Getting an RIA licence
How does an RIA licence work?
Eligible businesses that are interested in selling insurance listed in the regulation are required to obtain an RIA licence and must meet the ongoing requirements for that licence. Under the licence, the business must assign a designated representative (DR) to act on behalf of and oversee insurance activities of the company to ensure compliance with regulatory requirements. The DR must be an officer, director, partner or sole proprietor of said company and is responsible for understanding their duties as a DR, which includes completing a DR course provided by the Insurance Council. Employees acting as insurance sales representatives are also expected to take Insurance Council accredited courses related to the insurance products they are selling.
When do I need to take the DR course?
Appointed DRs should take the course as part of the RIA licence application process.
Does the DR need to be onsite where insurance activities take place?
The regulation does not specify where the DR must be located, however, they are expected to ensure that the business and its employees are properly supervised and operate in accordance with the conditions of the RIA licence.
When do I need to obtain an RIA licence?
The Restricted Insurance Agent Licence Regulation comes into effect on January 1, 2027, and specifies “classes of persons” (the types of businesses) that require an RIA licence to sell designated insurance products listed by the regulation. Businesses that have been conducting incidental sales of insurance under the previous exemptions will need to submit an application for the new restricted insurance agency licence by March 31, 2027, in order to continue to sell insurance. Learn more here.
What can businesses do to prepare for when the Restricted Insurance Agent Licence Regulation comes into effect?
If you’ve determined that your business will need an RIA licence:
- Review information about the RIA licence program: what is involved, what you’ll need to do and when.
- Assess your business’s ability to meet RIA licence qualification and ongoing licensing requirements.
- Review and prepare business information and required qualification steps for licence application when detailed information about this process becomes available.
- Apply for the licence when it becomes available.
How much does an RIA licence cost?
The annual fee for an RIA licence is based on the number of representatives who will be operating under the business’s licence. See
information on the licence fee here. Initial costs include an application fee ($1000) for the RIA licence, and the RIA licence holder will be required to appoint a designated representative (DR) who will need to take a mandatory course ($320).