Update on licences limited to the sale or adjusting of specific products
Published July 22, 2022
Updated August 22, 2022
The following update provides information regarding BC insurance licences limited to the sale or adjusting of one or more specific products.
In March 2021, the Insurance Council of BC ceased issuing individual and agency/firm insurance licences limited to the sale or adjusting of specific products following a legal review of the licensing process involved. Licence holders were
advised at that time and
information was made available to stakeholders.
Restricted licence for incidental sales of insurance proposed
The BC Ministry of Finance is proposing to introduce a
new restricted licence framework that would allow corporate entities to apply for a restricted licence that permits their employees and representatives to sell specific insurance products under the corporate licence. The Insurance Council is working with government to develop a licensing process that would support its implementation.
The ministry is holding public consultation on the regulations that would govern the proposed restricted licence until October 3, 2022.
Once government regulations and a process for the restricted licence are in place, the Insurance Council will accept applications for this licence. Until then, no new individual or corporate insurance licences limited to the sale or adjusting of specific products are being issued.
Provisions for a restricted licence were introduced by government in the 2019 amendments to the
Financial Institutions Act. However, implementation requires the development of regulations to define the scope of this licence—the work that is currently in progress.
Current limited licence holders
Current limited licence holders can still continue to carry out activities within the scope of their licence. However, additions or changes will not be made to these existing licences, nor will they be reinstated if cancelled. The continuation of existing limited licences will be discussed as part of the development of the proposed restricted licence.
Insurance licensure continues to be available through our
standard licensing process. Those wishing to conduct general insurance, life and/or accident & sickness insurance or insurance adjusting will need to apply for the corresponding licence and meet qualification requirements.
Updates will be provided
on our website as more information about the new restricted licence becomes available.