New Central and Northern B.C. grants could create new financing opportunities for credit unions
The B.C. government recently announced $2.7 million in funding through two new programs supporting businesses and First Nation development corporations
BC credit unions should be aware of a regulatory consultation that may affect the sale of certain insurance products beginning January 1, 2027. The Insurance Council of British Columbia is consulting on a proposed Restricted Insurance Agency (RIA) Licence Regulation, that came from Bill 37 (2019) amendments to the insurance sections of the Financial Institutions Act (FIA-BC).
The former Insurance Licensing Exemptions Regulation is being replaced which was a long standing “carve out” from the FIA revision in 2019 that credit unions and other sectors used to sell limited insurance products without holding an insurance licence.
Consultation period: February 10 – April 27, 2026
Proposed effective date: January 1, 2027
The proposed regulation would require certain businesses to obtain a Restricted Insurance Agency licence to sell specified insurance products. BC looks to be aligning with other provinces (Alberta, Ontario, New Brunswick, Manitoba and Sask) that require restricted licensing for incidental insurance distribution.
If implemented as proposed credit unions selling credit protection insurance would require an RIA licence by January 2027. Credit unions selling auto insurance products would also require licensing, where applicable. Other previously exempt sectors (ie travel agencies, freight forwarders) would require licensing.
The BC Government through the Ministry of Finance has tasked the Insurance Council with administering and overseeing this new licence category. Regulatory positioning for credit unions could center on the sector being the only sector from the exempt list that has existing continuous supervisory / conduct expectations, with member fairness and transparency embedded across prudential, governance, market conduct, operational risk, and culture guidance issued by BCFSA.
- Prudentially regulated by the BC Financial Services Authority
- Subject to the Consumer Protection Act
- Market Conduct Code (MCC) obligations – Annual reviews
- Member governance structure
Unlike many previously exempt sectors, credit unions are supervised financial institutions with continuous regulatory oversight/reporting and risk controls.
At the federal level, the Office of the Superintendent of Financial Institutions does not require an equivalent insurance licensing requirement on banks in the same manner. The BC proposal appears to be focused on consumer protection considerations following their update to the Consumer Protection Act in the fall 2025 which gives enforcement powers it looks like BC is laser focused on consumer protection.
Given existing prudential supervision and Market Conduct Code conduct obligations, there may be scope for a regulatory submission to focus on the following advocacy position: A targeted exemption that avoids duplicative regulatory layering because credit unions are the only exempt sector that is prudentially regulated and has a market conduct code.
| Province | Regulator | Licence Model | Applies to Credit Unions | Representative Licensing Cost | Notes |
| British Columbia (Proposed) | Insurance Council of British Columbia | Restricted Insurance Agency (RIA) Licence | Yes | TBD | Application and annual fees not yet finalized; training required |
| Alberta | Alberta Insurance Council | Restricted/Incidental Insurance Certificate | Yes | $95 (agent certificate new/renewal) | Additional class-based fees may apply |
| Sask | Financial and Consumer Affairs Authority of Saskatchewan | Restricted Insurance Agent/Business Licence (Tiered) | Yes | $150 – $5,500 annually (based on size) | Fee tier based on number of employees |
| Manitoba | Insurance Council of Manitoba | Restricted Insurance Agent Licence | Yes | $150 (agent application) | Renewal fees additional |
| Ontario | Financial Services Regulatory Authority of Ontario (FSRA) | Restricted Licence Class | Yes | $150 (covers 2 years) | Applies to general insurance agent licence |
| New Brunswick | Financial and Consumer Services Commission of New Brunswick | Restricted Insurance Representative Licence | Yes | $125 (1 yr) / $250 (2 yr) | General insurance agent licence fees |
| Nova Scotia | Nova Scotia Superintendent of Insurance | Restricted Insurance Agent Licence | Yes | $398 (initial/renewal) | Fee depends on licence class |
Credit unions interested in participating in a small working group (1–2 meetings over two months) are encouraged to express their interest to Khris Singh at ksingh@ccua.com
Table Footnotes:
- Insurance Council of British Columbia, Restricted Insurance Agency Licence – Get Licensed, Insurance Council of British Columbia, publication date not specified, accessed February 2026. Available at:
https://www.insurancecouncilofbc.com/restricted-insurance-agency-licence/get-licensed/ - Alberta Insurance Council, Application Fees – Insurance Certificates and Licences, Alberta Insurance Council, publication date not specified, accessed February 2026. Available at:
https://www.abcouncil.ab.ca/applying-for-a-license/application-fees/ - Financial and Consumer Affairs Authority of Saskatchewan, Insurance Licensing Fees – Restricted Agent and Business Licences, Financial and Consumer Affairs Authority of Saskatchewan, publication date not specified, accessed February 2026. Available at:
https://fcaa.gov.sk.ca/regulated-businesses-persons/businesses/insurance/licensing/licensing-fees - Insurance Council of Manitoba, Licensing Information – Insurance Agents, Insurance Council of Manitoba, publication date not specified, accessed February 2026. Available at:
https://www.icm.mb.ca/licence-holders/licensing-info/ - Financial Services Regulatory Authority of Ontario (FSRA), Apply for a General Insurance Agent Licence and associated fee schedule, Financial Services Regulatory Authority of Ontario, publication date not specified, accessed February 2026. Available at:
https://www.fsrao.ca/licensing/general-insurance-agent/apply-general-insurance-agent-licence - Financial and Consumer Services Commission of New Brunswick (FCNB), Insurance Licensing Fees – General Insurance Agent, Financial and Consumer Services Commission of New Brunswick, publication date not specified, accessed February 2026. Available at:
https://fcnb.ca/en/insurance/insurance-licences/application-fees - Nova Scotia Superintendent of Insurance, Insurance Licensing Fees, Government of Nova Scotia, publication date not specified, accessed February 2026. Available at:
https://novascotia.ca/finance/en/home/insurance/licensing/fees.aspx
