News

September 2024

What to know if you are replacing an existing life Insurance contract

There may be instances where agents are asked or required to replace life insurance contracts for their clients. Before doing so, agents should be aware of the Financial Institutions Act and follow the regulations related to their insurance business.
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Understanding level 1 general insurance salesperson licence restrictions and conditions

Level 1 general licensees have certain restrictions and conditions that determine how they practice insurance business, and must be under the supervision of a general insurance agent when conducting insurance business.
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The Insurance Council rolls into the IBABC tradeshow

This year’s Insurance Brokers Association of British Columbia (IBABC) tradeshow had a Casino Royale theme and the Insurance Council made a safe bet to return to another successful event.
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August 2024

Required notifications from licensees

Did you know that you are required to notify the Insurance Council of certain personal and business-related changes to your licence and insurance activities? Review licensee notification requirements to ensure that you are compliant with the Insurance Council’s Rules.
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Government introduces temporary measures to help those impacted by recent wildfires

Individuals affected by wildfires may benefit from special measures announced by the Ministry of Immigration, Refugees and Citizenship. These measures include replacing government issued documents such as passports, citizenship and immigration documents at no cost.
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July 2024

New policy for requesting accommodations

The Insurance Council has developed a policy to support individuals who would like to request accommodation in their interactions with the Insurance Council.
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How to handle conflicts of interest related to insurance business activities

Do you have other work or volunteer activities and responsibilities in addition to or outside of your insurance business activities? Learn about real, potential, or perceived types of conflict of interest and your responsibilities as a licensee.
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Canadian regulators publish report on the fair treatment of customers

The Canadian Council of Insurance Regulators, a national body made up of provincial and territorial insurance regulators, has released a report as an accompaniment to the Guidance on the Conduct of Insurance Business and the Fair Treatment of Customers.
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Updated course requirement for General Insurance Level 3

The Insurance Council has developed a Supervision Course for General Insurance Agents, available starting in July 2024. This online course reflects changes made to general insurance agent level 3 licence qualifications earlier in April.
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June 2024

Preparing for wildfire season

As wildfire season approaches, we are bringing attention to two recent advisories published by the BC Financial Services Authority, as well as resources provided through PreparedBC and British Columbia Fire Smart that may be relevant to licensees and their clients.
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Get familiar with the Insurance Council's Rules and Code of Conduct

Licensees are encouraged to regularly review Insurance Council Rules and Code of Conduct ensuring they abide by and stay up to date with their ongoing requirements and are meeting practice standards.
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National Insurance Awareness Day

We’re calling all licensees to join us on June 28 to remind their clients of the importance of having adequate insurance coverage that meets their needs to safeguard against unforeseen circumstances.
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February 2024

Changes to general and adjuster licence upgrades coming soon

The Insurance Council is introducing changes to general and adjuster licensure requirements that will make it easier for qualified insurance professionals to get their Level 3 licence.
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New free CE course offering on CE requirements

The new Insurance Council course is designed to help licensees improve their knowledge of the Insurance Council’s continuing education (CE) requirements and the guidelines for their licence class.
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Annual licence renewal webinar

The webinars are eligible for one CE credit and are complimentary, but registration is required. Attendees must attend the full session to receive CE credit and may only claim credit for attending one session.
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Reminder: Completion of annual CE requirements for licence renewal

Annual completion of continuing education is a requirement of insurance licensure in BC.
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Notification of updated fee schedule for 2024

The Insurance Council has published an updated fee schedule for licensure and related services, which will take effect April 1, 2024.
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January 2024

BC adopts national LLQP exam policy - Changes effective July 1, 2024

Canadian regulators for insurance intermediaries are adopting a unified national policy for the administration of the Life Licence Qualification Program (LLQP) examination. To align with the national approach, the Insurance Council’s adoption of the policy will result in changes to the current waiting period to rewrite the LLQP exam after a number of failed attempts. These changes will come into effect July 1, 2024.

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News and Latest Updates

October 2024

2024 Regulatory Update