Notification of updated fee schedule for 2025
Published February 4, 2025
The Insurance Council of BC is an independent body tasked by government with the regulation of British Columbia’s insurance intermediaries. This work is funded through fees collected from industry. The Insurance Council publishes its fee schedule in February on a yearly basis, following approval of the annual budget by the voting members of Council.
About the updates
The Insurance Council has published an updated fee schedule for licensure and related services. This new schedule will take effect June 1, 2025, and apply to 2025 licence renewals starting this April. The complete fee schedule can be found on the website under Licensing Fees. An overview of updated items is provided below.
There will be a process change to how the Insurance Council collects fees on behalf of BCFSA for licence applications submitted and granted between March 1 and May 31. Licences issued during this period cover more than one year so two BCFSA fees are applicable. With this change, the second fee for a partial year will no longer be charged upfront at the time of application but will instead be charged when the application is ready for approval, prior to granting the licence. Updated fees for 2025 are as follows:
Licensing
| |
| Licence application |
Individual |
$400 ($375 + $25 government fee) |
| Agency/Firm |
$1,025 ($1,000 + $25 government fee) |
| Annual licence |
Individual |
$355 ($330 + $25 government fee) |
| Agency/Firm |
$650 ($625 + $25 government fee) |
| Licence level upgrade application |
|
$250 ($225 + $25 government fee) |
Exams
| |
|
Full day (4 modules – 1 exam sitting)
Metro Vancouver Locations
|
$200
|
|
4 modules (Multiple exam sittings)
|
$300 ($75 per module)
|
Courses
| |
|
Council Rules course
|
$150
|
|
Supervision course
|
$150
|
|
Nominee course
|
$225
|
Other
| |
|
|
Course provider accreditation (3-years)
|
$650 + $150 annual administrative fee
|
|
Individual course accreditation (3 years)
|
$150 annually
|
|
Individual course accreditation (1 year)
|
$200
|
Financial oversight
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. As the Insurance Council take steps to modernize our operational practices, we have gradually been 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.
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 financial reporting is provided to the Finance and Audit Committee and to Council. Council's annual financial statements are published on its website each September.