In order to retain &/or renew a license, it is mandatory for insurance licensees to retain and hold current E&O. In the event the advisor becomes uninsured, it is his/her responsibility to inform the insurance council and the companies he/she is doing business with.

Periodically, the Contract Administrator will communicate with advisors requesting verification from their E&O provider that the policy is current and remains in force.

Note: All licensees subject to the license condition, who are not covered by E&O insurance must immediately stop conducting insurance activities and notify the Council within 5 business days. The licensee’s license will be automatically suspended, where the licensee remains uninsured for a period exceeding 30 calendar days. If coverage is in place within the 30 days, the licensee should notify Council’s office in writing and may then return to work. Where uninsured for a period exceeding 30 calendar days, a licensee must contact the Council when coverage is in place to determine what is required to reactive the license.