Mandatory notifications to the Insurance Council

Published October 19, 2022



Licensees have an obligation to provide notification to the Insurance Council of certain changes or decisions that are related to their insurance licence(s). These may be personal or business-related changes, disciplinary or legal decisions or to meet regulatory reporting requirements. Notification to the Insurance Council can occur by email or regular mail.
 
Mandatory Notifications under Council Rules require licensees to notify the Insurance Council within five (5) business days when:

• Disciplined by any financial sector regulator, or any professional or occupational body.
• Has any judgement rendered in relation to any insurance activities, fraud or breach of trust.
• Declares bankruptcy.
• Is charged or convicted of any criminal offence or any offence under any law of any jurisdiction, excluding traffic offences resulting in monetary fines only.
• When a licensee’s authorization to represent an insurance agency, adjusting firm or general insurance direct writer is withdrawn.
• Change in name, including trade names.

 
Licensees whose contact information changes (i.e. address(es), phone number, or email address) must update the Insurance Council within 30 calendar days of when the contact information change occurs. You can update your contact information in the online portal – this is the same online portal tool you use to complete your annual licence renewal.
 
Supervisors of new life and/or accident & sickness (A&S) agents must provide written notification to the Insurance Council within five (5) business days should they decide to withdraw as the supervisor before the new life and/or A&S agent’s mandatory supervision period is completed. Until written notification is received by the Insurance Council, the supervisor remains accountable for the new life and/or A&S agent. The supervisor must also provide reason for ceasing to supervise a new life and/or A&S agent if the reason for ceasing to supervise relates to a new life and/or A&S agent’s suitability or conduct as a licensee.

Review Council’s Notice ICN 19-004 Guidelines for Supervision of New Life and/or Accident & Sickness Agents to learn more about your responsibilities as a supervisor and a new life and/or A&S agent.
 
Licensees that intend to conduct insurance transactions with an unauthorized insurer pursuant to section 76(1)(c) of the Act, must, in advance of conducting any transactions, provide the Insurance Council written notification, as well as meeting other regulatory requirements as outlined in Council Notice ICN 21-001 Use of Unauthorized Insurers.
 
To learn more about Insurance Council’s mandatory reporting requirements, please visit the Licensee Resources page of our website or contact us at practice@insurancecouncilofbc.com.