B.C.'s Insurer Code of Market Conduct

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As part of BCFSA’s mandate to enhance confidence in B.C.’s financial services sector including the insurance segment, BCFSA released the Insurer Code of Market Conduct (“the Code”). Per sections 94.1, 158, 189, and 192 of the Financial Institutions Act (“FIA”), all B.C. authorized insurers must adopt and comply with the Code by April 1, 2024. This requirement applies to all B.C. incorporated insurance companies, extraprovincial insurance corporations, societies deemed under section 191 of FIA, and mutual fire insurance companies. Reinsurers, reciprocal exchanges, and captive insurance companies are excluded.

The Code reflects the Canadian Council of Insurance Regulators’ (“CCIR”) Conduct of Insurance Business and Fair Treatment of Customers (“FTC”) guidance. The Code uses the 12 expected outcomes from the CCIR’s FTC guidance as principles that insurers in B.C. are required to follow. The 12 expected outcomes ensure that insurers treat customers fairly throughout the product lifecycle, from product development to the point at which all obligations under a contract have been satisfied.

The Code was developed after the 2019 introduction of amendments to the FIA that requires insurers to adopt and follow a Code of Market Conduct established by BCFSA.

Insurer Code of Market Conduct  


BCFSA relevant publications

CCIR relevant publications

Frequently Asked Questions

  • A: Insurers should adopt the Code using their standard process of adopting a new policy. Insurers are responsible for compliance with the Code, including effectively implementing and supporting policies and procedures, and governing and overseeing compliance on a regular basis. At this point, BCFSA is not requiring insurers to confirm the Code was adopted, nor is it requiring an annual attestation of compliance with the Code. BCFSA might consider attestation on compliance with the Code in the future.

    A requirement for insurers to file Annual Statements on Market Conduct remains unchanged.

  • Insurers that cannot meet April 1, 2024 deadline should contact BCFSA.

  • BCFSA’s Code is closely aligned with CCIR/CISRO Guidance “Conduct of Insurance Business and Fair Treatment of Customers”. Also, BCFSA works closely with FSRA, AMF and other regulators to ensure alignment of expectations and recommendations.

If you have any questions about the Code, please contact [email protected]