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Published September 17, 2021
The Insurance Council recently issued a practice guidance detailing licensees’ responsibilities when placing insurance with an unauthorized insurer on behalf of a client.
The new notice replaces the previous notice ICN 11-002 Publication of Council Rule 7(11.1) Use of An Unauthorized Insurer, and applies to general insurance agents, nominees and agencies.
The guidance states that clients are not to be solicited to purchase products/services from unauthorized insurers and can only be considered under client request. Moreover, certain conditions must be met when conducting business with an unauthorized insurer that include:
Disclosure to the client
Tax information requirement
Licensees are expected to be aware and follow obligations outlined in Notice ICN 21-001 Use of Unauthorized Insurers.
For questions about this notice or related matters, please contact our Practice and Quality Assurance team at firstname.lastname@example.org.