Rule change differentiates
between individual and corporate license fee,
Changes to a number of Insurance Council fees will be in effect for the upcoming license year that starts June 1. This includes increases to license and application fees, and differences in individual and corporate licenses.
A notable aspect of the changes is that they introduce a revised fee structure that rebalances how regulatory oversight is funded by licensees. This follows government approval last year of amendments that modernize Council Rule 5, which sets the fees the Insurance Council may charge.
Prior to this, the Rule did not distinguish between types of license, meaning that the cost of a license or application for a corporate entity was the same as for an individual even though the regulatory support and oversight required for corporate entities is more complex and time consuming. Introducing a difference in individual and corporate fees more equitably redistributes the cost of industry regulation.
In April 2022, when annual license renewal (formerly known as Annual Filing) opens, the following changes will apply:
Individual licenses (all classes)
- Individual annual license fee: $260 (a $35 increase)
- Late renewal fee for individual licenses: $150 (a $50 decrease)
Corporate licenses (all classes)
- Corporate annual license fee: $475 (a $250 increase)
- Late renewal fee for corporate licenses: $300 (a $100 increase)
The annual license fee was last updated in 2019. Annual license and application fees shown include a $25 government fee.
Starting June 1, 2022,
- Application fees for individual licenses will be $275, a $50 increase.
- Application fees for corporate licenses will be $775, a $550 increase.
Application fees were last updated in 2008 and this change more accurately reflects the actual cost and effort of processing applications. Previously, the Insurance Council’s ability to recoup these costs was limited by the existing fee structure under Rule 5.
More information about annual license renewal (formerly Annual Filing) will be made available on the Insurance Council of BC website and closer to April 2022.
Continuing Education requirements for insurance licensees in British Columbia varies based on your experience and if you have any professional designations.
All BC Insurance licensees must meet the CE requirements for their class of license, annually from June 1 to May 31 .
Only technical courses qualify for CE credits.
What are technical CE credits?
For General insurance, if you are a Level 1 or Level 2 licensee, the only qualifying insurance continuing education is technical material directly related to:
- General insurance products.
- Compliance with insurance legislation and licensee requirements such as Council Rules, Council’s Code of Conduct, the Insurance Act, and privacy legislation.
- Errors and Omissions.
For level 3 licensees, “technical material” is broadened to include courses relating to management, accounting, and human resources.
For Life/A&S insurance, the only qualifying continuing education is technical material directly related to:
- Life insurance products.
- Financial planning, provided the education is geared to life insurance and not a non-insurance sector, such as securities or mutual funds.
- Compliance with insurance legislation and requirements such as Council Rules, Council’s Code of Conduct, the Insurance Act, privacy legislation, and anti-terrorism/money laundering legislation.
- Errors and Omissions.
ILScorp online courses will display the word Technical in the course credit type. For example, the online course Cyber Insurance, which covers topics such as privacy and actual cyber coverage forms has the credit type: General/Adjuster – Technical, which will display in the course description as well as on your completed CE certificates.
Other courses such as, Dealing with Difficult People and A Structured Approach for Terminating Employees, deals with topics related to management and human resources. ILScorp does not display the word Technical in the course description or the CE Certificate of these soft skill type courses however, they do qualify as Technical CE for Level 3 Licensees only.
Before starting your online courses with ILScorp, be sure to check the credit type, and accrediting provinces associated with your course. Some courses are Technical in nature, some courses are not, some courses are accredited in BC, while others are accredited in Ontario only.
Your course description with display all the valid accreditation criteria so be sure to double check all the details before you start the course.
ILScorp offers General/Adjuster – Technical CE as well as Life/A&S-Technical CE credits.
All courses are provincially accredited and completed entirely online. ILScorp will also keep your completed course history and CE certificates on file for up to 7 years in case of audit.
Remember BC, your deadline is May 31, 2019 and you can only complete a maximum of 7 technical CE credits per day and excess credits cannot be carried over into the next annual license period.
Contact ILScorp today to meet your CE requirements!