Licensing and Errors & Omissions (E&O) Insurance

Obligations

You’re required to comply with all provincial licensing requirements. You and your corporation (if applicable) must be licensed in the province(s) in which you conduct business for all products you offer. This also applies to new business or policies applied for through contractual rights, such as term conversions.

As a contracted advisor, you are required to carry E&O coverage. You must maintain E&O coverage as a condition of licensing. In certain jurisdictions, there is also a requirement to maintain fraud coverage. Important points:

It’s your responsibility to notify your E&O insurance carrier in the event of a claim or potential claim.

Review your E&O insurance policy carefully.

Some provinces require that you maintain E&O coverage when you leave the business.

If registered as a firm in Quebec, you must ensure that advisors attached to your firm maintain proper liability insurance.

Errors and Omissions Insurance Requirements for Life Insurance Agents

Agent Licensing Requirements 2017

Corporate Errors and Omissions Insurance