News and Latest Updates

Get up to speed on the latest news and developments from the Insurance Council of British Columbia.

May 2022

Canadian regulators publish principles of conduct for insurance intermediaries

The Canadian Insurance Services Regulatory Organizations has published principles for insurance intermediaries that will help ensure the fair treatment of customers in the life & health and property & casualty insurance sectors.

Read More

Updated guidance for the supervision of general insurance level 1 salespersons

The Insurance Council has updated and expanded its guidance for the supervision of general insurance level 1 salespersons. The new Guidelines for Supervision of General Insurance Level 1 Salespersons clarifies the Insurance Council's expectations for agencies, nominees and agents with supervisory duties meeting their supervision requirements. The guidelines reflect recent changes to Insurance Council Rule 6(1)(b).

Read More

April 2022

Continuing education reminder

As the annual licence period is coming to a close and a new licence period begins, licensees are reminded that they must meet their annual continuing education requirements by May 31, 2022. 

Read More

Annual licence renewal: What you need to know about changing your licence status

The process of annual licence renewal (formerly annual filing) opened April 1st. All insurance licensees must complete their annual licence renewal to maintain their licence for the upcoming year. 

Read More

Level 1 General Insurance Salespersons consulted on competency framework

The Insurance Council is developing competency profiles as a basis for licensing qualifications. The Level 1 General Insurance Salesperson Competency Framework is the Insurance Council’s first initiative of this type, with the goal of creating similar profiles for all types of insurance licenses.

Read More

Guidance for life insurance agencies updated

The Insurance Council of BC has updated its guidance for life insurance agencies operating in British Columbia. The newly published Guidelines for Life Insurance Agencies outline and clarify the roles and responsibilities of all life insurance agencies in the distribution of insurance. This includes managing general agents (MGA), associate general agents (AGA) , sub-AGAs, multi-level marketing distribution models and producer groups.

Read More

Annual licence renewal is now open

Annual licence renewal opens April 1 and the deadline to renew is June1. 

Read More

March 2022

Consultation on Council Rule Amendments

We are consulting licensees and stakeholders on changes to eight different topics within the Rules as part of an ongoing project to modernize the Council Rules, which set the licence conditions and requirements for all BC insurance licensees.

Read More

Feedback sought on Guidelines for Supervision of General Insurance Salespersons

We are seeking licensee and stakeholder feedback on draft guidelines for the supervision of general insurance (level 1) salespersons. This consultation will remain open until end of day April 8, 2022.

Read More

Canadian regulators seek input to new guidance for incentive arrangements in the sale of insurance products

The Canadian Council of Insurance Regulators and the Canadian Insurance Services Regulatory Organizations – the two national organizations for Canadian insurance regulators – are seeking input for the development of its proposed Incentive Management Guidance.

Read More

February 2022

Regulators banning deferred sales charges in segregated funds

The Canadian Council of Insurance Regulators and the Canadian Insurance Services Regulatory Organizations—the two national organizations for Canadian insurance regulators—have set out their expectation that insurers cease use of Deferred Sales Charges in sales of segregated funds by June 1, 2023. 

Read More

Insurance Council launches new updated Council Rules Course in March

Starting March 15, 2022, the Insurance Council Rules Course will be offered through our online portal. The course is a prerequisite for all new Insurance Council licence applicants and can also be taken by licensees to count towards their continuing education requirements.

Read More

Annual filing renamed annual licence renewal

Starting this year, the Insurance Council process known as “annual filing” has been renamed “annual licence renewal.” This change was prompted by recent amendments to Insurance Council Rule 4.4.

Read More

Changes to structure of licence and application fees ahead

Changes to a number of Insurance Council fees will be in effect for the upcoming licence year that starts June 1.

Read More

Elimination of Best Terms Pricing practices in BC

The BC Financial Services Authority, the regulator for insurers operating in BC, has issued a regulatory statement prohibiting the practice of Best Terms Pricing (to determine premium pricing in an insurance policy.

Read More

January 2022

We need your input: Shape our communication with licensees

The Insurance Council is seeking feedback to shape its future communications with licensees about licence and practice requirements, and other important regulatory news.

Read More

News Archive