Errors and omissions (E&O) insurance is an important requirement under the Insurance Act. By law, all life insurance agents must maintain E&O insurance at all times, in a form approved by the Superintendent with extended coverage for loss resulting from fraudulent acts.
To assist agents in notifying FSCO of any changes to their E&O insurance information at any time during their licensing period,
FSCO has added two new features to Licensing Link – FSCO's online registry of licensed insurance agents.
You Can Now Update Your E&O Insurance Information Online
Licensing Link has been enhanced so that life insurance agents can now update their E&O insurance information online 24 hours a day, 7 days per week. This new feature makes it faster and easier for life insurance agents to notify FSCO of any changes to their E&O insurance policies, as it eliminates the need to provide this information to FSCO by mail, telephone or email.
You’ll Get a Reminder Before Your Policy Expires
Starting in June 2015, life insurance agents will receive an automatic reminder email from the Licensing Link system that will notify them that their E&O insurance policy is about to expire. (This reminder email is based on the E&O insurance expiry date that was provided by the agent to FSCO when the agent applied or last renewed his/her licence.) This new feature will help ensure that life insurance agents are aware of their insurance policy’s expiration date.
Life insurance agents should keep in mind that they are ultimately responsible for ensuring that valid E&O insurance coverage is maintained at all times, as long as they are licensed as life insurance agents.
How to Update Your E&O Insurance Information Online
If you recently made changes to your E&O insurance policy, or if FSCO requested that you update your E&O insurance information online, please follow the instructions for updating your E&O insurance information on Licensing Link. This will ensure that FSCO has up-to-date insurance information on file.