Recently, the Insurance Council has changed the License Renewal guidelines to modernize and update rules for BC insurance licensees. This rule amendment clarifies and simplifies the renewal process for active licensees. Learn more about the recent ICoBC License Renewal Rule Change below.
Before the BC License Rule Change parameters
Before the proposed license renewal rule change, many licensees had to submit/keep supporting documentation to renew their licenses annually. This process includes proof of completing their CE and E&O requirements. Many licensees know they must submit annual proof via a log or a list of CE courses they have taken throughout the year.
However, many licensees are usually found to have insufficient CE credits or even no E&O insurance at all. Why is this the case? The Council finds that this issue stems from a lack of clarity regarding what “supporting documentation” entails. Without a clear definition, licensees often face disciplinary actions due to failing to meet their annual license renewal requirements.
Current BC license Renewal Rule Change for 2023
Now licensees can renew their licenses as long as they have successfully met their annual requirements. Rather than submitting proof of completing the CE and E&O annual requirements, licensees will have to provide a confirmation of their CE completion. Rather than having licensees submit course documentation, they submit a declaration of CE requirement completion.
Licensees must have a complete understanding of the new license renewal process. If they don’t confirm their CE and E&O insurance requirements for the following year, they won’t be able to renew their license. Non-completion of the renewal process means you will have your license cancelled and must pay a late fee as a penalty.
Why is it essential to meet annual renewal requirements?
Meeting renewal requirements helps protect consumers that use insurance services. The public relies on the expertise of insurance professionals and trusts that our judgment is the soundest and most reliable. By maintaining our professional competence and carrying E&O insurance, not only do we protect the public, but we also reduce the number of rule breaches as a result of a lack of awareness.
Are You Meeting Your CE Requirements?
Make sure you are meeting your annual CE requirements. Check out our CE courses here.