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Notification of updated fee schedule for 2024


Published February 6, 2024

The Insurance Council of BC is an independent body tasked by government with the regulation of British Columbia’s insurance professionals. This work is self-funded through the fees collected from industry.
 

What’s happening?

The Insurance Council has published an updated fee schedule for licensure and related services, which will take effect April 1, 2024.

The update reflects amendments made to the Insurance Council’s Rule 5 in 2021, and those approved by government more recently in November 2023. This includes changes to enable a fee to be collected for various services as well as an adjustment to licensing fees. An updated version of the Council Rules with the change to Rule 5 has been published and comes into effect April 1, 2024.

The fee schedule can be found on the website under Licensing Fees.


The updated fees are as follows:

Licensing
From April 1, 2024

Licence application
   Individual
   Agency/Firm


$350  ($325 + $25 government fee)
$900  ($875 + $25 government fee)

Annual licence
   Individual
   Agency/FirmAgency/Firm


$325  ($300 + $25 government fee)
$575  ($550 + $25 government fee)

Late renewal
   Individual
   Agency/Firm


$260
$500

Licence level upgrade application

$215  ($190 + $25 government fee)

Licensing related services
From April 1, 2024
Amendment to corporate legal name, add/remove trade name $100  ($50 + $50 government fee)
Amendment to corporate ownership due to merger and acquisition $850  ($800 + $50 government fee)
Register material changes of ownership
(controlling shareholders)    		 $175  ($125 + $50 government fee)
Amendment of an individual’s legal name 
(includes sole proprietors)		 $100  ($50 + $50 government fee)
Register a general insurance trainee  $100


About changes to the fees

As the Insurance Council take steps to modernize our operational practices, we are gradually adjusting our fee structure to more accurately reflect the cost of services and regulatory activities. We are also increasing our capacity to meet increases in complaint and investigation volume, and provide practice support. The Insurance Council believes in an approach where public protection is funded responsibly, and fees for regulatory services pay for the costs of regulating the sector. Prior to amendments to Rule 5, the Insurance Council did not have the authority to recover fees for a number of the regulatory services it has provided until now.

The Insurance Council will be publishing its fee schedule in February on a yearly basis, following approval of the annual budget by the voting members of Council.
 

Financial oversight

All fees are set within the range established by the Insurance Council Rules and approved by voting council. The Insurance Council budgets on a 3-year cycle in alignment with its Strategic Plan, to ensure adequate resourcing for regulatory functions and strategic initiatives. The budget is reviewed and approved by the voting members of Council, and regular reporting on financial statements is provided to the Finance and Audit Committee of Council.