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Adjuster, Broker and Agent

The Insurance Agents and Adjusters Regulation, AR 122/2001 specifies the coverage required by the holder of a an agents, adjusters or business certificate of authority on application for and continue to hold a certificate of authority.

The applicable section is set out below.

35(1) The errors and omissions insurance required in respect of a business that holds a certificate of authority, other than a restricted certificate, must provide coverage of at least $500 000 per claim with a maximum policy payout for all claims of $2 000 000 in a policy year, and the policy must be issued in the name of the business and the insurance must provide coverage for the employees and independent contractors of the business who hold certificates of authority.

Proof of coverage must be given to the Alberta insurance council in the form prescribed for this purpose. A copy of this certificate is available at this link on the website.

Alberta Insurance Council Certificate of Insurance

The insurer issuing the policy which covers the agent, adjuster or business must provide the Alberta Insurance Council with 30 days notification when coverage is not renewed or cancelled. As such the Alberta Insurance Council does not require this certificate to be provided annually unless the coverage has been interupted.