News

May 2023

Annual CE and E&O requirements for licence renewal

Licensees are reminded that they must meet their CE requirements by May 31. Coucil Rule 4(4) requires that licensees meet their CE and E&O insurance requirements before they can renew their licence.

Restricted licensing framework update

In response to the province’s decision to introduce a regulatory framework for the sale of incidental insurance products, the Insurance Council is developing a licensing regime to support this new regulatory framework.

Insurance Council 2024-2026 Strategic Plan

The Insurance Council is excited to announce the launch of its 2024-2026 Strategic Plan. The plan outlines the Insurance Council’s key goals and priorities over the next three years, and guides our work as an effective regulator.

New Rule on conflict of interest in strata insurance business

The introduction of a new Insurance Council Rule, 7(11.2) prohibits conflicts of interest in strata insurance business. This rule will come into effect July 1, 2023, and all licensees are expected to be in compliance by this date.

Upcoming webinars: How to complete annual licence renewal

The Insurance Council will be hosting a set of webinars on how to complete annual licence renewal in March.

Webinar: CE requirements

Information sessions will be held in March to help licensees understand their CE requirements, guidelines and CE resources.

Annual licence renewal opens March 31

Annual licence renewal for all Insurance Council licensees will open on March 31, 2023.

Updated Life Insurance Replacement Declaration form proposed

Canadian insurance regulators are proposing a revised Life Insurance Replacement Declaration (LIRD) form and are inviting feedback by March 31, 2023.

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May 31 deadline reminder for CE requirements and new update to licence renewal

The annual deadline for licensees to complete their CE requirements is May 31, 2023 for the licensing period of June 1, 2022 – May 31, 2023.

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January 2023

New payment option for Insurance Council courses

When registering for an Insurance Council course, applicants/licensees can indicate that their agency/firm will pay for their course by confirming that they have an agreement with a licensed agency to pay on their behalf.

Licensee duties to combat financial crime

Insurance Council licensees have an obligation to help prevent money laundering and terrorist activity financing in Canada under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Modernizing updates to Insurance Council Rules moves forward

A package of proposed changes to the Insurance Council Rules has now been approved by the Minister of Finance following submission in November 2022.

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