Corporations and partnerships that want to surrender their adjusting firm licence, will need to submit an application to the Financial Services Regulatory Authority of Ontario (FSRA).
About surrendering licences
If your adjusting firm no longer needs a 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 and ensure you exit the insurance adjusting 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?
- Have you terminated all individual adjusters currently sponsored by the firm?
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 need to continue to maintain all licensing requirements.
How to reinstate the licence after surrendering it
If your adjusting firm wants to provide insurance adjusting services in the future, you can apply to reinstate your licence. Review Reinstate an adjusting firm licence for details.
Ready to surrender your licence?
Who can surrender the licence?
A director, officer or partner will need to submit the application.
How to surrender
1. Download the Application for Surrender of an Insurance Adjuster 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.
4. Until you receive an email confirmation that your application is approved, continue to maintain all requirements for your licence.