About restricted insurance agency licence implementation
In 2019, the BC government updated the Financial Institutions Act enabling the creation of a licensing regime for incidental sales of insurance. In December 2025, it later published the Restricted Insurance Agent Licence Regulation, which established the statutory framework for the regime and set an effective date of January 1, 2027.
The Insurance Council of BC was tasked with developing the regulatory framework for issuing and overseeing the new restricted insurance agency (RIA) licence. This included exploring licensing approaches, considering regulatory models used in other jurisdictions and consulting with stakeholders to help inform the licence program.
Legislative steps to implement the RIA licence
To bring the RIA licence program into effect, licence conditions and requirements needed to be incorporated into the Insurance Council of BC's Rules. The Insurance Council developed draft rules and amendments to establish these conditions and requirements and conducted a public consultation from February 10 to April 27, 2026. Following review of consultation responses by the Insurance Council’s governing members, a final package of proposed rules, along with consultation feedback, was submitted to the Minister of Finance for consent. With ministerial consent to the rules in October 2026, the finalized RIA licence program was established. This enabled the implementation of processes needed to start accepting licence applications in January 2027.
How the RIA licence program was developed
The Insurance Council of BC developed the RIA licence program following extensive research and stakeholder engagement. The program was informed by approaches used by other Canadian regulators. It was designed, where appropriate, to align with established practices across jurisdictions while reflecting the specific requirements of British Columbia's regulatory framework. Feedback from stakeholders helped shape the final licence program and implementation approach.
Information about public consultation on the RIA rules, including a
consultation summary report, is available in the engagement section of our website.
View a
previously recorded webcast providing an overview of the RIA licence presented by the Insurance Council in March 2026.
How to stay informed
The Insurance Council of BC is committed to keeping stakeholders informed and engaged as we prepare to launch the restricted insurance agency licence. We will share updates through our website and other channels to explain what the licence is, why it matters and how it will impact businesses and consumers. Our goal is to provide accessible information that helps our audiences understand the new restricted insurance agency licence program and the steps to get a licence.
- Subscribe for updates on the restricted insurance agency licence by signing up for email notifications.
- Learn more and engage with us by registering for upcoming virtual information sessions—details will be posted here and shared through our newsletters.
- Send us your questions to RIA-licence@insurancecouncilofbc.com.
All new information about the RIA licence will be released through this website.
What's next
Upcoming webcast November 3, 2026: A free informational webcast on the RIA licence will be held November 3, 2026. This webcast will cover licensing requirements, application timelines and how to prepare. This webcast is intended for businesses and industry professionals who may require an RIA licence or are interested in learning more about the licensing regime. A recording will made available after the event.
Register for the webcast.
Licence application information coming December 2026: More detailed information about how to apply for the RIA licence, including checklists and other resources will be published December 2026.
Learn more: