Corporations and partnerships that sell life and accident & sickness insurance must renew their licence with the Financial Services Regulatory Authority of Ontario (FSRA) every two years.
About licence renewals
The life and accident & sickness licence for your business covers a period of two years, after which you will need to renew it to keep the licence active.
FSRA will send you an email 60 calendar days before the expiration date to let you know you will need to renew the licence. This is a courtesy reminder – it is your responsibility to know when your licence will expire and to ensure your email address is up to date with FSRA.
You can renew your licence at any time during the 60-day window.
Note: while some renewals are processed quickly, others may require additional review. Submit your renewal application as soon as possible to avoid having your licence expire.
Fee for renewing a licence
The fee to renew a life and accident & sickness licence is:
- $400 for a corporation
- $200 for a partnership
This fee will cover the next two years of the licence, after which you will have to renew the licence again.
What if our licence is inactive?
If your business wants to start selling life and accident & sickness insurance again, review Reinstate a corporation or partnership insurance licence.
What if we miss the deadline for renewing the licence?
If your business does not renew the licence before the expiration date, the licence will lapse and will no longer be active.
If your business wants to continue selling life and accident & sickness insurance after it has lapsed, review Reinstate a corporation or partnership insurance licence
What are the requirements for renewing a licence?
You will need to meet many of the requirements from when you first applied for a licence including:
- Confirm the name of your designated agent, provide a copy of their Ontario licence and ensure they hold a life and accident & sickness licence.
- Have the appropriate errors and omissions (E&O) insurance coverage, with an expiry more than one month from the application date.
- If you use a trade name that is different than your legal name, provide a copy of your Master Business Licence.
- If there have been any changes to your directors or officers (for corporations) :
- You will need to provide a copy of the Articles of Amendment that you filed with the Ministry of Government and Consumer Affairs. For details, go to ServiceOntario.
- If it's your first time using the Licensing Portal for Insurance Agencies:
- You will need to provide a copy of your incorporation documents (for corporations) or partnership documents that you filed with the Ministry of Government and Consumer Affairs. For details, go to ServiceOntario.
If you have all of the required documents ready, you can begin the renewal application process.
Ready to renew a licence?
FSRA has recently moved all corporate and partnership licences to the new Licensing Portal for Insurance Agencies. FSRA will send you a link to set up your new account.
You will need to identify a Principal Representative whose role is to own the account on the Licensing Portal for Insurance Agencies and submit all online applications. The Principal Representative must be a director, officer or partner.
Who can renew?
Your Principal Representative will need to submit the application.
How to renew
There is a two-step process that involves verifying your officers and directors or partners and then submitting the renewal application. Each step will require approval from FSRA.
1. Verify your officers and directors or partners on the Licensing Portal for Insurance Agencies
a. Go to the Licensing Portal for Insurance Agencies and submit a request to Add or remove officers and directors/partners.
- For corporations: you will be asked to upload a copy of your incorporation documents to verify that they include the same list of officers and directors.
- For partnerships: you will be asked to upload a copy of your partnership documents (a Declaration or a partnership agreement) to verify they include the same list of partners.
b. After completing the application, any new directors, officers, or partner will receive an email to set up their own account on the Licensing Portal for Insurance Agencies.
- They are required to set up an account and complete an application confirming they are a director, officer, or partnership of the corporation
- They will need to provide their email address and one form of government-issued identification (passport, driver's licence or birth certificate).
c. FSRA will review your request to confirm the list of officers and directors or partners are the same.
- Once approved, you will receive an email to let you know you can proceed with the next application.
- This process should take 10 business days.
2. Submit the renewal application on the Licensing Portal for Insurance Agencies
Go to the Licensing Portal for Insurance Agencies and submit the renewal application. You will be asked to:
- select which insurance type you are renewing. In this case, choose life and accident & sickness insurance.
- confirm your designated agent and provide a copy of their Ontario licence.
- confirm the names of all agents who will act on behalf of your business.
- submit your E&O insurance information.
- pay the fee with credit card (VISA, Mastercard) or select debit cards (RBC, TD, First Nations Bank of Canada, most credit unions).
If your business is selling other types of insurance (e.g., general insurance), you can use the same business account, but you will need to submit an application for each licence type.
If the application is not available in the Licensing Portal for Insurance Agencies, it may be too early to renew. Renewal applications are available in your portal account 60 days before the expiry of your licence.
What happens after the renewal application is submitted:
A message will be displayed in the Principal Representative's portal account to confirm FSRA has received your application.
For most applications
If the application requires additional review