Required notifications from licensees
Published August 16, 2024
The Insurance Council’s Rules require individual and agency/firm licensees to notify the Insurance Council of changes to personal and business circumstances, including disciplinary and legal decisions. These notifications may be related to a licensee’s personal or business dealings including where you or any business you own, or have participated in as a director, officer, or partner undergoes:
- discipline by any financial sector regulator or any professional or occupational body
- judgments (legal action) in relation to any insurance activities, fraud, or breach of trust
- bankruptcy
- charges or convictions of any criminal offence or any offence under any law of any jurisdiction (excluding traffic offences resulting in monetary fines only)
- withdrawal of authorization to represent an agency, adjusting firm or general insurance direct writer or where licensees no longer have written authorization to represent at least one insurer authorized to do insurance business in British Columbia. Both the individual licensee and agency have notification requirements. If the reason for ending or withdrawal relates to an individual’s suitability or conduct as a licensee, then those details must also be reported.
- lapses in errors and omissions insurance coverage
- any name changes, including to trade names or corporate names
- changes to contact information
- withdrawal and ending of supervision for Life and/or Accident & Sickness agents
- placements of insurance with and use of unauthorized insurers
Nominees are also required to meet the notification requirements outlined above if their agency/firm undergoes such changes or decisions. Additionally, nominees must also report:
- changes to agency/firm ownership
- opening, closing or changes to branch offices
- corporate name changes
Restricted travel insurance agencies must also notify the Insurance Council where they are no longer registered as a travel agent or wholesaler under the
Business Practices and Consumer Protection Act for a period of 30 days.
For more information about licensees' notification requirements, including the timeframe for certain notifications and the details that need to be reported, view the
Mandatory Notifications information posted on the
Licensee Responsibilities page of our website, and refer to the
Insurance Council's Rules and Code of Conduct.
The Insurance Council is here to help. If you have questions about your regulatory and practice requirements or are seeking practice guidance, contact our Practice & Quality Assurance team at
practice@insurancecouncilofbc.com, 604-695-2008 or 1-877-688-0321 (toll-free within Canada).