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Restricted Certificate Holders

The Insurance Agents and Adjusters Regulation, AR 122/2001 specifies the coverage required by the holder of a restricted certificate of authority on application for and to continue to hold a certificate. The applicable section is set out below.

35(2) The errors and omissions insurance required in respect of a business that holds a restricted certificate must provide coverage of at least $500 000 per claim, with a maximum policy payout for all claims in a policy year determined by multiplying $500 000 by the number of employees of the business who act or offer to act as insurance agents, to a maximum of $2 000 000.

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 restricted certificate holder 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.