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
Once you have obtained a general insurance broker's licence in
British Columbia, it must be renewed through the Insurance
Council of B.C. every year. Effective June 1, 2006, all licence
renewals, first application and re-applications will be issued
for a one-year period as part of the Insurance Council’s
transition from two-year to continuous licence terms. Please
see Council
Notice.
In order to maintain your licence, you must meet
the Council's current Continuing Education requirements, which
are:
| LICENSE TYPE |
HRS REQ'D |
MIN. TECHNICAL HRS |
| Salesperson Level 1 |
15 |
11 hours |
| Agent Level 2 |
24 |
12 hours |
| Agent Level 3 |
24 |
Any mix |
IBABC's CAIB courses, seminars,
online learning courses and videotape
seminars will qualify you for Continuing Education credits.
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 licence from another province are usually
able to transfer their licence as long as they have found employment
at a brokerage in B.C. For more information contact the Insurance
Council of B.C.
Carrying Credits Forward
The maximum number of Continuing Education credits you can carry
forward is 50% of your upcoming renewal period's requirements.
Level 1 and 2 licensees may only carry forward technical credits,
while level 3 licensees may carry forward either technical or
professional credits. Please see the Insurance
Council of B.C. 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 Pidcock regarding the Fundamentals of Insurance at 604-606-8005
or email hpidcock@ibabc.org.
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