2023

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.

February/March 2023

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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April 2023

Reminder: Complete your CE requirements by May 31

All licensees must complete their annual CE requirements by May 31 prior to renewing their licence.

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.

June 2023

Updates to nominee qualifications effective August 1

Approved changes to the Insurance Council Rule on nominee qualifications will come into effect August 1, 2023. These updates clarify existing qualification requirements to become a nominee and introduce a prerequisite course for new nominees.

June 28 is National Insurance Awareness Day

Insurance industry professionals, agencies and firms are encouraged to join in getting the message out to Canadians to take the opportunity to review their insurance policies, and to reach out to their broker.

Reminder to licensees on strata insurance requirements

Are you up to date on all your responsibilities when conducting strata insurance business? Licensees have obligations that must be met specific to strata insurance business.

Rule 5 (1), (a), (b), and (o) Consultation

Consultation for Rule 5 Council Fees (1) (a), (b), and (o) is now open and licensees can provide input until August 2, 2023.

July 2023

Licensee duty to protect client confidentiality

Licensees have a responsibility to safeguard client information and must also follow the Personal Information Protection Act.

August 2023

Adjuster licences expedited — Temporary licence available in response to wildfires

In response to the Provincial State of Emergency due to BC wildfires, the Insurance Council is expediting applications for insurance adjuster licences and is now accepting applications for temporary insurance adjuster licences.

Life insurance agents reminded of obligations and responsibilities to clients in sales with upfront commissions

Licensees are reminded of their obligations under the Insurance Council’s Code of Conduct and how it relates to the sale of IVICs and segregated funds.

September 2023

Insurance adjusters' role and responsibilities

Insurance adjusters play a unique role in the business of insurance, particularly in their relationship with insureds and insurers.

Insurance services by intermediaries subject to tax

In July 2023, the Canada Revenue Agency (CRA) released GST/HST Notice 325 providing clarification and guidance on the application of GST/HST to supplies made, directly or indirectly, to an insurer by certain insurance intermediaries to aid insurers and intermediaries in determining whether the services they provide are subject to GST/HST or exempt.

The Insurance Council returns to the IBABC tradeshow

The Insurance Council was pleased to attend the annual Insurance Brokers Association of British Columbia (IABAC) tradeshow held earlier this month.

October 2023

Donna Thorne appointed 2023/2023 Insurance Council Chair

The Insurance Council is excited to announce Donna Thorne as Council Chair for 2023/2024. With over 30 years of experience in the financial services industry Donna’s knowledge is a valuable resource in providing strategic leadership and direction for the Insurance Council.

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Regulators highlight insurance intermediary best practices to support improved cybersecurity

Canadian regulatory authorities for insurance intermediaries have collaborated to produce a publication on cybersecurity preparedness to support insurance professionals to improve cybersecurity practices and safeguard confidential client information. The publication titled “Cybersecurity Readiness” highlights the importance for intermediaries to prioritize cybersecurity and build awareness of their role and responsibilities in achieving cybersecurity readiness.

Resources to help increase your cybersecurity readiness

In recognition of Cybersecurity awareness month, the Insurance Council of BC has curated a number of helpful resources to assist you in learning more and being cybersecurity-ready.

Insurance Council of BC Regulatory Update 2023

The Insurance Council is hosting its innaugural Insurance Council of BC Regulatory Update 2023 and inviting all licensees and stakeholders to attend.

November 2023

Small businesses can apply for help with vandalism costs

General insurance licensees may be interested in informing their clients of a new provincial rebate that helps small businesses cover costs relating to commercial property crime and vandalism repairs or to implement preventative measures.

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Amended Insurance Premium Tax Act impacts unauthorized insurer placement filing and payments

Licensees who are involved with the placement of insurance with unauthorized insurers are advised of changes to the Insurance Premium Tax Act.

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December 2023

Supervision for new life and/or accident & sickness licensees

New life and/or A&S agents and their supervisors are reminded that a minimum of 24 months supervision is required before new agents are qualified to practice unsupervised.

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2023 News Archive