Corporations and partnerships that want to surrender their insurance licence will need to submit an application to the Financial Services Regulatory Authority of Ontario (FSRA).
The following instructions apply to corporations and partnerships that sell life and accident & sickness insurance, accident & sickness (A&S) insurance and general insurance.
About surrendering licences
If your corporation or partnership no longer needs an insurance licence, you will need to apply to surrender the licence by submitting an application to FSRA. If your request is approved, this process will end your obligations to maintain certain requirements (e.g., errors and omissions insurance) and ensure you exit the insurance business properly.
What is FSRA’s role?
FSRA’s licensing team will review the application to make sure the surrender is in the public’s best interest.
The licensing team will consider a number of factors, including:
- Are there any current disciplinary actions, outstanding complaints or investigations underway?
- Do you need to pay any administrative monetary penalties?
The licensing team may propose that you can surrender your licence but impose some conditions. In rarer cases, the licensing team may reject an application if there are serious concerns. If you disagree with the decision, you can request a hearing before the Financial Services Tribunal.
Effective date for the surrendered licence
It is important to keep in mind that the licence is not officially surrendered until the FSRA licensing team approves your application. You will receive a confirmation email once it is approved. Until then, you will need to continue to maintain all licensing requirements.
Surrendering multiple types of licences
If your corporation or partnership has more than one type of insurance licence, you will need to submit separate surrender applications for each licence.
How to reinstate your licence after surrendering it
If your corporation or partnership wants to start selling insurance again in the future, you can apply to reinstate your licence.
If you held a life and accident & sickness licence
If you held an A&S licence
If you held a general licence
Ready to surrender your licence?
Who can surrender the licence?
Your Principal Representative will need to submit the application.
How to surrender
1. Download the Application for Surrender of an Insurance Agent Licence.
2. Fill out the application electronically and email it to [email protected].
3. FSRA will send you a confirmation email once the licensing team has completed its review, which should take approximately 10 business days. The three possible outcomes are:
- Your application is approved
- Your application is approved with conditions
- Your application is rejected. Note: this happens in rare cases where there are serious concerns. If you disagree with the decision, you can request a hearing before the Financial Services Tribunal.
4. Until you receive an email confirmation that your application is approved, continue to maintain all requirements for your licence, including E&O insurance if you hold a life and accident & sickness licence.