Insurance

Annual Filing

Insurance Companies and Fraternal Benefit Societies

 

Insurers incorporated in the province of British Columbia

Pursuant to Section 127 of the Financial Institutions Act (FIA), every insurance company and fraternal benefit society incorporated in British Columbia; that held a business authorization for this province at the end of its latest fiscal year is required to file year end information with this office and pay an annual fee.

Annual Filing

 


Filings Required

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Filing Deadlines

Please refer to the deadlines listed in the corresponding link of Filings Required.

Penalties for Non-Compliant Filing

Please note that the above filing submissions are subject to Non-Compliant Filings Administrative Penalty under the Administrative Penalties Regulation of the Financial Institutions Act.

If you have any questions or concerns with the filing process, please contact Financial & Regulatory Reporting of the Financial Institutions Division via email at filings@ficombc.ca.

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Annual Fee 

Every insurance company and fraternal benefit society incorporated in BC that held a business authorization for this province at the end of its latest fiscal year is required to pay an annual fee. This annual fee is calculated using the table prescribed under Schedule 1, Item 10 of the Financial Institutions Fees Regulation applied to the non-consolidated assets of the company at its fiscal year end.   The deadline for payment of the annual fee(s) is 60 days after the latest fiscal year end.  

The Annual Fee Schedule (below)  sets out the method for calculating the annual fee.

Please remit the annual fee with the annual filing by way of cheque made payable to the Minister of Finance and send to:

Financial Institutions Commission
2800 - 555 West Hastings
Vancouver BC, V6B 4N6

We ask that a separate cheque, with the authorized insurer´s full name clearly listed, be filed for each company.

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Annual Fee Schedule for BC Incorporated Insurance Companies

Schedule 1, Item 10 of the Financial Institutions Fees Regulation ("Fees Regulation"), requires every BC incorporated insurance company and BC incorporated fraternal benefit society authorized to conduct insurance business in the province of British Columbia to pay the Financial Institutions Commission ("FICOM") an annual fee. 

This annual fee is calculated by applying the table outlined in Schedule 1, Item 10 of the Fees Regulation, summarized below, to the company's total non-consolidated assets as at the company's fiscal year end.

Method:

  1. Take the non-consolidated assets from the annual return as per the listed Asset Reference. 

    Annual Return Appropriate Asset Page Reference Appropriate Asset Line and Column Reference
    P&C  page 92.10 line 89, column 1
    LIFE page 70.010 line 899, column 1

  2. Apply the amount of non-consolidated assets to the fee schedule below.

    Fiscal year end total  
    non-consolidated assets
    $500
    + 0.013% of assets less than or equal to $25 million
    + 0.01% of assets between $25 and $250 million
    + 0.008% of assets greater than $250 million

  3. Remit fee(s) with the annual filing by way of cheque made payable to the Minister of Finance. (Under Interest on Overdue Accounts Receivable Regulation of the Financial Administration Act and Section 20 of the Financial Administration Act , interest may be charged on overdue amounts at a rate prescribed by the Treasury Board.)

 

Insurers licensed in the province of British Columbia

Every insurance company and fraternal benefit society incorporated in British Columbia, or incorporated under the laws of a jurisdiction other than British Columbia ("extraprovincial insurance company"), that held a business authorization for this Province at the end of its latest fiscal year is required to file year end information with this office and pay an annual fee.

Annual Filing

 


Filings Required

All filing requirements should be sent by email, subject line should include Company Name and the word ‘Filing’, to filings@ficombc.ca.

Filings Required in BC from Federally Regulated Canadian Insurers


Filings Required in BC from Federally Regulated Canadian Branch (foreign) Insurers

Filings Required in BC from Other Provincially Regulated Life and P&C Companies

Please note that in addition to filing with this office, the British Columbia Financial Institutions Act (FIA) requires all extraprovincially authorized companies to be registered with the Corporate Registry office. Details regarding the filings required by the Corporate Registry can be found at http://www.bcregistryservices.gov.bc.ca/bcreg/corppg/crxpro.page. Failure to comply with the filing requirements of the Corporate Registry may result in the cancellation of your extraprovincial registration with that office.

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Filing Deadlines

Please refer to the deadlines listed in the corresponding link of Filings Required.

Penalties for Non-Compliant Filing

Please note that the above filing submissions are subject to Non-Compliant Filings Administrative Penalty under the Administrative Penalties Regulation of the Financial Institutions Act.

If you have any questions or concerns with the filing process, please contact Financial & Regulatory Reporting of the Financial Institutions Division via email at filings@ficombc.ca.

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Annual Fee 

Every extraprovincial insurance company and fraternal benefit society that held a business authorization for this province at the end of its latest fiscal year is required to pay an annual fee. This annual fee is calculated using the table prescribed under Schedule 1, Item 11.1 of the Financial Institutions Fees Regulation applied to the non-consolidated assets of the company or Canadian branch at its fiscal year end.   The deadline for payment of the annual fee(s) is 60 days after the latest fiscal year end. 

The Annual Fee Schedule (below) sets out the method for calculating the annual fee.

Please remit the annual fee with the annual filing by way of cheque made payable to the Minister of Finance and send to:

Financial Institutions Commission
2800 - 555 West Hastings
Vancouver BC, V6B 4N6

We ask that a separate cheque, with the authorized insurer´s full name clearly listed, be filed for each company.

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Annual Fee Schedule For Extraprovincial Insurance Companies

Schedule 1, Item 11.1 of the Financial Institutions Fees Regulation ("Fees Regulation"), requires every extraprovincial insurance company and extraprovincial fraternal benefit society authorized to conduct insurance business in the province of British Columbia to pay the Financial Institutions Commission an annual fee. 

This annual fee is calculated by applying the table outlined in Schedule 1, Item 11.1 of the Fees Regulation, summarized below, to the company's total non-consolidated assets as at the company's fiscal year end.

Method:

  1. Take the non-consolidated assets from the annual return as per the listed Asset Reference. 

    Annual Return Appropriate Asset Page Reference Appropriate Asset Line and Column Reference
    P&C page 20.10 or 92.10 line 89, column 1
    LIFE page 20.010 or 70.010 line 899, column 1

  2. Apply the amount of non-consolidated assets to the fee schedule below.

    Fiscal year end total  
    non-consolidated assets
    Annual Fee Amount
    $5 million or less  $1,500
    greater than $5 million to $50 million $2,750
    greater than $50 Million to $100 million  $3,750
    greater than $100 million to $500 million  $4,750
    greater than $500 million to $1billion $5,750
    greater than $1 billion to $5 billion  $7,750
    greater than $5 billion  $9,750 plus  $1000 per each $1 billion over $5 billion

  3. Remit fee(s) with the annual filing by way of cheque made payable to the Minister of Finance. (Under Section 20 of the Financial Administration Act and B.C. Regulation #214/83, interest may be charged on overdue amounts at a rate prescribed by the Treasury Board.)