Restricted licensing framework update

Published May 22, 2023

The Insurance Council is currently developing a new licensing framework that will regulate the sale of insurance products that are incidental to the vendor’s primary business. This development is in response to the BC Ministry of Finance introducing the Financial Institutions Amendment Act, 2019 (Bill 37), which enables this restricted licence. The restricted licence will be established through provincial regulations and the framework the Insurance Council is developing.

Organizations that offer insurance products incidental to their ordinary business will be required to obtain and hold a licence with the Insurance Council in order to sell insurance through their employees and representatives in BC. The specific products and services that will be included in this regime are still being considered by the Ministry of Finance and will be confirmed when regulations are published.

Currently, Insurance Council staff are meeting with industry stakeholders to gather important feedback regarding performance requirements which will help inform the restricted licensing framework. Industry stakeholders will have the opportunity to provide their input for consideration at various points throughout the regime’s development. 

How can I stay updated and get involved?
The Insurance Council will continue its work developing the restricted licensing framework and engage stakeholders throughout its development; we anticipate the publication of regulations in the coming months. If you would like to receive communications about the restricted licensing framework as information becomes available, including consultation opportunities, please visit our restricted licensing framework engagement page to sign up for updates.  
Sign up for updates here