WHAT ARE THE QUALIFICATIONS TO BECOME A GENERAL INSURANCE AGENT?
To obtain an Ontario general insurance agent license, you need to meet the following requirements per the FSCO website:
- Find a sponsoring insurer
- Complete your licensing application with a sponsoring company
- Be familiar with the insurance laws of Ontario
- Meet the licensing requirements and be of good character & reputation
- Meet the educational requirements
WHAT ARE THE EDUCATIONAL REQUIREMENTS?
You need to study an OTL course and pass the OTL exam to meet the educational requirement. You must apply for your license within 1 year of passing the exam and include your certificate in your licensing application to FISCO (Financial Services Commission of Ontario).
HOW DO I APPLY FOR MY LICENSE?
Once you pass the OTL exam, you would start to look for jobs. Once you’ve found an employer, they will initiate the license application process with FSCO and work with you to complete the forms.
HOW DO I RENEW MY GENERAL INSURANCE AGENT LICENSE?
You need to renew your Ontario general insurance agent license every 2 years within 60 days prior to the expiry date.
License renewals are done online via FSCO’s Licensing Link and the process is initiated by your employer.
HOW MUCH IS THE LICENSING OR RENEWAL FEE?
$150 for 2 years ($75/year).
WHEN I MOVE TO ANOTHER COMPANY, CAN I TRANSFER MY SPONSORSHIP TOO?
Yes you can change who your licensing sponsor is when you change jobs. Just ask your current employer to terminate the license so your new employer can license you under them.
Your employer will initiate the cancellation and transfer.
WHAT IS THE FEE TO TRANSFER MY SPONSORSHIP?
HOW CAN I TERMINATE MY GENERAL INSURANCE AGENT LICENSE?
You can just ask your employer to terminate your license.
IF I GIVE UP MY LICENSE, DO I HAVE TO TAKE THE EXAM AGAIN TO REINSTATE?
If you have been unlicensed for 2 or more years, you need to requialify by taking the General Insurance Agent’s exam (OTL) again.