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In December 2025, the Government of British Columbia introduced the Restricted Insurance Agent Licence Regulation (Regulation), creating a new framework for businesses that sell insurance alongside their primary products.
Taking effect on January 1, 2027, the regulation requires certain non-insurance businesses to obtain a Restricted Insurance Agency Licence (RIA) to offer eligible insurance. For further details, see BLG's insight on the initial announcement.
The Insurance Council of British Columbia is responsible for overseeing the new RIA licence. As such, on February 10, 2026, it launched a consultation regarding rule amendments for the RIA licence.
This insight outlines the consultation's main points.
Proposed amendments
The proposed amendments address five sections of the Regulation: (1) definitions, (2) licence and application requirements, (3) ongoing licensure and practice requirements, (4) RIA fees, and (5) transition rules.
The consultation webpage offers summaries of each proposed amendment. For example, the proposed definition section suggests:
- Adding the definitions of “designated representative”, “restricted insurance agency”, and “restricted insurance agency representative”.
- Amending the definition of “insurance agency” to include a restricted insurance agency.
- Repealing the definition of “restricted travel insurance licence”.
As well, the Council has published informational webpages on the accreditation program for sales representatives as well as the RIA licence generally to help licensees and stakeholders provide informed feedback.
Providing feedback
The consultation period runs from February 10, 2026, until April 27, 2026.
Interested parties can submit feedback by completing an online form or emailing rules.consult@insurancecouncilofbc.com. Additionally, a webcast will be held on March 11, 2026 at 10 a.m. PT to review the licensing program and proposed amendments.
Looking ahead
After the consultation period ends, the Insurance Council will review all feedback. The proposed changes will then be submitted to the Minister of Finance for consideration and approval.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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