Insurance Council of Manitoba

What Insurance Council of Manitoba does

The Insurance Council of Manitoba (ICM) is a provincial regulatory body established under The Insurance Act of Manitoba and operating as a delegated authority of the Superintendent of Insurance. It regulates all insurance agents, brokers, sellers of incidental insurance, and adjusters operating in Manitoba through statutory powers to issue, refuse, condition, suspend, or cancel licences; assess fines; and conduct investigations. ICM serves approximately 3,500+ licence holders across multiple licence classes (Life, Accident & Sickness, General Levels 1–3, Hail, Adjuster Levels 1–3, and Restricted Insurance Agents), alongside consumers, agencies, and Accredited Course Providers. The Council comprises members appointed by the Minister of Finance for three-year terms, with at least half being licensed insurance professionals.

ICM's core technology is a web-based Online Licensing Portal (LMS) that enables licensees to submit applications, track status in real time, renew licences, manage continuing education credits, view payment history, and update information. Supporting tools include public-facing Licensee Search, Agency and Sponsor Search, Continuing Education Course Search, Examination Scheduling, a Consumer Complaint Filing system, a Disciplinary Decisions Database, Code of Conduct Quizzes, and an Educational Video Library. The platform serves as the single system of record for licensing activity in the province.

ICM's business model is fee-based but constrained by statute: licence fees (ranging from $90 to $5,500 depending on class and tier) and examination fees ($110 per sitting) are the primary revenue streams, with 44% of licence fees and 15% of examination fees remitted to the Government of Manitoba quarterly. Continuing education accreditation fees ($200 for provider accreditation, $50 per course review) provide a smaller supplemental stream. There is no traditional go-to-market motion — ICM operates as the mandatory licensing authority, not a commercial vendor.

Name

Insurance Council of Manitoba

Legal name

Insurance Council of Manitoba

Website

https://icm.mb.ca

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

The Insurance Council of Manitoba is a provincial government regulatory body that licenses, examines, and disciplines insurance agents, brokers, and adjusters operating in Manitoba, serving 3,500+ licensees through an online licensing portal under delegated authority from the Superintendent of Insurance.

Ownership category

akta.pro rank

Product category

Insurance Regulation

NAICS

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (92615)

akta.pro primary industry

Licensing & Permitting Authorities (General) (BPAIAOAB)

Keywords

• Insurance licensing regulation
• Insurance professional examinations
• Continuing education accreditation
• Insurance complaint investigation
• Disciplinary enforcement services

Headquarters

HQ city

Winnipeg

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Licence Fees: Primary revenue stream from licensing fees charged to insurance agents, brokers, and adjusters. 44% of licence fees are remitted to the Government of Manitoba on a quarterly basis.
2. Examination Fees: Fees collected from examination services. 15% of examination fees are remitted to the Government of Manitoba on a quarterly basis.
3. Continuing Education Accreditation Fees: Fees charged to course providers for accreditation review ($200) and individual course reviews ($50).

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

The Insurance Council of Manitoba is a provincial regulatory body that licenses, regulates, and disciplines insurance agents, brokers, and independent adjusters operating in Manitoba under delegated authority from the Superintendent of Insurance. Its core offerings include issuing and renewing licences across multiple categories (Life, Accident & Sickness, General, Hail, Adjuster, Restricted), administering licensing examinations, accrediting continuing education providers and courses, investigating consumer complaints, and publishing disciplinary decisions. Supporting these functions is an Online Licensing Portal (LMS) and a suite of public-facing search and verification tools.

Product overview

The Insurance Council of Manitoba operates as a regulatory body with a unified platform of digital services for licensing, compliance, and consumer protection in Manitoba's insurance industry. The core offering is the Online Portal, a web-based licensing management system that serves as the primary interface for over 3,500 licence holders. Supporting this are public-facing search tools (Licensee Search, Agency and Sponsor Search, CE Course Search, Examination Scheduling) that enable consumers to verify credentials and professionals to manage their licensing requirements. Consumer-facing services include complaint filing and a disciplinary decisions database. The organization provides multiple licence classes: Life and Accident & Sickness Agent, General Insurance Agent/Broker (Levels 1-3), Insurance Adjuster (Levels 1-3), Hail Agent/Adjuster, and Restricted Insurance Agent licences. All services are accessed through the icm.mb.ca website and associated licensing portal.

Differentiator

Problem solved

Functional benefit

Products and services

• Insurance Licence Issuance and Renewal Statutory licensing service issuing and renewing six classes of insurance licences in Manitoba — Life Insurance Agent, Accident & Sickness Agent, General Insurance Agent/Broker (Levels 1-3), Hail Insurance Agent/Adjuster, Insurance Adjuster (Assistant and Adjuster), and Restricted Insurance Agent — under delegated authority from the Superintendent of Insurance. Available to insurance professionals operating or intending to operate in Manitoba, with annual licence cycles (agents June 1–May 31; adjusters July 1–June 30).
• Insurance Licensing Examinations Examination services for Life and Accident & Sickness applicants and General Agent or Insurance Adjuster applicants, including online registration, scheduled in-person sittings at designated locations, and access to results. Required as a prerequisite for obtaining most licence classes, with a one-time fee of $110 for all classes.
• Continuing Education Accreditation Service Accreditation service for course providers and individual continuing education courses used by licensed insurance professionals to meet annual CE requirements. Fees are $200 per course provider accreditation and $50 per individual course review, payable in advance and non-refundable. Includes a public CE Course Search directory.
• Licensee and Agency Verification Search Public-facing search service allowing consumers and industry participants to verify whether an individual holds an appropriate insurance licence and to confirm agencies and sponsors registered with ICM. Returns licence type, conditions, and supervision requirements. Free of charge.
• Consumer Complaint Filing and Investigation Service enabling Manitoba consumers to file complaints against licensed insurance agents, brokers, and adjusters via a downloadable complaint form, followed by ICM investigation under The Insurance Act of Manitoba. Used by individual consumers who believe they have been treated improperly by a licensed insurance professional.
• Disciplinary Enforcement and Decisions Database Searchable database of disciplinary decisions issued by the Insurance Council of Manitoba and a link to the Canadian Insurance Regulators Disciplinary Actions database. Supports the complaint investigation and hearing process, with outcomes including fines, licence suspensions, cancellations, and conditions.
• Online Licensing Portal (LMS) Web-based licensing management system serving as the primary self-service interface for over 3,500 licence holders. Enables submission of applications and renewals, real-time tracking of application status, continuing education credit management, viewing of payment history, updating of personal and business information, and maintenance of Errors & Omissions insurance records.

Quantifiable outcome

• All licence holders must maintain Errors & Omissions Insurance (minimum $1,000,000 per occurrence for Life/A&S agents with $5,000,000 aggregate; $1,000,000 per occurrence with $2,000,000 aggregate for General agents)
• +2 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Canadian Insurance Services Regulatory Organizations (CISRO)coreStrategic or Co-development PartnerCISRO is a national organization of insurance regulators. ICM participates in joint initiatives such as National Insurance Awareness Day (NIAD) and harmonized LLQP (Life Insurance Licensing Qualification Program) standards. CISRO provides shared guidance on Fair Treatment of Customers and coordinates regulatory standards across Canadian provinces.
• Canadian Council of Insurance Regulators (CCIR)coreStrategic or Co-development PartnerCCIR works jointly with CISRO on guidance documents including Fair Treatment of Customers standards. ICM adheres to CCIR guidelines which emphasize that licensed agents are often the first contact with customers and must uphold ethical behavior and good faith standards.
• Government of Manitoba - Minister of FinancecoreOthersICM operates as a delegated authority of the Superintendent of Insurance under the Minister of Finance. Council members are appointed by the Minister of Finance for three-year terms. ICM remits 44% of licence fees and 15% of examination fees to the Government quarterly.
• Financial Institutions Regulation Branch (FIRB)coreOthersFIRB regulates financial institutions and insurance companies in Manitoba. ICM refers complaints about insurance companies or staff adjusters to FIRB, as such matters fall outside ICM's jurisdiction over individual licensees.
• Manitoba Public Insurance (MPI)minorOthersMPI is a Crown corporation providing auto insurance. ICM refers consumers with complaints against MPI to follow the established escalation path: MPI Case Manager, then Fair Practices Office, then Manitoba Ombudsman if unresolved.
• Accredited Course Providers (ACPs)coreChannel Partner/ Reseller/ DistributorThird-party education providers accredited by ICM to deliver pre-licensing courses (LLQP, CAIB, C11, etc.) and continuing education courses. ACPs must apply for accreditation and pay applicable fees.
• General Insurance OmbudService (GIO)minorOthersIndependent organization helping Canadian consumers resolve disputes with home, auto, or business insurers. ICM refers consumers to GIO for insurer-related disputes outside ICM's jurisdiction.
• OmbudService for Life and Health Insurance (OLHI)minorOthersFree, independent dispute resolution service for Canadian life and health insurance consumers. ICM refers consumers with insurer-related complaints to OLHI.

Scale indicators3 records

Recent moves1 record

Expansion highlights4 records

Others

• Canadian Council of Insurance Regulators (CCIR): CCIR is the umbrella council of provincial and federal insurance regulators, including ICM. It develops harmonized guidance such as Fair Treatment of Customers standards that ICM adheres to, making it a peer-level coordinator rather than a direct competitor.
• Insurance Bureau of Canada: IBC is the national industry association representing private insurers in Canada. While not a regulator itself, it is a closely adjacent ecosystem participant that engages with provincial regulators like ICM on consumer awareness, industry standards, and public-policy issues affecting insurance professionals.

Direct peers

• Financial Services Regulatory Authority of Ontario (FSRA): FSRA is Ontario's delegated regulator overseeing insurance agents, brokers, and adjusters in Canada's largest insurance market. While larger in scale, it performs the same licensing, examination, and disciplinary functions as ICM, making it a key comparable for provincial insurance-professional regulation.
• Alberta Insurance Council: The Alberta Insurance Council is the delegated regulatory authority for licensing and disciplining insurance agents, brokers, and adjusters in Alberta under the Insurance Act (Alberta). It is the most direct functional equivalent to ICM, operating with the same licence-class structure and a similar online portal for licensees.
• Canadian Insurance Services Regulatory Organizations (CISRO): CISRO is the national coordinating body of provincial insurance-services regulators and operates the Canadian Insurance Regulators Disciplinary Actions database that ICM links to. It functions as both a peer regulatory body and a shared-services partner on cross-provincial initiatives like LLQP and National Insurance Awareness Day.
• Autorité des marchés financiers (Québec): AMF is Quebec's financial services regulator, responsible for licensing insurance representatives, brokers, and claims adjusters in the province. It shares ICM's regulatory mandate over individual insurance professionals and operates analogous public search and disciplinary functions.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/insurance-council-of-manitoba

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Insurance Council of Manitoba