Insurance agent licence

An insurance agency or brokerage can sell only through people and firms licensed to do so, as the regulators below describe. You may meet the term when you ask who holds which licence and whether the licences stay with the business. Each regulator below sets its own requirements.

How regulators word it

The Insurance Council of British Columbia says that to work as an insurance agent, salesperson or adjuster in BC you must be licensed by it, and that an individual or organization must meet standards of qualification and practice set by the Council under the Financial Institutions Act. New Brunswick’s Financial and Consumer Services Commission says applicants for any insurance licence under the Insurance Act must be sponsored by an insurer licensed to conduct the same type of insurance business in the province. In Ontario, the Registered Insurance Brokers of Ontario licenses insurance brokerages.

What to check or ask

• Which individuals and which firm hold licences, and in what classes.
• Whether the buyer or its staff must apply in their own names.
• Whether an insurer sponsorship or appointment must be arranged, as New Brunswick requires.
• See buying an insurance brokerage in Ontario and insurance transfer.