The Insurance Council of Manitoba (ICM) has published its annual report, wherein the regulator describes its actions to adapt to a 116 per cent surge in compliance files received during its April 2024 to March 2025 fiscal year.

By the numbers 

As of March 31, 2025, the ICM says there were 24,109 insurance and insurance-related licenses in force in the province. Collectively, the number of active licenses rose across all categories by more than five per cent.

LLQP (Life License Qualification Program) examination attempts, 4,156 during the year, remained consistent with the prior year’s numbers. The pass rate was 67 per cent. The council says it anticipates another rise in the number of examinations in the coming fiscal year.

The number of general licensees rose to 7,379, up from 7,027 in 2023 and 2024.

The total number of life and accident & sickness insurance agents licenses issued rose nearly six per cent, reaching over 15,600 licensees by the end of the reporting period, up from 14,792 a year ago.

“This is a significant rise compared to just over 9,800 total licenses five years ago, highlighting the need for strategically planned investments in human resources and technology to support our growing stakeholder base,” the ICM writes in its annual report.

Compliance growing pains  

In response to the number of compliance files and complaints received during the year, the council established a triage selection committee to assist.

Overall, the number of compliance files rose from 32 in the previous year to 69 this year, a 116 per cent increase, the ICM states in its annual report.

The report notes that the trend of holding additional occupations alongside selling insurance continues in the province, “sometimes highlighting the risk of conflicts of interest.” 

Complaints made to the life council jumped from 10 to 37 during the year, while the total number of investigations resulting in fines and costs rose from two to six. General insurance complaints rose from 19 to 25 during the year, with one disciplinary action taken. 

Consultations  

During the year the ICM also consulted stakeholders on its efforts to update fees and introduce a new agency or firm license, they say to facilitate labour mobility and ensure that agencies and firms are directly regulated. “Based on the feedback received, the ICM implemented changes to the Fee Regulation Amendment submission and removed barriers identified in the agency/firm licensing consultation,” the regulator’s 2025 annual report states.

Last fall the ICM also undertook a comparative analysis of its licensing rules, alongside those from other jurisdictions. The ICM says the work will inform its submission to the Superintendent of Insurance proposing changes to achieve harmonization.

Financially stable ground  

In its financial report, the ICM notes that it remits 44 per cent of licensing fees and 15 per cent of all examination fees to the Minister of Finance in the province. “Additionally, 100 per cent of all fines assessed in disciplinary matters are payable to the Minister of Finance,” they write. In 2024 and 2025, total fees in the amount of nearly $1.8-million were remitted to the minister, while fine payments made to the minister were $15,950 during the year.