Annual Licence Renewal

My agency/firm pays my annual licence fee. What do I need to do?

Each licensee is responsible for completing their annual licence renewal declarations via the online portal, and can then select the option that they have an agreement with their agency/firm that the agency/firm will submit the fee on their behalf. Please confirm this with your agency/firm before selecting this option.

I have a life licence and a general licence. Do I need to submit an annual licence renewal for both?

If you hold more than one licence with the Insurance Council, you are required to submit declarations and an annual licence fee for each licence that you hold.

I have a licensed agency/firm. What do I need to do?

It is the nominee's responsibility to submit the annual licence renewal declarations and fee for the agency/firm. If the agency is licensed for general and life insurance, two annual licence renewal declarations and two fees are required. The nominee is also required to submit their annual licence renewal declarations and fee for each of their own individual licence(s).

What happens if I don't submit an annual licence renewal?

Where a licensee has not submitted the annual licence renewal declarations and/or not submitted their fee by July 31st, the licence will be automatically cancelled for non-renewal. If your licence is cancelled for non-renewal, you must cease all insurance activities in British Columbia until you submit a licence application and your licence is reinstated. To submit a cancellation request, please log into your online portal account and select Licence Updates from the main menu.

For more information about reinstating an insurance licence, please review the Reinstatement Provision.

Do I need to complete my continuing education before I submit my annual licence renewal?

Yes, in accordance with Council Rule 4(4), licensees must submit a declaration stating that they have met their continuing education requirements for the prior licence period, which runs from June 1 to May 31 each year, before they can continue with their annual licence renewal. 

If I submit a late annual licence renewal, does that allow me additional time to complete my continuing education?

No. Continuing education must be completed by May 31 each year and the related requirements must be met prior to submitting the declaration. Licensees who do not meet their CE requirements by May 31st or per the CE Guidelines for their licence class will be in breach of Insurance Council Rules and Code of Conduct. Licensees who submit a late annual licence renewal and who completed their CE requirements after May 31st will still be required to confirm they met their CE requirements and also explain the non-compliance. Proof of CE credits must be kept and provided to the Insurance Council, if requested.

Where can I find more information about my continuing education requirements?

Please visit the Continuing Education page of our website to learn more about your CE requirements, as well as to access the Continuing Education Guidelines for your licence class and other helpful CE related resources such as learning about the CE Accreditation Program, available courses and webinars, and other tools and resources. Each licence class has its own CE guidelines which provide important details about CE requirements, such as how many credits are required, what courses qualify as CE, how to calculate eligible CE credits, and more. 

I'm not conducting insurance business right now and my licence is inactive. Do I need to submit an annual licence renewal?

Yes. An annual licence renewal declaration and fee is required for all licence holders, regardless of active, inactive or suspended licence status.

My licence was issued between March 1 and May 31, do I need to submit an annual licence renewal this year?

No. Licences issued between March 1 and May 31 have a first annual licence renewal date of June 1, the following year. Please refer to your licence confirmation letter as your first renewal date is stated in this letter.

What do I need to do if I want to cancel my licence?

Licensees should submit a request to cancel their licence via their online portal account by selecting Licence Updates from the main menu, or by sending an email with their name, licence number and the requested cancellation date to licensing@insurancecouncilofbc.com. 

I am an agency/firm and I want to pay the annual licence fees on behalf of licensees who are authorized to represent my agency/firm. How can I do that?

Agencies/firms will need to ask their licensees to sign into their individual online portal account and submit their annual licence renewal declarations through their own account. When the agency/firm logs into their account, they can then submit payment for all of the licensees who have submitted their declarations. Nominees have access to do this, and can assign delegates via their own portal account. Please see the online portal page for more information about the delegate functionality. 

It is the agency/firm's responsibility to review the list of licensees displayed in the agency/firm's portal account and to report any changes required to the Licensing Department at licensing@insurancecouncilofbc.com. 

How do I pay by EFT?

Agencies/firms can pay by EFT only with a prepaid account, which must be set up with the Insurance Council's accounting team in advance (see instructions below). As these accounts take time to set up and additional time must be allowed for the transfer and deposit of funds, the account must be set up by May 15th each year in order to ensure that the funds are available for the agency/firm's use in time for the June 1st deadline.

Agencies/firms are eligible to set-up a prepaid account if they are submitting payment for a minimum of 40 annual licence fees.

How do I set up and use a prepaid account?

Prepaid accounts are for annual licence fees only. After the conclusion of the late licence renewal period, the Insurance Council will return any unused funds back to the prepaid account. The Insurance Council can start accepting requests to set up a prepaid account in early March, in advance of annual licence renewal opening to licensees. Agencies/firms are encouraged to set up their account early as it does take a few business days to set up the account and add funds. Agencies/firms who have previously used a prepaid account must always set up a new account each year.

To set up a prepaid account:

1. Send your request for a prepaid account by email to accounting@insurancecouncilofbc.com and include:
   • The agency or firm's legal name
   • The agency or firm's licence number
   • Your contact information
2. The Insurance Council's finance team will email you a form to fill out. Complete and return the form as soon as possible.
3. Within three business days of receiving the completed form, the Insurance Council's finance team will confirm via email that the prepaid account is set-up. If funds will be added by EFT or cheque, the Insurance Council's finance team will provide instructions on how to send the funds.
4. Once the funds are received, the Insurance Council's finance team will provide confirmation and the agency/firm can then use the funds to pay for annual licence fees via the online portal.

I hold an active insurance licence and I missed the June 1 annual licence renewal deadline and will be submitting a late renewal. Can I still conduct insurance business?

Yes, your insurance licence remains valid until July 31. If you have not completed your licence renewal, including submitting the required declarations, and if we have not received your annual licence fee by the end of day on July 31st, your licence will be automatically cancelled for non-renewal.

Where can I find information about my E&O insurance requirements?

You can learn more about your E&O insurance requirements on the E&O Insurance page of our website.