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Getting a Restricted Insurance Agency Licence


If you are a business listed under the Restricted Insurance Agent Licence Regulation that wants to sell insurance products included in these regulations, you will need to obtain a restricted insurance agency licence from the Insurance Council. An overview of the proposed restricted insurance agency licence is outlined below.

The Insurance Council will be engaging with industry and other stakeholders on the proposed licence program over the next few months. Prior to licences being issued, the draft licence program will proceed through consultation and a legislative rule-making process.

We anticipate accepting applications for the restricted insurance agency (RIA) licence starting November 2026.

See the full list of businesses and insurance covered by the new regulation.
 
On this page:
 

RIA licence qualification requirements


Under the proposed licence program, qualification for a restricted insurance agency licence will require:

  • Providing business information, such as contact information; ownership and corporate registration information; and disclosure of information that could impact suitability, such as bankruptcy, regulatory discipline or criminal convictions.
  • Errors and Omissions insurance.
  • At least one contract with an insurer authorized to do business in BC.
  • The appointment of a Designated Representative (DR) who will be responsible for overseeing the agency’s compliance with regulatory requirements and its insurance activities.

Ongoing licence requirements

To maintain their licence, restricted insurance agencies will be required to do the following under the proposed licence program:

  • Renew their licence annually.
  • Have a Designated Representative, and notify the Insurance Council if they cease to have one.
  • Ensure completion of an accredited course by sales representatives who will be selling insurance on behalf of the agency.
  • Meet disclosure requirements for insurance transactions.
  • Maintain Errors and Omissions insurance.
  • Continue to hold a contract with an insurer authorized in BC.


The Insurance Council anticipates that sales representatives for restricted insurance agencies may be required to complete some form of continuing education in future; however, this requirement will not be introduced at the time of launch. Continuing education requirements are still to be determined and we will share full details well in advance to allow agencies time to prepare.

Designated representatives

A key concept of the proposed Restricted Insurance Agency licensing model is the role of the Designated Representative.

The restricted insurance agency must appoint a Designated Representative who will be responsible for:

  • Acting as a contact person on behalf of the agency
  • Overseeing the agency’s compliance with regulatory requirements
  • Overseeing all insurance activities of the agency.
The Designated Representative must be an officer, director or partner of the agency; or sole proprietor. They must also complete the Insurance Council’s course for Designated Representatives, which outlines expectations and responsibilities for this role.  

Disclosure requirements

To ensure a consistent experience that supports consumer protection, it is anticipated that representatives selling insurance on behalf of Restricted Insurance Agencies will be required to disclose specific information.

This includes disclosing to the buyer in writing:

  • That purchase of insurance is optional​
  • That there may be other sources of coverage​
  • Whether the buyer has the ability to cancel the insurance contract
  • The contact information of the insurer​
  • The amount of commission for the sale if it is more than 30% of the price paid for the insurance product 
  • That the client will receive a copy of coverage info​
  • That the client contracts with the insurer, not the agency​
  • Where applicable, if the insurance amount is less than value of the loan, or that the duration of the insurance is less than the duration of the loan.

Minimum insurance education standards

To ensure consumer interests are best served, the licence program proposes that a minimum level of insurance training be required for all sales representatives offering insurance on behalf of restricted insurance agencies. This training will introduce a consistent baseline across diverse businesses for the expected level of knowledge, technical skills and consumer protection.

Restricted insurance agencies will be required to ensure that their representatives complete a course on the insurance products they will be selling on the agency’s behalf.  That course can be offered by any provider, but must be accredited by the Insurance Council to ensure the course content aligns with the required knowledge and skills outlined by the Performance Requirements for the Restricted Insurance Agency Licence.  

The Performance Requirements are key criteria against which the Insurance Council will assess training on insurance products when evaluating course accreditation. Learn more about the accreditation program for RIA licensing: 
About accredited training for sales representatives
 

Licence fees

The RIA licence will have an annual fee. The Insurance Council is evaluating different options and a proposed fee model will be shared once determined.

Other one-time initial fees are anticipated, such as those proposed for a licence application and the mandatory course for the agency’s Designated Representative.  

Fees charged by the Insurance Council fund operational costs for licensing and regulatory activities. They are based on principles of cost-recovery and financial sustainability.
 

How to apply for a restricted insurance agency licence

The restricted insurance agency licence program is still in development. The Insurance Council anticipates accepting applications for the restricted insurance agency (RIA) licence starting November 2026.

Detailed information about how to apply for a licence and what’s required will be published ahead of this date. Companies and organizations can start preparing for licence applications in advance.

Further information about applying for a restricted insurance agency licence will be provided on this website as it becomes available.
 

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Contact us

If you have questions about the new restricted insurance agency licence and proposed licence program, you can reach us at RIA-licence@insurancecouncilofbc.com. 
Learn more:

Back to the RIA licence main page

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RIA licence implementation

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Accredited Training

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