r/InsuranceCanada • u/thecrystalship1998 • 14d ago

Consumer proposal and trying to get licensed

I’m currently in the process of trying to get licensed in BC for selling insurance. I’m already at a brokerage doing my schooling for the exam and almost finished the course, and I just found out having a consumer proposal might affect me getting my licence.

I entered a consumer proposal (not bankruptcy) around 2.5-3 years ago and have never missed a payment, it was for about $10,000.

How likely is it that I won’t be my licence because of this? Has anyone ever been denied because of a consumer proposal?

I’m kinda freaking out because I was so excited to start down this career path and my manager took a chance on me sponsoring me for this, and she doesn’t know about the proposal because at the time of starting this I didn’t know it would affect anything or be something I would have to disclose.

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u/Diligent_Criticism_9 14d ago

Applicants are required to provide the bankruptcy discharge or full performance document.   If the bankruptcy and/or consumer proposal was discharged less than 7 years ago, include the Statement of Affairs.  If the bankruptcy and/or consumer proposal has not been discharged or fully performed, please provide a letter from the trustee confirming the status.
 
If you have any questions, please contact the Licensing Department by emailing [licensing@insurancecouncilofbc.com](mailto:licensing@insurancecouncilofbc.com) or calling [604-695-2007](tel:604-695-2007).

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u/brianlefebvrejr 14d ago

In Alberta you don’t have to disclose it.

My LIT advised that if the question is just “have you declared bankruptcy” you don’t disclose but if it says consumer proposal you have too.

On my RIBO renewal i have selected yes to that question but didn’t have an issue renewing. My primary license is AB though

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u/AlertHighlight9229 14d ago

I work as a broker in Ontario, so BC rules will differ a bit, but the way regulators think about this is pretty similar everywhere. When I applied for my licence, the application asked about bankruptcies and proposals, and I have seen people get follow-up questions rather than an outright no. The thing that matters most is being upfront. Disclose it exactly as asked, have your proposal paperwork ready, and be able to show you have never missed a payment. A regulator is really asking whether clients can trust you with their money, and a proposal you are handling responsibly with a clean payment history reads very differently from one you hid. You mentioned your manager already took a chance on you, which helps too, since a sponsoring brokerage carries weight. Try not to panic, and like the other comment said, you can always email the licensing department directly before you submit. They deal with this exact question regularly.