2022 Council Rule Amendments

About

• Supervision Requirement: New life and/or accident and sickness agents must be supervised for a minimum of 24 months. An exception to the 24 month supervision may be allowed and reduced to 12 months where an applicant holds a current Chartered Life Underwriter, Certified Financial Planner, or Registered Financial Planner designation.  See Council Notice ICN 19-004 Guidelines for Supervision of New Life and/or A&S Agents for who requires a supervisor and who qualifies to be a supervisor. Please follow the instructions to complete the  Supervisor Undertaking Form.

• Requirements for Sole-Proprietor Trade Names: If you intend to sell life insurance as an individual business under your own name (for example, if John Doe wants to conduct business as “John Doe Insurance Services”), you must apply for a sole-proprietor life insurance agent licence.

• Requirements for Financial Planners: If you intend to hold yourself out as a Financial Planner (or similar title), you must follow specific Council guidelines (see Council Notice  ICN-02-001 Financial Planning).

Proposed Changes

The following rules are proposed for amendment. Click on each topic to see more detailed information about the proposed change and rationale.

• Nominee Qualifications Rule 2(11), 2(11.1), 2(12)

• Licence Renewal Rule 4(4)(b), (c) and (d)

• Level 3 Agent and Adjuster Qualifications Rules 2(5), 2(8)

• Business Registration and Name Requirements Rule 2(18)

• Licence Reinstatement Rule 2(19)

• Direct Supervision Rule 6(1)(c) and 6(2)(b)

• Conflict of Interest Rule 7(11.2)

• Life Agent Supervision Rule 10(1) to 10(12), Rule 7(16.1), 7(16.2), 7(17.1), 7(17.2)

Contact us

For questions about the proposed rule amendments or stakeholder engagement please contact us at: rules.consult@insurancecouncilofbc.com