify Council within five business days and immediately stop conducting any insurance activities. 

Written notification can be emailed to practice@insurancecouncilofbc.com.
 

A licensee must notify the Insurance Council within 30 calendar days of any change in contact information.

Contact information can now be updated through our online portal. Licensees can log into their portal account using their user name and password.

To update your contact information online:

• From the main menu, click on Update my contact information.
• Click on Edit Contact, make the required changes, and click Save.
• Click on Manage Addresses, Edit Address, then Save. Please edit existing addresses instead of adding new addresses, unless you need to add a new address type. Your service address is the one that Council will use to send written correspondence.

Alternatively, you may update your contact information by emailing a Change of Contact Information Form to licensing@insurancecouncilofbc.com. 

View and download the Change of Contact Information Form - Individuals

Supervisors of New Life and/or Accident and Sickness Agents must provide written notification to Council within 5 business days should a supervisor decide to withdraw as the supervisor before the new Life and/or A&S Agent’s mandatory supervision period is completed. A fully completed End Authorization to Represent and/or End Supervision Form must be submitted by email to the Licensing Department at licensing@insurancecouncilofbc.com. Until written notification is received by Insurance Council, the supervisor remains accountable for the New Life and/or A&S Agent. The supervisor must also provide the reason for ceasing to supervise a New Life and/or A&S Agent if the reason for ceasing to supervise relates to a New Life and/or A&S Agent’s suitability or conduct as a licensee. Review Council’s Notice ICN 19-004 Guidelines for Supervision of New Life and/or Accident & Sickness Agents to learn more about your responsibilities as a supervisor and a New Life and/or A&S Agent.
 
If the mandatory supervision period has been completed, please submit a Supervision Period Confirmation of Completion Form by email to licensing@insurancecouncilofbc.com. Please note that supervision must continue until the form has been submitted and reviewed by the Licensing Department.

Where a life agent licensee no longer has written authorization to represent at least one insurer authorized to do business in British Columbia, their licence is will be automatically suspended without further action by the Insurance Council. Licensees must notify the Insurance Council of the automatic suspension within five business days of the suspension.

Written notifications may be provided to the Insurance Council by email at practice@insurancecouncilofbc.com.

Licensees may be asked to place a client’s insurance business with an insurer who is not authorized to conduct business in British Columbia when the necessary coverage is not available from an authorized insurance company or if coverage from an authorized insurer did not meet the client’s specific insurance needs. However, before conducting business with an unauthorized insurer, licensees have specific requirements under Insurance Council Rules, the Financial Institutions Act and the Insurer Exemption Regulation.
 
Among other requirements, licensees are required to notify the Insurance Council in writing that they intend to rely on section 76(1)(c) of the Act prior to completing a transaction with an unauthorized insurer. Licensees who are involved with the placement of insurance with unauthorized insurers are also required to file with the Superintendent of Financial Institutions (Superintendent) a Placement of Insurance with Unauthorized Insurers Return (BCFSA Return) within 30 days at the end of each quarter. Notice ICN 21-001 Use of Unauthorized Insurers outlines regulatory requirements for licensees placing business with an unauthorized insurer.  

Written notification can be emailed to practice@insurancecouncilofbc.com.