Editing a versioned SDE geodatabase using ArcObjects returns:
Run Time Error: Insufficient Permissions
Programmatic edits to an SDE geodatabase require at least one edit operation.
Group your edits between the StartEditOperation and StopEditOperation methods. All edits can be made within a single edit operation.
'Start the Edit Operation
'Store the new feature
Dim pfeat As IFeature
Set pfeat = pFeatcls.CreateFeature
Set pfeat.Shape = tmpPoint
'Stop the Edit Operation