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ARTICLE · 04 MARCH 2024

Insurance Council Of British Columbia Announces Changes To Licensing

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On Feb. 6, 2024, the Insurance Council of British Columbia ("Insurance Council of BC") announced changes to general and adjuster licensure requirements...

CanadaInsurance
Alana Scotchmer
Alana Scotchmer
Rachel Runge
Rachel Runge
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On Feb. 6, 2024, the Insurance Council of British Columbia ("Insurance Council of BC") announced changes to general and adjuster licensure requirements as part of an ongoing multi-year initiative to review and update the Insurance Council's rules ("Council Rules"). These changes will remove ownership and management requirements for Level 3 insurance adjusters and Level 3 general insurance agents.

Current requirements

British Columbia's Financial Institutions Act provides for licensing requirements for both entities and individuals. A licensed partnership or corporation is required to nominate an individual who is a licensed insurance agent or licensed insurance adjuster to exercise the rights and privileges conferred by the license on behalf of the licensed entity.

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