2022 News Archive

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. 

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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. 

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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.

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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.

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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.

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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.

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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.

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.

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.

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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. 

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

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

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.

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.

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Annual licence renewal is now open

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

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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.

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).

Update on licences limited to the sale or adjusting of specific products

The Province is proposing to introduce a new restricted licence framework that would allow corporate entities to apply for a restricted licence that permits employees to sell specific insurance products under the corporate licence. The Insurance Council is working with government to develop a licensing process to support implementation.

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BC insurer regulator seeks input on its draft insurer code of conduct and supplemental guideline

BC Financial Services Authority has drafted an insurer code of conduct including a supplemental guideline to ensure the fair treatment of customers, and is requesting feedback prior to publication.

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Applications for accredited course providers is now open

The Insurance Council is now accepting early applications from eligible educational institutions and insurance organizations to become an accredited continuing education course provider.

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Consultation feedback prompts changes to two proposed rules

In response to licensee feedback, the Insurance Council has made updates to proposed rule amendments for Licence Renewal and Nominee Qualifications.

Regulators seek feedback on upfront commissions paid for segregated funds and individual variable insurance contracts

Canadian regulators are seeking input on a discussion paper that examines upfront compensation paid for the sale and servicing of segregated funds and individual variable insurance contracts.

The Insurance Council at the IBABC Tradeshow

In case you missed it, the Insurance Council attended the IBABC Tradeshow on September 15. 

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Changes to online criminal record checks

Starting on October 31, 2022, the Insurance Council will have criminal records checks available online for new licence applications through Triton Canada.

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Package of rule changes proposed for Ministerial approval

The Insurance Council has submitted a package of proposed amendments to the Council Rules to the Minister of Finance for approval. This follows consultation with licensees and other stakeholders earlier this year in May and September 2022.

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Licensee holding out – What you need to know

Licensees must honestly represent themselves and the services and products they provide so as not to mislead the public.

Doing business with unauthorized insurers

Before licensees proceed to conduct business with an unauthorized insurer, there are specific requirements under Insurance Council Rules, the Financial Institutions Act and the Insurer Exemption Regulation that licensees must meet. 

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