Previously, entities who were licensed with another financial regulator (i.e. mutual fund dealers, securities dealers, and mortgage brokers) were not granted insurance licences in BC as the Insurance Council had determined that this could be problematic in the event of an investigation or inspection and it had the potential to cause confusion for clients with regard to their rights and protections.
The Insurance Council reviewed this policy at its July 2018 meeting and, in light of the fact that other Canadian jurisdictions allow joint licensing and that the Insurance Council Rules address concerns related to inspections, investigations, and public confusion, the Insurance Council determined that effective immediately, it will consider applications from entities registered with another financial regulator. Before applying for a licence, the Insurance Council recommends that you consult with your other regulator(s) first, as it may have its own rules and restrictions in place.
Requirement to represent an insurance company: An agency must obtain and maintain the ability to represent at least one insurance company authorized to conduct business in the province.
Requirement to have a nominee: An agency must nominate a level 3 agent to act as a nominee who will take on the rights and privileges of the agency licence, and is responsible and accountable to the Insurance Council for all insurance activities undertaken by the agency and its employees:
A nominee must be an officer, director, or partner of the agency, or a senior manager for the Province of BC.
An intended nominee must hold a level 3 general insurance agent licence in British Columbia; qualification requirements for a level 3 general insurance agent licence can be found here.
If the agency or firm is changing the nominee, please submit an Agency Nominee Amendment Application Form. The form is available here, under Agency Nominee Change.
Effective August 1, 2023, new nominees must be approved by the Insurance Council and have taken the prerequisite course: Nominee Responsibilities and Best Practice. The course is administered by the Insurance Council and is available in two streams:
Nominee Responsibilities and Best Practice Course for Life and/or Accident & Sickness Nominees and Applicants
Nominee Responsibilities and Best Practice Course for General Insurance and Adjuster Nominees and Applicants.
Current nominees do not need to take the nominee course unless they are submitting a request to be appointed as a nominee for another agency or firm.
More on how to register for the course here.
Requirement for office supervision: Each agency location must come under the direct supervision of a level 3 agent. All supervising level 3 agents are responsible and accountable for overseeing the work of those in their area of responsibility and for establishing and maintaining office procedures that support the competent and ethical conduct of the business of insurance. The agency’s nominee is responsible for determining what constitutes adequate supervision at each agency location, taking into account:
The number of agents working in the office.
The levels of licence and experience of the agents.
The extent of written procedures: Council Rules and
Requirement for business name registration: The Insurance Council requires all names, including operational names or "doing business as" names (i.e. trade names), to be registered with the BC Corporate Registry, and be approved by the Insurance Council. The business name must be a name that will not likely be confused with the name of an insurer, another licensed insurance agency or an adjusting firm.
Furthermore, an insurance applicant or licensee is required by the Financial Institutions Act (the “Act”) to have a name that is neither misleading, nor likely to cause confusion for the public. Section 12.1 of the Act also requires that anytime the word “insurance” or “assurance” or “insurer” is used, the name cannot be used in a manner that would cause a member of the public to believe the entity is an insurance company. As this section falls under the jurisdiction of the BC Financial Services Authority, further information regarding name requests can be found on their website here
Note on Trade Name/Operating Names
A trade or operating name:
is a name other than your given name under which you conduct your business.
is the identifier that most people will use to refer to your business.
can optionally be the full or shortened version of your corporate name.
Trade names must meet the following requirements for approval by the Insurance Council:
Must be registered with BC Registry.
Should include a descriptive element to explain the nature of your business and broaden the range of naming options available.
Must not be a name that could lead the public into believing it’s an insurance company.
Must not be similar to an existing licensed agency or firm, or another trade name. (i.e., must have a descriptive element to differentiate it from another licensee’s name). This includes:
Concerns raised by a third party.
Similar sounding names (but different spelling).
Adding or removing one or two letters from a name.
Must not imply the business has expertise in a specific area (unless its licensee or authorized reps are qualified).
Must not purport to be a financial planner unless the licensee meets the requirements of a financial planner.
Must not use the term and Associates unless there are two or more licensees in the business.
For online presence, the trade name must not use the same domain name as another licensee’s legal name or trade name.
Complete the application by following the instructions in the application package.
Answer all questions and attach all required documents, including the application fee, before submitting your application, as incomplete applications may take longer to process.
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Apply Online (See Instructions)
View and download the Corporate or Partnership General Insurance Agency Licence Application
View and download the Directors, Officers, Partners, and Controlling Shareholders Exhibit Only Form
View the Corporate or Partnership General Insurance Agency Licence Fee Schedule