FAQs on Surrendering an Insurance Agent or Adjuster Licence

1. Why do I need to complete an application to surrender my insurance agent or adjuster licence?

 
If you are a licensed insurance agent or adjuster in Ontario, and no longer wish to conduct insurance business, please complete one of the following forms: Application for the Surrender of an Insurance Agent Licence or Application for the Surrender of an Insurance Adjuster Licence.
 
It is important to complete this form, as it:
 
  • Notifies the Superintendent of Financial Services of your intention to surrender your insurance agent or adjuster licence;
  • Will end your obligation to maintain certain insurance agent or adjuster licence requirements (e.g., errors and omissions insurance); and
  • Ensures that you have properly exited the insurance business.

2. Where can I get the Application for the Surrender of an Insurance Agent or Adjuster Licence?

 
Visit FSCO's General Insurance Forms web page to get the Application for the Surrender of an Insurance Agent Licence or the Application for the Surrender of an Insurance Adjuster Licence. Both of these forms are available in English and French, and may be downloaded and filled out electronically.

3. What is the process for surrendering my insurance agent or adjuster licence?

 
To surrender your insurance agent or adjuster licence, please follow the steps below:
 
  • Go to FSCO's General Insurance Forms web page and select the appropriate application. (Insurance agents should select the Application for the Surrender of an Insurance Agent Licence, and insurance adjusters should select the Application for the Surrender of an Insurance Adjuster Licence.)  
  • Complete the application electronically.
  • Send your completed application to FSCO by e-mail at contactcentre@fsco.gov.on.ca, send a fax to (416) 226-7838, or mail your application to address below:

    Attn: Licensing Branch
    Financial Services Commission of Ontario
    5160 Yonge Street, 16th Floor
    Toronto ON  M2N 6L9
Make sure you maintain all insurance agent or adjuster licensing requirements until you receive notice that the Superintendent has accepted your licence surrender.

4. What factors will FSCO consider when it reviews my application for surrendering my insurance agent or adjuster licence?

 
The Superintendent will allow the surrender of an insurance agent or adjuster licence unless the Superintendent believes that the surrender of the licence is not in the public interest. Factors that the Superintendent will consider include:
 
  • Are there any current disciplinary actions, outstanding complaints or investigations underway?
  • Do you need to pay any administrative monetary penalties (AMPs) to FSCO?
  • Have you notified your clients that you are planning to exit the insurance business?
  • Have you made arrangements that will ensure your clients continue to receive insurance services?
The Superintendent may, in some instances, propose allowing the surrender, but impose conditions. If you disagree with those conditions, you will have an opportunity to request a hearing before the Financial Services Tribunal [New Window] who will make the final decision.

5. I have more than one type of licence with FSCO. Can I submit one application to surrender all types of licences at once?

 
No, you must submit an application for each type of licence you have with FSCO.

6. I am the only licensed insurance adjuster at my insurance adjusting company (which is a corporation or partnership). Since I no longer want to remain in business, how do I surrender both types of licences?

 
If you no longer wish to conduct insurance business in Ontario, please complete the Application for the Surrender of an Insurance Adjuster Licence. As you have two types of licences, you will need to complete this form two times.  One application needs to be submitted for your insurance adjuster licence, and a second application needs to be submitted for your insurance adjusting company licence.

7. I am the only licensed insurance agent at my corporate insurance agency or partnership. Since I no longer want to remain in business, how do I surrender both types of licences?

 
If you no longer wish to conduct insurance business in Ontario, please complete the Application for the Surrender of an Insurance Agent Licence. As you have two types of licences, you will need to complete this form two times.  One application needs to be submitted for your insurance agent licence, and a second application needs to be submitted for your corporate insurance agency or partnership licence.