The article focuses on the requirements of the Insurance Council in the normal circumstances and how it has changed during the COVID-19.
The Insurance Council of BC (ICOBC) – not to be confused with ICBC (the Insurance Corporation of British Columbia which sells car insurance) – is responsible for the licensing and regulation of insurance brokers in BC. One of the major things they are tasked with is ensuring brokers are up to date and compliant with the latest industry changes.
INSURANCE COUNCIL OF BC CONTINUING EDUCATION REQUIREMENTS
Under normal circumstances, these are the CE requirements:
New General Insurance Agents/Brokers in British Columbia what haveNOT been licensed for at least 5 of the last 7 years in Canada must get 8 accredited CE course credit hours per year between June 1 to May 31.
Experienced General Insurance Agents/Brokers in British Columbia who have been licensed for 5 of the last 7 years in Canada need 6 qualifying CE course credit hours.
Designation-holding General Insurance Agents/Brokers in British Columbia (ie. CAIB, CIB, CIP, CCIB, FCIP, CRM, etc.) need 4 qualifying CE course credits.
Level 3 Licensees in BC have the same criteria as other brokers but courses related to management, accounting or HR are now accepted as “technical material”.
Licensees are required to have all of their credits completed by May 31st prior to their June 1st annual filing. But due to the COVID-19 pandemic, many licensees are finding it difficult to complete their required CE credits in time. In light of that, the Insurance Council of BC has extended the Continuing Education Credit deadline until May 31st, 2021 (instead of 2020).
NEW REQUIREMENTS UNDER COVID-19 – DEADLINE EXTENSION
The major change is that the CE requirements due to COVID-19 is that the May 31st, 2020 deadline has been extended to May 31st, 2021.
You still need to complete all required credits for 2020 and 2021 but the deadline has just been pushed back. That means the CE credits due May 31st, 2021 are double what you would normally need.
- If you have been licensed less than 5 of the last 7 years, you need 16 credits (basically, 8 per year)
- If you have been licensed for more than 5 of the last 7 years, you need 12 credits (basically 6 per year)
- If you have an approved designation like a CAIB Designation, you need 8 credits (basically 4 per year)
It does not matter when you take the credits as long as you have the required amount by 2021.
But even though credits are delayed, you still need to complete your annual filing by June 1st, 2020. So if you’re having trouble finding courses to meet the Insurance Council of BC CE Requirements, we offer a complete suite of CE courses accessible online 24/7 for just $10/month billed annually.