Public consultation on restricted insurance agent licences

The Ministry of Finance is now giving consideration to bringing into force sections of Bill 37, the Financial Institutions Amendment Act, 2019, that will implement the framework for a restricted insurance agent licence in B.C. Restricted insurance agent licences are corporate-level licences in that they will authorize a corporate licensee (e.g., businesses that are sole proprietors, corporations, partnerships, etc.), through its employees and agents in B.C., to sell insurance. They will generally authorize the sale of insurance where it is sold incidentally to the licensee’s ordinary business. 

The Ministry of Finance is seeking feedback from the insurance industry and other interested parties regarding the introduction of a restricted insurance agent licence in B.C. The consultation paper contains more details about the proposed restricted insurance agent licence and the public consultation.

The scope of this consultation is limited to the regulations required to introduce a restricted insurance agent licence in B.C. Changes to the Financial Institutions Act or other legislation are out of scope and will not be considered at this time. Some of the topics raised in this consultation may be included in Insurance Council rules or in both regulations and rules. The Insurance Council will seek feedback regarding proposed rules separately.

Any submissions provided in response to this consultation may be shared with the Insurance Council and the BC Financial Services Authority (BCFSA). If certain comments should not be shared with other parties, please clearly indicate that in the submission or covering letter. Please note that all submissions received are subject to the Freedom of Information and Protection of Privacy Act and, even where confidentiality is requested, this legislation may require the Ministry to make information available to those requesting such access. 

Written submissions will be accepted by email to fiareview@gov.bc.ca on or before October 3, 2022. Submissions received after this date may not be considered.

Ministry staff will be reviewing the submissions and may follow up with stakeholders for further information or details as needed. In addition, should you wish to meet with Ministry of Finance staff to discuss the contents of your written comments or submission, please indicate that when submitting your written comments and provide the appropriate contact information.