June 2006

June 2006

It’s Now Easier for Canadian Insurance Intermediaries to Become Licensed in Non-Resident Jurisdictions

June, 2006 – Effective July 4, 2006 Saskatchewan is adopting the reliance model for reciprocal licensing of insurance agents and brokers recently approved by regulators with the Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO).  Under the reliance model, a host jurisdiction relies on most of the requirements of the agent's or broker's home jurisdiction, but could request that the agent or broker meet further requirements specific to the host jurisdiction.  The CCIR-CISRO Reciprocal Licensing Standards Committee worked with the insurance industry in developing the model; a further step towards promoting increased harmonization in provincial and territorial insurance.

The reliance model also incorporates greater harmonization for application forms for agents and brokers and the initiative is intended to more closely harmonize the requirements for continuing education requirements and errors and omissions insurance.  It is intended to harmonize the requirements faced by agents and brokers who are licensed or want to be licensed in multiple jurisdictions and by insurance companies with agents in multiple jurisdictions.  The application forms are available at the CCIR website at www.ccir-ccrra.org and you can contact the Life or General Insurance Council of Saskatchewan (306) 347-0862 for further information.

• CCIR-CISRO media release
• Canadian Council of Insurance Regulators