Licensee Responsibilities
Mandatory Notifications To Council
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Mandatory Reporting To Council

Among other changes, the introduction of Council Rules requires licensees to notify Council within specific time frames where certain events occur. Previously, many of these notifications were only required at time of licence renewal. The following are some of the key notification requirements, however, it is not a complete list. Remember to click on the button in the above banner that corresponds to your class of licence for more notification requirements, after reading the following.

Discipline, Judgements and Criminal Charges or Convictions

A licensee must notify Council within 5 business days:

Where the licensee or any business the licensee owns or has participated in as a director, officer or partner:

  • is disciplined by any financial sector regulator, or any professional or occupational body;
  • declares bankruptcy;
  • has any judgement rendered in relation to any insurance activities, fraud or breach of trust; or
  • is charged or convicted of any criminal offence or any offence under any law of any jurisdiction, excluding traffic offences resulting in monetary fines only.

Loss of Authorization to Represent an Agency or Firm

A licensee must notify Council within 5 business days where a licensee is no longer authorized to represent an insurance agency, adjusting firm or general insurance direct writer. This condition applies to both the individual licensee whose authorization has been withdrawn, AND the insurance agency, adjusting firm or nominee of the general insurance direct writer involved.

In addition, if the reason for withdrawing the authorization relates to the individual’s suitability or conduct as a licensee, Council must also be provided with the reasons for the withdrawal. More information on the responsibilities of the insurance agency, adjusting firm and nominee of the general insurance direct writer in such cases may be found on this website under Agencies & Firms - Termination of Representation.

Change of Name

A licensee must notify Council within 5 business days where there is any change to the name, including trade names. More information on name changes may be found under the specific licence class in the Licence Qualifications section.

Address Changes

It is a condition of all insurance licences that the licensee notify Council of changes to their address and other contact information within 30 days.

To make a change to contact information, send a letter or fax requesting the change and provide the file number, along with the new information, including postal code, telephone or fax numbers. There is often confusion as to what each address is used for, in particular the service address. The following provides information on addresses maintained by Council and how they are used.

  • Service Address: is where once a document is delivered to that address, it is deemed received by the licensee. This is often misunderstood and licensees frequently provide Council with their business address. This can cause a problem in cases such as a licence termination, as it is unlikely the former licensee will still be with his previous employer. Businesses normally use their head office address or that of legal counsel.
  • Residential Address: is the address of the licensee’s primary legal residence (usually the residence address used for taxation purposes).
  • Business Address: should reflect the office (including branch offices for agencies and firms) from which the licensee conducts insurance business.

HINT: If you hold more than one licence and you are changing your business address, confirm which licence the address change applies to.