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Restricted Insurance Agency Licence


The BC government has made legislative changes that will require certain non-insurance businesses to have a licence to sell insurance products.

The Restricted Insurance Agent Licence Regulation will come into effect on January 1, 2027. This new regulation lists the businesses that will require a restricted insurance agency licence in order to sell the insurance products named in the regulation. Sales of some of these products have previously been exempt from licensure under the Insurance Licensing Exemptions Regulation.

The provincial government has tasked the Insurance Council of BC with issuing and overseeing this new restricted insurance agency (RIA) licence. Learn more about the licence implementation process.  

 

What's happening now?

The rules that establish the RIA licence have ministerial consent and the licence program can now be implemented.   

 

What is the RIA licence

An overview of the RIA licence regime, when it takes effect and its implementation.
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Who needs an RIA licence

How the regulation impacts those carrying out insurance sales under exemptions and some current insurance licence holders.
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Getting an RIA licence

What you need to know about preparing for licence application.
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RIA licence requirements

See requirements for licence qualification and licence-holder obligations for ongoing maintenance of the RIA licence.
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Training requirements and accreditation

See training requirements for the RIA licence as well as information on approval and accreditation of training programs.
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Q&A

Frequently asked questions and answers about the restricted insurance agency licence by topic.
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On this page:

An overview of the RIA licensing regime

RIA licence overview
An overview of the restricted insurance agency (RIA) licence, which will apply to certain non-insurance businesses in BC starting January 1, 2027.
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What is a Restricted Insurance Agency Licence?

In BC, when selling insurance is an agency's usual business, both the agency and individuals who sell insurance must be licensed. General, life or accident & sickness insurance licences allow the sale of all products within these standard classes of insurance.


By contrast, the restricted insurance agency licence is for non-insurance businesses and permits sales of insurance incidental to a vendor’s usual business. This licence will allow businesses to sell specific types of insurance through employees or representatives who would not need to hold individual licences.

The BC Restricted Insurance Agent Licence Regulation outlines which types of businesses will require a licence, and which types of insurance they can sell.

 

Standard model for insurance sales (shown on left) vs. licensing model for incidental sales of insurance.
 

Which businesses need a licence?

The BC Restricted Insurance Agent Licence Regulation identifies the types of businesses, known as "prescribed classes of persons," that will require a restricted insurance agency licence in order to sell the corresponding insurance products listed in the regulation.

By March 31, 2027, businesses listed in the regulation that are selling these insurance products must have applied for a restricted insurance agency licence to continue these sales. Unlicensed sales will be considered non-compliant with the Financial Institutions Act and may be subject to enforcement.

A list of the business types is shown below. See the full list of business types and insurance products listed in the Restricted Insurance Agent Licence Regulation.
  • Construction equipment dealerships
  • Credit grantors
  • Customs brokers
  • Deposit-taking institutions
  • Extraprovincial trust corporations
  • Farm implement dealerships
  • Freight-forwarding companies
  • Funeral providers
  • Mortgage brokerages
  • Motor vehicle dealers
  • Peer-to-peer vehicle service providers
  • Pleasure craft dealerships
  • Portable electronic vendors
  • Transportation companies
  • Travel agents
  • Travel wholesalers
  • Trust companies
  • Vehicle rental agencies

more about who needs an RIA licence

Who is impacted?

The Restricted Insurance Agent Licence Regulation has implications for incidental sellers of insurance that don’t currently have a BC insurance licence and two other groups:
 

  • Formerly exempt businesses without a BC insurance licence
    Businesses conducting insurance sales previously exempt under the Insurance Licensing Exemptions Regulation but now included in the Restricted Insurance Agent Licence Regulation will need a restricted insurance agency licence to sell insurance included in the regulation.  
     
  • Non-insurance businesses with a BC insurance licence
    Non-insurance businesses with a BC insurance licence that are now included in the Restricted Insurance Agent Licence Regulation may need to take action.
  1. Those with restricted travel insurance agency licences will need to transition to the RIA licence.
  2. Those with standard insurance licences limited to the sale of specific products now covered by the new regulation can opt to apply for the RIA licence or retain their current licence.


Licence holders that are not eligible for a restricted insurance agency licence will be able to renew and maintain their current licence.

Entities conducting insurance business that are neither eligible for an RIA licence, nor exempt under the Insurance Licensing Exemptions Regulation must do so under the appropriate insurance licence.
See more about other insurance licences.

more about what impacted businesses need to do


When does the licence regime start? How soon will I need a licence?

As of January 1, 2027, businesses identified in the regulation that want to start offering types of insurance permitted by the regulation must have a restricted insurance agency licence. 

Businesses that have been conducting incidental sales of insurance under the previous exemptions will need to submit an application for the new restricted insurance agency licence by March 31, 2027, in order to continue to sell insurance.

Current restricted travel insurance holders will have until December 31, 2027, to transition to the new licence.


more about getting an RIA licence
 

Stay informed
If you would like to receive email updates about the launch of the restricted insurance agency licence, you can subscribe to our RIA mailing list to be notified.

If you have questions about the restricted insurance agency licence, you can reach us at RIA-licence@insurancecouncilofbc.com. 

Learn more:

Getting a RIA licence

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Who needs an RIA licence

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RIA Q&A

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