Getting Started
Obtaining a Licence
To be an insurance broker in B.C., you must be licensed. General
insurance licences are obtained through the Insurance
Council of B.C., 604-688-0321. In order to qualify for a
licence you must be employed with an insurance brokerage. Upon
reviewing new applications the Council will verify that the applicants’ educational
and experience requirements have been met; as well, the Council
reviews all applicants for suitability.
You do not need to be employed in the industry to take the courses;
however, licences will only be granted to those individuals who
are employed by an insurance brokerage.
Please click here to
view a list of Frequently Asked Questions regarding Getting Started.
Once licensed, if you lose your job, your licence will be deactivated,
but you will retain your licensable status for a period of 1 to
3 years (depending on the level of license you had and how you
qualified for it).
There are two ways to fulfill the educational requirements for
Level 1 (entry level) licensing. Please see below for your options.
There are three levels of general insurance salespersons’/agents’ licences.
Level 1: General Insurance
Salesperson’s License
You may choose one of the following options:
- Pass "The Fundamentals of Insurance"
exam, or
- Pass the "CAIB 1" exam
Level 2: General Insurance
Agent’s License
After you obtain a Level 1 licence, you must then pass the CAIB
2 and the CAIB 3 exams in order to qualify for a Level 2 licence.
Level 3: General Insurance Agent’s
License
Along with having met the educational requirements for a
level 2 licence you must:
- Pass the CAIB 4 exam, and
- 2. have held a general insurance licence for 5 of the last
7 years, with at least 3 of those years as a level 2 licensee.
Once you have fulfilled the educational requirements
for any level, you must apply to the Insurance Council of BC 604-688-0321
for your licence.
Maintaining a Licence
All licenses now issued by the Insurance Council of BC are continuous - they no longer have an expiry date. Licensees are still required to transfer licenses between employers and amend licenses. However, instead of “renewing” a license, all licensees must “file” with Council each June 1st. For more detailed information on licensee responsibilities, please refer to the Insurance Council of BC.
In order to maintain your General Insurance license, you must meet the Council's current Continuing Education (CE) requirements, which are:
For each license year, or portion thereof:
- If you have an approved designation* you must have 4 qualified hours of continuing education; OR
- If you have been licensed as a general insurance agent or salesperson for at least 5 of the last 7 years in a Canadian jurisdiction, and you do not have an approved designation you must have 6 qualified hours of continuing education; OR
- If you have not been licensed as a general insurance agent or salesperson agent for at least 5 of the last 7 years in a Canadian jurisdiction and you do not have an approved designation you must have 8 qualified hours of continuing education.
*Approved Designations: CAIB, CIB, CIP (formerly AIIC), CCIB, FCIP and CRM. Designations from other countries will be considered where it is demonstrated to Council they are equivalent to one of the approved Canadian designations.
For more detailed information on licensee CE requirements, please refer to the Insurance Council of BC.
Moving to B.C.?
Pre-licensing and licensing courses such as the Fundamentals of Insurance and the Canadian Accredited Insurance Broker (CAIB) program are largely standard across Canada, with some regional content to reflect provincial regulations and insurance products. Brokers with an active license from another province are usually able to transfer their license as long as they have found employment at a brokerage in B.C. For more information contact the Insurance Council of BC.
Carrying Credits Forward
Continuing Education (CE) credits can no longer be carried forward from one licensing period to the next. Please see the Insurance Council of BC website for further details.
Contacts
Have further questions about licensing requirements? Contact the Insurance Council of BC at 604-688-0321.
Have questions or comments about IBABC Education? Contact Heather Polak regarding the Fundamentals of Insurance at 604-606-8005.
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