LICENSING REQUIREMENTS FOR RESTRICTED INSURANCE AGENTS
2015 Restricted License Renewal Notification
Effective September 1, 2001 the Alberta Insurance Act requires the licensing of businesses which enroll individuals in prescribed contracts of group insurance. In addition to already existing types of insurance such as equipment warranty insurance and travel insurance, new types of insurance which include credit related insurance, group travel insurance, and cargo insurance have been specified.
The Minister has delegated the responsibility for the licensing of businesses for restricted insurance agents’ certificates of authority in the Province to the Alberta Insurance Council.
Each business that intends to market each of these types of insurance must have a Certificate of Authority authorizing the business to transact that type of insurance. The Certificate of Authority must name one individual who will be the “Designated Individual” for the business and that person will be responsible for receiving notices and other documents under the Insurance Act. Businesses that engage in the sale of these types of insurance include:
- Deposit Taking Institutions
- Transportation Companies
- Travel Agencies
- Automobile Dealerships
- Other Prescribed Enterprises including:
- Sales Finance Companies
- Customs Brokers licensed under the Customs Act (Canada)
- Freight-Forwarding Companies
- Equipment Dealers
- Funeral Services Business
A Form #5 application for a Certificate of Authority is required from the Designated Individual. Only one Certificate of Authority will be issued for each type of insurance to the business so it will only be necessary for the person who is the “Designated Individual” to submit the enclosed application and fee.
A license cannot be issued in the name of the corporation unless the corporation is registered. Please check with any private registry for further information.
All Certificates of Authority will be valid beginning on their issued date and expire June 30th of each year unless terminated earlier.
TO OBTAIN A CERTIFICATE OF AUTHORITY THE PERSON WHO WILL BE THE DESIGNATED INDIVIDUAL SHOULD SUBMIT THE FOLLOWING REQUIREMENTS TO THE ADDRESS SHOWN BELOW:
Completed Form #5 which has been “Recommended” by an authorized representative of an insurer who is licensed to transact this form of business in Alberta.
You must attached a copy of the Errors and Omissions certificate for the business with each application.
A cheque payable to the Alberta Insurance Council in the amount listed below.
If you have paid a full fee in the current licensing year, any change (including the name of the Designated Individual) in that year will only require a $25.00 fee.
If you have any questions, please direct them to email@example.com.