2021 News Archive

See Insurance Council News for January to December 2021. Click on each month to expand the content and see the full articles.

Return to What's New at Council

Consultation on Guidelines for Life Insurance MGAs

The Insurance Council is consulting licensees and stakeholders on updated regulatory guidance for managing general agents (MGAs) in the Life Insurance sector. We are inviting your written feedback on a draft document: Guidelines for Managing General Agents’ Role and Responsibilities in the Distribution of Life Insurance in British Columbia until February 15, 2021


Changes to Use of Unauthorized Insurers

The BC Financial Services Authority (BCFSA) recently advised that it will temporarily relax current restrictions on agents’ use of unauthorized insurers in certain circumstances. 


Insurance Council Rules Undergo Review

The Insurance Council is conducting a comprehensive review of the Council Rules. The review seeks to identify provisions that need to be clarified or aligned with current practices, that are outdated and in need of updating, and that may need to be revised to achieve desired regulatory outcomes. 


Webinar for New Level 1 Salespersons – Registration Open

The Insurance Council is pleased to offer a free continuing education webinar for New Level 1 Salespersons licensed June 1, 2019 and later. The session will cover licensee responsibilities and requirements, an overview of continuing education requirements, the temporary rule change on location restrictions, and licence renewal. 


Meeting Continuing Education Requirements – About the 2020 CE extension

We answer your questions about last year’s extension for 2020 CE credit requirements as well as this year’s requirements, both due May 31, 2021.


Update on the Continuing Education Guidelines: What’s Happening and Next Steps

In May 2020 we launched a consultation on proposed new guidelines for Continuing Education requirements.This article provides an overview of what we heard during consultation, council's decision, and what’s happening next.


Completion of Supervision Period for New Life Licensees

A reminder that new life agents and their supervisors need to submit a “Confirmation of Completion” form to the Insurance Council for approval when a new life agent’s supervisory period is over. Until the Insurance Council receives and approves this form, the supervisor's name remains on the new life agent’s license. The minimum supervision period for a new life agent is 24 months, not a maximum, so it’s important to complete and send in the form so that the conditions can be removed.

You can find the form here under the heading 'Supervision.' 

Online Applications for Individuals Coming Soon

Exciting news! The Insurance Council is targeting the launch of an online application process for non-corporate insurance licences at the end of March. Online application for corporate licences is expected later in the summer. More information will follow on our website closer to launch.

Issuing of Product-specific Restricted Licences Discontinued

As of March 2021, the Insurance Council has ceased issuing licences restricted to the sale or adjusting of one or more specific products.  


Online Application for Individual Licences Now Available

Applications for individual licences (ADJ-GEN-LIF-A&S) can now be submitted online. Online application for corporate licences, travel sole-proprietor licences, and trainee registrations are not yet available, but is currently in development. Instructions for the online application process are available on our website.

Annual Filing Starts April 1: Update Your Contact Info

Courtesy email notifications will be sent to all licensees when annual filing becomes available. Please be sure to check and update your contact information via the online portal before then to receive these emails. 

Webinar for New Life Agents Offered

The Insurance Council is pleased to offer a free webinar for new life agents or accident & sickness agents licensed June 1, 2019, and later. This session will provide an overview of definitions, life and accident & sickness agent professional responsibilities, and requirements for conduct, continuing education and E&O insurance.


Consultation on Proposed Changes to Rules 5 and 6(1)(b) 

Licensee, stakeholder and public feedback is being sought on proposed changes to two Insurance Council Rules. This first set of rule changes is being brought forward as a part of the Council Rules Review initiative. 


Live Info Session on New Continuing Education Guidelines

Starting June 1, 2021, new Continuing Education Guidelines will be in effect for all Insurance Council licensees. Register here to join us for a live information session about the new guideline requirements.


Annual Filing: Complete Your Filing by June 1, 2021

Annual filing for all insurance licences is now open. The deadline to complete your annual filing is June 1, 2021.


Recording of the new Continuing Education Guidelines Info Session

The new Continuing Education (CE) Guidelines come into effect on June 1, 2021. A recording of the live CE Guidelines Info session is now available.


Motor Vehicle Dealership Loyalty Products Classified as Insurance

BCFSA recently conducted a review of motor vehicle dealership loyalty products offered in BC and concluded these products meet the definition of insurance.


FINTRAC Issues Anti-money Laundering Guidance on Verifying Clients

The Financial Transactions and Reports Analysis Centre of Canada introduced a new guidance for life insurance companies, brokers and agents that came into effect on June 1, 2021.


Canadian Regulators Seek Input to New Conduct Principles for Intermediaries

The Canadian Insurance Services Regulatory Organizations is seeking input for the development of its Principles of Conduct for Intermediaries to help ensure the fair treatment of customers in the life & health and property & casualty insurance sectors.


List of other business activities and potential conflicts updated

Do you work or volunteer outside of where you conduct insurance business activities? There are occasions where there may be a conflict of interest that risks a licensee’s ability to provide fair representation of a client or insurance company.


Temporary rule change extends lifting of Level 1 salesperson location restriction

The Minister of Finance has approved an additional urgent temporary rule change to Rule 6(1)(b). This effectively extends the rule change first brought into force in March 2020 allowing eligible level 1 general insurance salespersons to work outside an agency office.


Notice in effect: Advisory for handling business with unauthorized insurers

The Insurance Council recently issued a practice guidance detailing licensees' responsibilities when placing insurance with an unauthorized insurer on behalf of a client.


Webinar registration open for general insurance agents, adjusters and salespersons

The Insurance Council is pleased to offer a free continuing education webinar for general insurance agents, adjusters and salespersons. The webinar content is geared towards those newly licensed, but all are welcome to attend.


Webinar registration open for life, accident, sickness insurance agents

The Insurance Council is pleased to offer a free continuing education webinar for and/or accident & sickness insurance agents. The webinar content is geared towards those newly licensed, but all are welcome to attend.


Information for agents and adjusters about emergency flood response

Following recent catastrophic flooding in British Columbia and the resulting emergency response, the Insurance Council anticipates that many insurance agents and adjusters will be called on to provide services to clients to assess coverage, damage and loss.


Insurance Council to issue temporary adjuster licences

In response to customer needs to assess the damages in a timely manner and address the anticipated influx of insurance claims, the Insurance Council will issue and expedite temporary adjuster licences effective immediately.


New continuing education courses offered by the Insurance Council

Licensees can now register for online CE courses through the Insurance Council's online portal.


Flooding in Southwestern BC – How to recover losses

The Province declared a state of emergency and evacuation orders are in place for areas within the Fraser Valley and the South Coast of BC. As communities are displaced, many are left wondering what to do and whether they will be covered by insurance.


Consultation on Proposed Continuing Education Accreditation Program

The Insurance Council plans to introduce a CE accreditation program to create greater clarity about what courses qualify for credit towards licensees' annual CE requirement. Learn more about the proposed program and provide your feedback by December 31, 2021. 


See News Archive