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Insurance Fee Schedule
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B.C. Incorporated Insurance Companies and Fraternal Benefit Societies, and Extraprovincial Insurance Corporations and Fraternal Benefit Societies Authorized in B.C.
The annual fee is calculated using the table prescribed under Schedule 1, Item 11.1 of the Financial Institutions Fees Regulation (“Fees Regulation”). Annual fees must be paid within the first 60 days of the fiscal year.
Please complete the Insurance Annual Fee through the IRIS portal.
Payment can be made by credit card (for fees up to $6,000), Electronic Fund Transfer (“EFT”), wire transfer, or cheque. Be sure to indicate your method of payment and complete the required fields in the IRIS Portal. Please refer to instructions for using the IRIS Portal for payments.
The payment must be received before the deadline. When BC Financial Services Authority (“BCFSA”) receives full payment, a payment receipt will be sent by email.
Annual Fee Schedule
Schedule 1, Item 11.1 of the Fees Regulation requires every B.C. incorporated insurance company and fraternal benefit society to pay BCFSA an annual fee. Please use IRIS to submit the Insurance Annual Fee.
Summarized in the table below, the annual fee is calculated based on the prior year end total non-consolidated assets and direct written premiums from insurance business carried on in B.C.Fiscal Year End Total
Non-consolidated AssetsAnnual Fee $100 million or less of total non-consolidated assets $5,000 + 0.019% of direct premiums written in B.C. Greater than $100 million to $1 billion of total non-consolidated assets $7,500 + 0.019% of direct premiums written in B.C. Greater than $1 billion of total non-consolidated assets $10,000 + 0.019% of direct premiums written in B.C. Also refer to the below listed references for assets and direct written premiums to be used for annual fee.
1. Assets page reference
Annual Return Asset Page Reference Asset Line and Column Reference PC2 for Q4 page 92.10 line 89, column 1 LF2 for Q4 page 70.002 line 999, column 1 2. Premiums page reference
Annual Return Premiums Page Reference Premiums Line and Column Reference PC2 for Q4 page 93.30 line 79, column 10 LF2 for Q4 page 95.010 sum of lines 020,120,220,320,420,and 520, column 10 Annual Fee Schedule
Schedule 1, Item 11.1 of the Fees Regulation requires every extraprovincial insurance corporation and fraternal benefit society authorized in B.C. to pay BCFSA an annual fee. Please use the IRIS Portal to calculate and pay the annual fee.
Summarized in the table below, the annual fee is calculated based on the prior year end total non-consolidated assets and direct written premiums from insurance business carried on in B.C.Fiscal Year End Total
Non-Consolidated AssetsAnnual Fee $100 million or less of total non-consolidated assets $5,000 + 0.019% of direct premiums written in B.C. Greater than $100 million to $1 billion of total non-consolidated assets $7,500 + 0.019% of direct premiums written in B.C. Greater than $1 billion of total non-consolidated assets $10,000 + 0.019% of direct premiums written in B.C. Also refer to the below listed references for assets and direct written premiums to be used for annual fee.
1. Assets page reference
Annual Return Asset Page Reference Asset Line and Column Reference PC1 for Q4 or PC2 for Q4 page 20.10 or 92.10 line 89, column 1 LF1 for Q4 or LF2 for Q4 page 20.002 or 70.002 line 999, column 1 MI3 for Q4 or MI4 for Q4 page 20.10 or 92.10 line 89, column 1 2. Premiums page reference
Annual Return Premiums Page Reference Premiums Line and Column Reference PC2 for Q4 page 93.30 line 79, column 10 LF2 for Q4 page 95.010 sum of lines 020,120,220,320,420, and 520, column 10 MI4 for Q4 page 93.30 line 62, column 10
Captive Insurance Companies
Captive Insurance Companies (“Captives”) are incorporated under the Business Corporations Act (“BCA”) and governed by the Insurance (Captive Company) Act (“ICCA”). Once registered with the Superintendent of Financial Institutions (“Superintendent”), a captive may carry on insurance business in B.C. The registration expires annually and must be renewed.
An applicant may register with the Superintendent to carry on captive insurance business in B.C. as a captive. Under the ICCA, a company that proposes to carry on captive insurance business in B.C. must apply to the Superintendent for registration.
The Fee Schedule (below) sets out fees for captives under the ICCA and the Insurance (Captive Company) Regulation.
Fees
Fee Name Current Fee Effective September 1, 2024 Application Fee $500 $10,000 Registration Fee $2,500 - Annual Renewal Fee $2,500 Variable based on total non-consolidated assets of captive. $100 million or less — $5,000 + 0.019% of written premiums from insurance business during the previous fiscal year.
Greater than $100 million to a maximum of $1 billion - $7,500 + 0.019% of written premiums from insurance business during the previous fiscal year.
Greater than $1 billion - $10,000 + 0.019% of written premiums from insurance business during the previous fiscal year.