The Financial Services Commission of Ontario (FSCO) is implementing the second phase of its Internet Application System on July 15, 2002. This on-line service assists our stakeholders by enhancing the efficiency of the licensing process in Ontario.
Phase II will enable insurance company staff to initiate the agent licensing process for prospective new insurance agents, or to transfer or terminate an agent's sponsorship via the Internet. Prospective new Level I Life, Accident & Sickness or General Insurance agents will be able to apply for their licences on line.
This supplements the existing Internet Application System which enables Level II Life agents to renew their licence, and Level I agents to submit their applications to move from Level I to II.
FSCO is embracing e-business services in response to requests from our stakeholder groups and in support of the government's e-business initiatives.
This new service has been developed in consultation with the Canadian Association of Insurance and Financial Advisors (CAIFA), the Independent Financial Brokers of Canada (IFBC), the Canadian Life and Health Insurance Association Inc. (CLHIA), and insurance company representatives.
There are two steps involved in applying for a new insurance agent licence:
- Insurance company staff complete the first step by using the on-line pre-application process to provide five basic pieces of information about the prospective agent.
- The prospective agent will be notified by e-mail that the process has begun, and will be provided with an electronic link to a secure area within FSCO's website. The agent will use this link to complete the licence application and pay the licensing fee, in much the same way as agents currently using the Internet Application System renew their licences.
Licences for qualified agents will be issued a few days later, after the completion and review of background checks and other qualification requirements.
In addition, authorized insurance company staff will have access to a variety of on-line, on- demand reports and improved lines of communication, including automated e-mail status reports indicating the status of the insurance company’s and prospective agent on-line applications.
The Internet Application System improves the efficiency of the agent licensing system in Ontario, and makes it easier for companies to employ new agents by expediting the licensing process.
There is no additional cost for this enhanced service.
Details about the Internet Application System and the insurance company pre-application process are outlined in the attached Q & A. Information is also available on FSCO's website at www.fsco.gov.on.ca under the "What's New" and "Licensing" sections, by e-mail at firstname.lastname@example.org, or by calling 416-250-9209 or 1-800-263-0541.
We are confident that this new phase of the Internet Application System will continue to build on the success of Phase I, and we look forward to more innovations as we work to improve our service.
Chief Executive Officer and
Superintendent of Financial Services (Acting)
Attachment (PDF): Questions and Answers on the Internet Application System