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
Resident Licensees
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.
Additional License Renewal Rule Change
License holders with Life + A&S designation are required to complete 15 CE credits per year between June 1 and May 31, while those with a general license require only 8 credits per year. The number of CE credits required for each class of license remains the same regardless of the number of years licensed or additional professional designations.
CE credits cannot be claimed for developing, leading, teaching, or presenting a course or seminar. Licensees who receive their license three months before the end of the license period have their CE requirements waived for that first license period.
Furthermore, up to one year’s worth of CE credits can be carried over to the next license period. Partial credits can be claimed in increments of 15 minutes, and no maximum amount of CE credits can be claimed.
You can check the guidelines on what is considered “Technical” in order to verify what qualifies for credits. If you have a Level 3 license, the topics of HR, Management, and Accounting count as technical. Meanwhile, Financial Planning information counts towards credits for Life + A&S license holders.
Non-Resident Licensees
Licensees must meet their home province’s CE requirements and are exempted from ICoBC CE requirements unless they are in bad standing or have no CE requirements.
Why is it essential to meet annual License renewal requirements?
Meeting renewal requirements help 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. You can use CE self-tracker to make sure to help keep track of your credits. If you are lacking credits, check out our CE courses here.