FSCO | New FSCO Licensing Link feature allows Life Insurance Agents to keep their E&O record up to date
The Financial Services Commission of Ontario (FSCO) wants to update you on a new program for life insurance agents to ensure FSCO has their current Errors and Omission (E&O) insurance information. All active life insurance agents have an obligation to maintain their E&O insurance and ensure FSCO has their current contact information, including their email address. The changes are aimed at providing agents in Ontario with the ability to update their information through Licensing Link, FSCO’s online application service. Agents have always been able to update their email address through Licensing Link and now they can also update their E&O insurance information online.
On May 28, 2015 FSCO launched the new program by sending an email to all life insurance agents whose licensing records showed that their E&O insurance information had expired. Agents were provided with a link to the Licensing Link system where they could update their insurance information. Alternatively, instructions were provided to those wishing to surrender their licence. A reminder email will be sent late June (targeting June 25th) to those who have not yet updated their record.
On an ongoing basis, starting at the end of June, FSCO will regularly notify agents by email that their E&O insurance will expire in 30 days, has expired or is 30 days past due. The emails are targeted only to agents with these conditions and are customized to the individual agent.
FSCO also posted or distributed a number of communications related to this initiative and the email reminders:
- A web page on the E&O insurance requirements – This new web page explains the E&O insurance requirements for life insurance agents, informs agents that FSCO conducts random audits of life insurance agents to ensure that licensing requirements are met, and provides links to helpful resources, such as instructions and FAQs.
- A web page on the Licensing Link enhancements – This new web page notifies life insurance agents of two new features in Licensing Link: the ability to update E&O information on Licensing Link, and a new reminder system.
- Frequently asked questions (FAQs) – These FAQs provide answers to common questions about the E&O insurance requirements and updating E&O insurance information on Licensing Link.
- Instructions – The step-by-step instructions make it easy for life insurance agents to update their E&O information on Licensing Link.
If you have any questions about these communications, please do not hesitate to contact me.
Regards,
Allan Amos
Manager (A)
Licensing Compliance Unit
Licensing and Market Conduct Division
Financial Services Commission of Ontario
Tel. 416.226.7811
Email. allan.amos@fsco.gov.on.ca