Oct. 1, 2010 – Effective October 1, 2010, the Financial Services Commission of Ontario (FSCO) will discontinue mailing paper licences and provide secure, electronic versions of insurance licences. There is no requirement under the Insurance Act for licensees to carry or maintain a printed version of a licence. Licensees, insurers, and the public can verify the status of a licence at any time on Licensing Link, FSCO’s online licensing system. Licensing Link is the most reliable source of up-to-date information on the status of an agent’s or adjuster’s licence. Paper versions of a licence may not always reflect a recent change in status and may be susceptible to tampering or counterfeiting.
The change helps to control costs and is in accordance with the Ontario Public Service’s commitment to provide electronic services. This is similar to initiatives of other insurance regulators who discontinued issuing paper licences. However, in the event a licensee requires one, an electronic version is available to them.
Sponsoring insurers will no longer be receiving paper licences on behalf of their agents. Only licensees will be able to download an electronic version of their insurance licence. The licensees affected by this change include:
- All insurance agents including individuals, corporations and partnerships holding life, general and accident & sickness licences.
- All licensed insurance adjusting companies including corporations and partnerships and individual adjusters holding letters of authority, probationary and full licences.
How to Obtain the Electronic Licence
Individual insurance agents currently using Licensing Link may obtain the electronic version after the application is approved and their status is updated as “Authorized to Sell.” When logging into their agent licence information page on Licensing Link, there will be an option to download and print the electronic version. An insurance agent holding both life and general licences will be able to download both electronic licences.
Corporate insurance agencies and partnerships, adjusting companies and adjusters may obtain the electronic version of their licence by sending an email request to [email protected] once their licence has been approved.
FSCO is an agency of the Ontario Ministry of Finance, and regulates insurance, pensions, credit unions, caisses populaires, co-operatives, mortgage brokers, and loan and trust companies. For more information visit, www.fsco.gov.on.ca.