Errors and Omissions Insurance

No, you do not have to submit your E&O renewal documents to Insurance Council each year.
During annual licence renewal, you will be required to confirm that you are covered by E&O Insurance. If an E&O Insurance Audit is initiated by Council, you will be asked to produce evidence you have maintained E&O Insurance on an ongoing basis.

You must immediately cease conducting insurance activities and notify Council within five business days. Your licence will be automatically suspended if you remain uninsured for a period exceeding 30 calendar days, so be sure to let Council know once your policy is in place. Once your insurance is reinstated, you may return to work. If, however, you remain uninsured for a period exceeding 30 days, your licence will be cancelled.

Council Rules requires that E&O Insurance be in place for all licensees, including insurance agencies and firms. A policy may cover both the agency/firm and the licensed individuals authorized to represent it. Life insurance agencies are directed to review Council Notice ICN 07-007 under Notices for more detailed information.

Yes. Although you may not be selling new business, you are still providing advice, and may make changes to existing clients' policies. Council therefore considers there to be a risk to the client that would necessitate E&O insurance.

More specific information about requirements for E&O can be found in the Errors an Omissions section of the website. The below is a list of notices issued and are currently in effect regarding E&O.

ICN 15-007 Direction to General Insurance Agents Engaged in the Sale of Errors and Omissions (E&O) Insurance (29 June 2015)
ICN 15-006 Errors and Omissions (E&O) Insurance (25 June 2015)
ICN 09-002 E&O Insurance Life Agencies (28 April 2009)
ICN 07-007 Errors and Omissions Insurance Advisory (11 September 2007)