Requirements for Obtaining a Insurance Agent Corporation or Partnership Licence under the Insurance Act

In order to obtain a licence, an applicant must meet the following requirements:

  1. Complete and sign an application with applicable documents and pay the required fee of $200 for a partnership and $400 for a corporation. 
  2. Be familiar with the laws of Ontario relating to the licensing of corporation and partnership agencies. 
  3. Be sponsored by a licensed insurer if the applicant is applying for a general or accident and sickness corporation or partnership licence. Corporation and partnership applicants for a life licence do not need to be sponsored.
  4. Hold itself out publicly and carry on business in good faith only in the name in which the corporation or partnership is licensed.
  5. Not be engaged in any other business that would jeopardize the integrity, independence or competence of the corporation or partnership.
  6. Be of good character and reputation.
  7. Be suitable to receive a licence and meet all the licensing requirements.
  8. Be legally entitled to carry on business in Canada and make all the required provincial and federal government regulatory filings.
  9. Provide FSCO with an Ontario mailing address that is suitable to permit service by registered mail.
  10. Life insurance corporation and partnerships must acquire the appropriate Errors and Omissions (E & O) insurance coverage and maintain this coverage through the term of the licence.
  11. Corporation applications must include a copy of the Articles of Incorporation plus any amendments. Extra-Provincial incorporations must be registered with the Ontario Ministry of Government Services. Information on their Directors and Officers must also be provided.
  12. Partnership applications must include the Partnership Declaration registered with Ministry of Government Services and at least one partner in a partnership must hold a valid Ontario insurance agent’s licence. 

Errors and Omissions Insurance

Life insurance corporation and partnerships must maintain E & O insurance coverage with a minimum of $1 million coverage per incident and an aggregate limit of $2 million with two years tail coverage and extended coverage for fraud. The name of the coverage provider and the policy or certificate number must be provided with the corporation or partnership application.

Sponsorship by Insurer

Sponsoring companies are responsible for investigating the record of the applicant and confirming the following:

  1. That the corporation or partnership and its principals are of good character and reputation.
  2. That the corporation or partnership, if previously engaged in business, has a satisfactory record in business.
  3. That the corporation or partnership is in all respects a suitable corporation or partnership to receive a licence.
  4. That the sponsoring insurer has established and maintains a system to ensure that the corporation or partnership complies with the Ontario legal requirements and the requirements of the agency's licence. 

Insurers can terminate sponsorship for a corporation or partnership by providing written notice to FSCO. The termination suspends the licence and the corporation or partnership licence will not be active until a new sponsor is identified and the relevant documents are submitted to FSCO for review.

Residents outside Ontario

Corporations or partnerships not incorporated or registered in Ontario or under the Canada Business Corporations Act must include a copy of their Business Registration, filed under the Corporations Information Act with the Ontario Ministry of Government Services, on which the corporation or partnership's Ontario Corporation Number is shown.

The designated agent on the application must licensed in Ontario.


Insurance agent corporation and partnership licenses can be renewed every two years. The fee is $200 for a partnership and $400 for a corporation.

Please note: Deposit of a cheque or money order does not automatically mean that the corporation of partnership is licensed. Following good management practices, all cheques are deposited upon receipt. The effective date of an individual's licence is listed on the FSCO website and a paper copy is issued by FSCO. A $35.00 fee will be charged for cheques returned for non-sufficient funds

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