Information for Insurance Companies
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LIFE & ACCIDENT AND SICKNESS AGENT RENEWALS December 16, 2008
The Alberta Insurance Council will begin the renewal of Life and A&S Insurance agents certificates of authority on December 16, 2008. All certificate holders must renew their certificates prior to February 15, 2009. Those who have not renewed are not eligible to act as an agent effective February 16, 2009.
Insurance companies should confirm that all agents with whom they have contracts have renewed their certificate(s) prior to accepting business from them after February 16, 2009.
A listing of certificate holders who have not renewed will be available on this website following the conclusion of the renewal period.
Non-Renewed Agents, Brokers, Adjuster and Agencies/Firms
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INSURANCE COMPANY ASSESSMENTS
All insurance companies operating in Alberta are required to pay an annual assessment to the Alberta Insurance Council under the provisions of the Certificate Expiry, Penalties and Fees Regulation. The fee is due of July 1 of each year and fees which remain unpaid after 30 days are subject to a penalty equal to 50% of the unpaid remaining balance. The AIC generates invoices for this fee and delivers those to insurance companies in early June. The amount of the fee is $750.00. An extract of the regulation is included below.
5(1) An insurer that
(a) is licensed on July 1 in a year must, subject to clause (c), pay the Alberta Insurance Council a fee of $750 on July 1 of that year;
(b) becomes licensed after July 1 in a year but before July 1 of the following year must pay a fee of $750 to the Alberta Insurance Council on the date that it becomes licensed;
(c) becomes licensed between April 1 and June 30 in a year and pays the fee required under clause (b) is not required to pay a fee on July 1 of that year.
(2) The requirement to pay a fee under subsection (1) in a year does not apply to a fraternal society if, in the preceding calendar year, the society received premiums totalling less than $500,000 from its members who, at the time of paying the premiums, were residents in Alberta.
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